Theatre Design & Technology - Feb 1966 - 14

ticket. The gross income figures used (and this is
true for our previou s data as well) were arri ved at
directly and are quite accurate relative to recorded
and reported gross income. Remembering the limitations surrounding our ticket price computation, and
especially that the computed price represents the
price charged but not necessarily received, the
results are given in Graph 6.
The decline into the eight million range reported by
Professor Saxon is substantiated by our figure for
1954-55. 15 What emerges is remarkable stabi I ity
in attendance for such a volatile industry. This is
actually to be expected in light of what has already
been revealed concerning expenditures on theatre
and the behavior of ticket prices. A true measure
of price elasticity of demand cannot be made.
Variables other than price, such as changes in
income and taste of the consumer should, ideally,
be held constant. Yet, a comparison of the percentage changes in attendance (Q) from one season
to the next with the corresponding price (P) changes
is still quite revealing. (Graph 7).
Except for the questionable increase In attendtlnce
between 1954-55 and 1955-56, and the drop in
attendance between 1959-60 and 1960-61, pri ce
changes have been greater than quantity changes.
Also, I believe that if one takes into account the
decrease in the number of shows opened in 1960-61
(46) compared to 1959-60 (55L the decrease in attendance emerges not as a price change but as the product of a decrease in the supply of shows avai lable to
the consumer. With this in mind, as well as the
evidence concerning the years 1954-55 and 1955-56,
the results strongly indicate that price changes have
Iittle effect on attendance. To rephrase the same
statement positively, other variables such as income,
sociological forces and taste appear to be more
important determ inants of attendance than pri ceo
The degree of elasticity in the demand for Broadway
theatre may be illustrated by individual cases.
Although demand for a product taken as a whole
may be inelastic, one very often finds highly elastic
demand for the output of a single supplier. The
over-all demand for wheat is highly inelastic.
Rising or falling prices bring less thon proportionate
changes in the amounts demanded. Yet, if one
farmer tries toraise his prices the quantity demanded
of him drops to zero. Highly elastic demand exists,
however, when the degree of substitutabil ity among
the output of individual suppl iers (producers) is
high. Demand for individual shows would be elastic
if they were considered close to perfect substitutes,
one for the other, by the consumer. With a high
degree of product differentiation thi s does not tend
to be the case. When, in February of 1961, Period
of Adjustment lowered its prices drastically in an
effort to in crease attendance (average pri ce droppi ng
from £4.78 to $2.56) actual gross income fell from
$15,480 to $11,651 per week. Again, when Fiorello
lowered the average price of its tickets from $5.99 at
the Broadhurst to $3.88 at the Broadway, the income
of the show remained relatively stable.

14

GROSS INCO/ll.E

I"

TICKET PRICES

1211
INDEX

In

WJ

THEATRE
19~':

SEA.SQtl

5S

57-58

SS-S6

S9-t1

'6Q-61

GRAPH 2: Comparison of Indices for Broadway
Theatre Prices and Broadway Theatre Gross Income,
1954.55 to 1960-61. 6

GRAPH 3: Comparison of Indices for Per Capita
Income and Broadway Theatre Gross Income, 1954·55
to 1960.61. 8

ue

no
INDEX
I/O

11,

Ie,
YEA.R

195.,\

1955

1~56

19,7

THEATRE
SEAsml

I USITT

THEATRE DESIGN AND ITCHNOlOOY



Table of Contents for the Digital Edition of Theatre Design & Technology - Feb 1966

Contents
Theatre Design & Technology - Feb 1966 - 1
Theatre Design & Technology - Feb 1966 - 2
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Theatre Design & Technology - Feb 1966 - Contents
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