Original cast members of the hit Broadway musical Hamilton, have reached a deal with the show’s producers, led by Jeffery Seller, to share in profits of the production, which has been one of Broadway’s top-grossing attractions since it’s sold out run at The Public Theater last summer.
This deal, which has been in talks for the past two weeks, may shake up the theatre industry in a very interesting, and promising way. There has been much debate over the years especially from actors about compensation for an actor’s contributions to the development of a hit show over the course of workshops and first productions.
Attorney Ronald H. Schechtman, the negotiator who represented the original cast members of Hamilton announced the pact. He said in a statement that “an agreement with the Hamilton producers has been reached which provides for the cast’s participation in the profit stream from the play. The agreement for the cast to share in the success of Hamilton resulted from a collaborative effort between the cast and the producers which recognized the cast’s role in the development and success of the play.”
Following in the footsteps of another huge, hit show The Book of Mormon , which also came to a similar agreement with its original actors, in this new deal for Hamilton the actors will share in what is likely a similar percentage of profits. Profits which soon will come not just from the Broadway production, but from the concurrent regional productions as well, not to mention tours and potentially moving to London.
Why is this such a huge deal? Well because it’s only fair. Hamilton has already repaid its total capitalization of $12.5 million and has advance ticket sales of over $60 million. What does that mean? It means the original investors for Hamilton already recouped the money they put in to make it happen and even after taxes, paying rent, etc they are making reportedly $500,000 in profits, why not share the wealth with the people who helped make this show the culture changing hit it is?
Another thing to note is that being on Broadway isn’t always the most stable careers. Many actors can go months without employment between shows and a Broadway salary isn’t that of a Hollywood star (unless you are a Hollywood star for that matter).
This deal is definitely a step in the right direction, and hopefully more shows will follow suit.
