History – Commercialism in New York's Midtown

Musical theater is a staple of Broadway and the corporate transition of Times Square naturally had an impact on this industry. As Disney took over the New Amsterdam and Minskoff Theaters, it introduced musicals based off its properties that became highly profitable. Shows like Les Miserable and The Phantom of the Opera proved in the 1980’s how much money musicals could make; straight new plays rarely make it to Broadway anymore without a famous actor or playwright attached.

The shiny lights of the marquis tend to draw quite an audience, especially from tourists, who made up 70% of ticket purchases by May 2015. Costumed employees peddle coupons for Chicago and Waitress tickets on the street. Broadway has two shops dedicated to theater: One Shubert Alley, a small merchandise shop which opened in the Shubert Alley in the 1970’s, and Theatre Circle, a larger old-fashioned shop which opened in the 1990’s. These shops carry the same merchandise as in the theaters’ individual shops at the same price.

Specific shows tend to become big hits on Broadway. According to a 2016 CNN study, only about 25% of Broadway shows are profitable, but the profitable shows make a huge profit. Shows like Wicked, The Lion King, and Chicago have brought people to Broadway for years just to see them. Wicked reached $1 billion total profit on Broadway in just 12 years. The prices for these tickets can get very high, particularly when the show has a limited run with a popular actress; when diva Bette Midler first starred in the 2017 revival of Hello Dolly!, ticket reseller prices went as high as $1,450.

One recent but highly prominent hit is the historical hip-hop opera Hamilton, stationed at the Richard Rodgers Theater on W 46th St. Hamilton’s novelty and appeal to the millennial audience made it a cultural phenomenon, and it made nearly $2 million a week in ticket sales in 2016. Short performances outside the theater before ticket lotteries had to cease because the crowds got so large, they became a traffic hazard. An official online lottery also had to shut down due to massive site traffic crashing the site constantly. There’s even a whole shop dedicated to Hamilton merchandise on W 46th (the shop previously hosted a seasonal Tony Awards themed store). Second party sellers often take advantage of the popularity by hiking up Broadway ticket prices. Orchestra seats for the show are around $500 on Ticketmaster, and StubHub resale prices in 2016 were about $872, which is about $700 higher than the average ticket price.

Because standard ticket prices are typically in the triple digits, all sorts of services have been developed to sell tickets at cheaper prices, such as the online TodayTix service or TKTS, which has its flagship location in Times Square, boasting tickets up to 50% off. The latter service comes from the Theatre Development Fund, a nonprofit organization to promote performing arts. Many shows also offer lotteries both online and in-person, which give customers a chance at tickets typically around $40. There’s also “RUSH tickets” where you arrive early in the morning for tickets around $25-$45, before they run out. These services help people who want to experience the majesty of Broadway, but are put off by rising ticket prices.

Times Square is one of the most famous location in Midtown, Manhattan, if not the entirety of Manhattan. It is located at the junction of Broadway and Seventh Avenue. It is most well-known for the yearly ball-drop ceremony, wherein a ball is lowered from the top of a building on New Year’s Eve, in order to mark the change of the year.

The name “Times Square” was developed by Albert Ochs in 1904. Ochs, the renowned publisher of The New York Times, elected to move his paper to the then-Long Acre Square. After the move, the square was changed to reflect the new ownership.

Before The New York Times moved, Long Acre Square was merely a set of brownstone buildings, developed by a man who saw potential in the location. New Yorkers raced to the new square, desperate to make a home for themselves in this new place. Before long, a new district began to grow around them. Crime became commonplace, and prostitution and theft began to thrive.

Things began to change in the 1880s. With the spread of electricity, Long Acre Square suddenly seemed much safer for residents. Street lights and advertisements began to dominate the area. In 1895, a new resident, Oscar Hammerstein I, made the decision to create an entertainment industry in the square. He called his new locations Olympia, a structure that featured three theaters. Before long, more theaters began to sprout from seemingly everywhere. By the time The New York Times arrived, the area was an established entertainment haven.

Some of the original commercial advertisements in Times Square

In the same year the New York Times moved to Long Acre’s Square, the Interborough Rapid Transit Company developed the first transit system that would eventually serve as the precursor to the current MTA system. This new railway allowed New Yorkers to travel easily across the city, so that they could reach areas like Long Acre’s Square, without any issue.

The Times held the first Times Square New Years Eve show to celebrate their move. At the time, the New York Times building was one of the largest in Manhattan, and that along drove people to come watch. Though The New York Times eventually outgrew the location and moved, the tradition continued without them, and the square’s new name remained. Ever since, people have come to celebrate the passing of the year in Times Square, and Times Square, itself, has become the most iconic location in New York City.