No Guarantees Productions, the Tony Award-winning production group, has released a new research report examining Gen Z and millennials’ perceived cost and value of attending theater. The findings of the report, which is titled “Unveiling the Value of Broadway: How Pulling Back the Curtain on the Broadway Experience Triples Its Value Among Next-Gen Theater Goers,” indicate that respondents are willing to pay more for a ticket to a Broadway show once they understand the cost of producing one.
The study, which was conducted in March 2025 and analyzed by the independent trend and research firm, Culture Co-op, captures online responses from 1,000 individuals, broken down evenly into two age groups, Gen Z (individuals ages 18 to 29) and millennials (ages 30 to 44). Survey respondents were separately divided by geographic location (749 respondents from New York, New Jersey and Connecticut, and 251 respondents from other locations in the United States).
In addition to the online survey, eight individuals were selected for 30-minute Zoom interviews. The sample does not include responses from “theater rejectors” (defined for the purpose of this study as individuals who had not been to live theater in the past year and who reported they had no interest in going to live theater in the upcoming year).
For context, the Gen Z and millennial demographics make up a significant portion of the Broadway audience. The Broadway League’s annual audience demographic report offers a breakdown of age ranges for theatergoers. While the age ranges don’t exactly match up with the aforementioned definitions of Gen Z and millennial, they are similar, and thus helpful in placing No Guarantees’ research within the industry’s ecosystem. In the 2023-2024 Broadway season, theatergoers ages 18-24 made up 11.5% of the Broadway audience, theatergoers ages 25 to 34 made up 19.6% and theatergoers ages 35 to 49 made up 22%.
The cornerstone of “Unveiling the Value of Broadway” relies on the data that Gen Z and millennials are thoughtful with their spending. According to the study, 68% of respondents were aiming to spend more intentionally this year and invest their money more thoughtfully. To that end, 56% of respondents indicated they would rather spend money on luxury experiences (such as attending Broadway) over luxury products.
The study indicates 72% of respondents find the price of a ticket to a Broadway show to be the main deterrent in attending. However, additional data reveals there is a disconnect: young people think one ticket to a Broadway show costs $256, compared to what the study says is the actual average cost, $136. (While not explicitly noted in the study, this was average paid admission for all Broadway shows during the week ending April 27.)
The data indicates that once young people gain an understanding of the cost of keeping a Broadway running and the work that goes into it (the perceived value), they are willing to spend more to attend. Respondents initially indicated they would choose to spend, on average, $141 on a single Broadway ticket. Upon informing the respondents that a Broadway show can cost from $600,000 to over $1 million per week to produce, the average amount a young person was willing to spend on a ticket jumped over three and a half times to $512.
Beyond the cost of a ticket, the report shows respondents are deterred from attending theater in the near future due to a lack of urgency. 65% of respondents said they do not feel the urgency to see a Broadway show, since they believe they run “forever.”
Finally, the use of discounting has an impact on ticket buying, the survey argues. 63% of respondents indicate that a discount makes them question the quality of the show or seats; 57% of respondents said that even half-price tickets wouldn’t motivate them to attend.
“This new research is a wake-up call for the theater industry, but a hopeful one,” said No Guarantees president and chief operation officer Megan O’Keefe in a statement. “It shows us that Gen Zs and millennials aren’t walking away from Broadway because the product isn’t good enough. In fact, when they understand what actually goes into creating a show — the artistry, the scale, the craftsmanship — they’re not only impressed, they’re willing to pay significantly more. That’s not a content issue, it’s a communications issue. We don’t need to reinvent what makes Broadway special; we need to tell its story better, more creatively, and in the places where young people will actually see it. The next generation is already interested. Our job now is to close the gap between interest and attendance by reframing the conversation around what Broadway truly offers: not just entertainment, but a luxury cultural experience worth investing in.”
No Guarantees Productions is currently represented on Broadway by “Buena Vista Social Club,” “Call Me Izzy,” “Gypsy,” “Hadestown,” “Hell’s Kitchen” and “Just in Time.” The company won the 2025 Best Revival of a Musical Tony Award for serving as a co-producer on “Sunset Boulevard.” No Guarantees is the commercial producing entity attached to the world premiere of “Huzzah!,” which is slated to bow in September at San Diego’s Old Globe Theatre.
The complete report “Unveiling the Value of Broadway” is available here.
