A Profile of the Performing Arts Industry

Book excerpt: Attending a live concert or theatrical performance can be a thrilling experience. At their best, the performing arts represent the height of human creativity and expression. But the presentation on stage, whether it is Shakespeare, Beethoven, or The Lion King, depends on a business backstage. This book provides an overview of both the product on stage and the industry that makes it possible. While the industry’s product is unique—with unique supply and demand characteristics—it is still an industry, with supply inputs, organization structures, competitors, business models, value chains, and customers. We will examine each of the major segments (Broadway, regional theater, orchestra, opera, and ballet) along these business dimensions. This book will give lovers of the performing arts an understanding of the business realities that make live performances possible. Managers, board members, and performers will be better equipped to take on the strategic challenges their companies face. People contemplating any of these roles will have a better idea of what to expect. Business analysts and students of strategy will discover how economic frameworks apply in this unique setting where culture and commerce converge.