Broadway Isn’t Overpriced—It’s Undervalued. The Same Might Be True for You.

Follow-up to: Arts and Culture IRL: Don’t Wait for the Return—Create the Moment

Earlier this week, I made the case that arts and culture organizations can’t sit back and wait for the “return to live.” People are returning—but only for experiences that feel meaningful, immersive, and memorable. The Harris Poll’s Return of Touch report gave us the data: younger audiences want in-person experiences that feel like cultural moments and offer tactile, authentic engagement. They’re not staying home out of laziness. They’re staying home because too many IRL offerings aren’t worth putting on pants for.

Now comes a second report that zooms in on one of our field’s most visible and misunderstood institutions: Broadway. The Broadway Value Survey from theater producers No Guarantees (h/t producer and marketer Andrew Patino, who I recommend you follow on TikTok) peels back the curtain on how Gen Z and Millennials in the New York tri-state region actually think about buying a ticket—and the results are a wake-up call not just for Broadway, but for the entire arts and culture sector.

Let’s start with this: when young audiences understand what goes into a Broadway show—the artistry, logistics, the sheer number of people making it happen—they’re willing to pay more. They see value in the experience, not just a price tag. But they need help seeing it. And crucially, they don’t just see Broadway as entertainment—they see it as theirs. A source of pride. Something special about living in New York. That sense of local belonging is powerful—and it’s something every arts organization, no matter your geography, should take seriously.

That finding echoes what we saw in the Return of Touch report: people want real experiences that feel personal, rare, and worth remembering. And just like pop-up shops and printed catalogs are driving retail tourism, Broadway has the potential to become one of the standout cultural destinations for young people—if it frames itself that way.

So why aren’t they coming?

Because Broadway—and many of us across the cultural sector—are still communicating like it’s 2015. We talk about ticket prices, subscription packages, and donor benefits. We assume people know what goes into the experience. We hope they’ll “come back.” Meanwhile, consumers are craving Emotional Return on Investment (ERoI -a great phrase)—and we’re not showing them why our experiences deliver it.

The report goes even further: discounting tickets isn’t the answer. In fact, discounts undermine value perception. People assume discounted tickets mean the show (or the seats) aren’t very good. What actually moves the needle? Stories. Context. Pulling back the curtain. Highlighting the effort, artistry, and once-in-a-lifetime nature of the experience.

One of the smartest observations from this report was that Broadway marketers have been using discounts to drive urgency. But this is an out of date tactic – or at least mismatched with younger audiences. Gen Z/young Millennial group 1) don’t see urgency to see long running shows on Broadway because they’ve been there “forever” and will be there forever and 2) the discounts spark a skepticism about the show. Yikes! The urgency needs to come from somewhere else: a special occasion with friends to celebrate a birthday or achievement, a performance or marketing partner (like a restaurant) offering a unique experience. There are so many opportunities for creativity here!

Here’s the takeaway for everyone beyond Times Square:
If your work is hand-crafted, high-quality, community-rooted, and emotionally resonant—say so. Show it. Build the moment. Don’t assume people know what makes it special.

Arts and culture have always delivered core memories. But now we’re operating in a moment where people are actively seeking them. They’re choosing experiences over things, small luxuries over big purchases, and community over isolation. The opportunity is there. What matters is how we frame it.

Let’s stop asking why audiences aren’t coming back. Let’s start making it impossible for them to stay away.