A new study suggests Gen Z and Millennial theatergoers are willing to spend far more on Broadway than they currently do—if they understand the work that goes into a production.
Research released this summer by No Guarantees Productions, in partnership with trend firm Culture Co-Op, found that while 72% of younger audiences say Broadway tickets are too expensive, most significantly overestimate the cost of an average seat and underestimate the value of the experience. Respondents guessed the average Broadway ticket costs $256, compared to the real average of $136.
Once participants were shown what goes into staging a Broadway show—the artistry, craftsmanship, and scale involved—their perceived value of a ticket more than tripled, from $141 to $512.
“This new research is a wake-up call for the theater industry, but a hopeful one,” said Megan O’Keefe, president and COO of No Guarantees Productions. “Gen Zs and Millennials aren’t walking away from Broadway because the product isn’t good enough. When they understand what actually goes into creating a show, they’re not only impressed, they’re willing to pay significantly more.”
The survey also points to a cultural shift among younger consumers, who are prioritizing “emotional return on investment” by spending on experiences that deliver meaning and memory over luxury goods. Sixty-four percent of respondents said they would rather splurge on experiences than physical items, and 92% said their most recent Broadway visit was worth the cost.
One challenge identified is urgency; more than half of respondents said it’s not a matter of if they’ll attend Broadway, but when. Many view Broadway shows as permanent fixtures compared to limited-time concerts or tours, reducing the sense of immediacy. Researchers suggest highlighting exclusivity, behind-the-scenes storytelling, and social media engagement to close that gap.
Discounting, however, may not be the answer. Nearly two-thirds of those surveyed said lower prices make them question the quality of a show, with some assuming a discount signals a weak production. Instead, the report argues Broadway’s future depends on reframing its value proposition, not cutting costs.
The study, Unveiling the Value of Broadway: How Pulling Back the Curtain on the Broadway Experience Triples Its Value Among Next-Gen Theater Goers, surveyed 1,000 Gen Z and Millennial respondents in March 2025, primarily from the New York tri-state area, with additional nationwide participants.
