Broadway Isn't Overpriced, It's Undervalued: New Study Finds Gen Z & Millennials Will Spend More Than Triple When They See What's Behind the Curtain

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Jul 29, 2025, 08:00 ET

Next Gen Audiences Are Willing to Splurge When They See Broadway as a Bespoke, Emotionally Rich, Luxury Cultural Experience

NEW YORK, July 29, 2025 /PRNewswire/ -- New research released today by No Guarantees Productions reveals that while 72% of Gen Z and Millennials believe Broadway tickets are too expensive, they're significantly overestimating the cost and drastically underestimating the value. When young audiences are shown what actually goes into creating a Broadway production, their perceived value of a ticket more than triples, with many saying they'd be willing to pay over $500. As the next generation of theatergoers prioritizes intentional spending and emotional return on investment, the data reveals a major opportunity: Broadway isn't overpriced, it's underexplained.

Unveiling the Value of Broadway: How Pulling Back the Curtain on the Broadway Experience Triples Its Value Among Next-Gen Theater Goers

These findings offer a roadmap for producers, marketers, and institutions across the industry to reframe Broadway's value proposition and reach the next generation of theatergoers. To secure Broadway's future with younger audiences, the directive is clear: show the value, build the urgency, and speak their language where they are. Social media platforms, in particular, stand out as a powerful entry point for capturing attention and shaping perception.

The full report, Unveiling the Value of Broadway: How Pulling Back the Curtain on the Broadway Experience Triples Its Value Among Next-Gen Theater Goers, can be found at noguarantees.com.

Key Finding 1: Young People Don't Think Broadway's Overpriced, They Just Don't Understand Its Value

Despite 72% of Gen Zs and Millennials saying Broadway tickets are too expensive, the real issue isn't price; it's perception. Most young people dramatically overestimate the cost of a ticket (guessing $256 vs. the actual average of $136), and 61% say they don't understand why Broadway tickets are expensive. But once they're shown what goes into producing a show, their willingness to pay skyrockets, tripling from $141 to $512.

This misalignment isn't simply a pricing issue; it's a communications challenge. Next-gen audiences aren't rejecting Broadway; they're simply unaware of the craft, cost, and human effort that powers it night after night. When that's made visible, Broadway's perceived value rises instantly.

72% say ticket prices keep them from attending more Broadway shows.
61% admit they don't understand what makes Broadway so expensive.
When exposed to the craftsmanship behind a show, their perceived value jumps 3.5x, from $141 to $512.
80% of respondents say Broadway is high quality and worth the price, underscoring the opportunity to close the value gap through storytelling.

Key Finding 2: Broadway Delivers Emotional ROI & That's What Next Gen Audiences Crave

In today's "artisan economy," Gen Zs and Millennials are investing in emotional return on investment (ERoI), spending intentionally on experiences that create lasting memories. Broadway fits the bill: it's local, bespoke, and emotionally rich. These memory-making moments are exactly what Broadway can uniquely deliver, if it positions itself as the kind of small-batch, high-impact luxury experience this generation seeks. When framed this way, young people are ready to spend.

68% say they are being more thoughtful about their finances in 2025, including aiming to spend more intentionally this year.
64% say they're prioritizing travel, culture, and entertainment.
56% would rather spend on luxury experiences than luxury products.
92% say their most recent Broadway experience was "worth the cost."
64% say they're splurging more on "the smaller luxuries in life" because they can't afford big ones like homes or travel.

Key Finding 3: Creating Urgency & Pulling Back the Curtain Can Unlock Next Gen Audiences

Theater-curious young people aren't skipping Broadway because of a lack of interest; they're missing the push. A majority say they plan to go in the future, just not right now, largely due to the perception that shows "run forever." But when Broadway lifts the curtain, literally and figuratively, interest spikes, especially among "The Culture Class," a high-spending segment of Gen Zs and Millennials already invested in cultural experiences.

Unlike concert tours or limited-time exhibits, Broadway is often seen as an always-available option, which creates a sense of inertia. Introducing urgency and exclusivity, and giving young audiences a glimpse behind the scenes via social media content or creative advertising, could be the key to moving them from "someday" to "right now."

65% say there's no urgency to see a show because they run "forever".
51% say it's not a matter of if they'll go to Broadway, but when.
69% describe themselves as "Broadway-curious" or "Broadway-enthusiastic.
The Culture Class reports spending 1.5x more on cultural experiences and is 2x more likely to say they are thriving financially.

Key Finding 4: Discounting Doesn't Drive Demand, It Damages Perception

Broadway's instinct to offer ticket discounts may have unintended consequences. While affordability is a concern, younger audiences don't see lower prices as a draw; in fact, many see them as a red flag. Rather than price cuts, what moves them is understanding the value behind the price tag.

In a culture that prizes quality and intentionality, discounting diminishes Broadway's luxury status. Sixty-four percent say discounts make them question the quality of the show or seats, and over a quarter say slashed prices suggest something must be wrong with the show. For a generation looking for meaning, not markdowns, Broadway must protect its value by telling a better story, not offering a cheaper ticket.

57% say even half-price tickets wouldn't motivate them to attend.
63% say discounts make them question the quality of the show or seats.
26% say discounted tickets signal a bad production.

"This new research is a wake-up call for the theater industry, but a hopeful one," said Megan O'Keefe, President and Chief Operating Officer of No Guarantees Productions. "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, like TikTok or Instagram. This is a massive opportunity, and Broadway is well-positioned to seize 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."

The research was commissioned by No Guarantees Productions, the Tony Award-winning theatrical production company, in partnership with leading trends and generation research firm Culture Co-Op. Through quantitative and qualitative research, No Guarantees sought to expand upon its 2024 research, which examined why younger generations are not coming to Broadway.

Methodology

This study is based on a 1,000-person online survey fielded in March 2025 among 500 Gen Zs ages 18-29 and 500 Millennials ages 30-44, broken into the following groups:

749 from the tri-state area (New York, New Jersey, Connecticut)
251 nationally reflective of the U.S. population outside of the tri-state area
685 women, 300 men, 15 gender nonbinary

The racial and ethnic composition of respondents reflected that of the national population within the parameters above.

Theater rejectors—or individuals who had not been to live theater in the past year and who reported that they had no interest in going to live theater in the upcoming year—were not included in this sample.

Findings were analysed by 36 different demographics and psychographic cuts, including age, gender, race and ethnicity, geographic region, various theater-going profiles, spending profiles, and cultural entertainment preferences. Theater-going profiles included the following groups:

40% were Theater Non-rejectors who rarely or never go to Broadway shows or live theater, but are interested in going to a show this year
38% were Theater Goers who go seasonally or annually to Broadway shows or live theater, and are interested in going to a show this year
11% were Theater Enthusiasts who go regularly to Broadway shows or live theater, and have a lot of interest in going to a show this year
11% were Theater Lapsers who have gone to Broadway shows or live theater in the past year, but do not have interest in going to a show this year

In addition, eight 30-minute one-on-one Zoom interviews were conducted with a hand-recruited group of diverse, culture-forward Gen Zs and Millennials, ages 21-43.

This study was conducted and analyzed by the independent trend and research firm, Culture Co-op.

About No Guarantees Productions

No Guarantees Productions is the Tony Award-winning theatrical production company bringing artist-driven, universally appealing stories to life. Founded in 2017, No Guarantees Productions is on a mission to reinvigorate and reimagine Broadway through outstanding productions, strategic investments, community engagement, innovative tech initiatives, and bold creative decisions. No Guarantees Productions' dynamic and creative team, considerable resources, and dedication to artists allow it to take the risks needed to make amazing stories accessible to the masses and gather the unique insights, learnings, and data needed to have a meaningful impact on the industry. No Guarantees Productions has produced Jez Butterworth's Tony-nominated The Hills of California, James Ijames' Pulitzer Prize-winning play Fat Ham, and Player Kings featuring Ian McKellen in the West End. Co-producing credits include Stereophonic, Merrily We Roll Along, and Hadestown, among many other shows. Current and upcoming productions include the new musical Goddess at The Public Theater, Nell Benjamin and Larry O'Keefe's original musical Huzzah at The Old Globe, and the stage adaptation of Apple TV+'s SCHMIGADOON!. No Guarantees recently took over the long-term lease of Astor Place Theatre. Learn more at noguarantees.com.