Broadway productions and the value of a Tony Award

摘要

This article investigates the effect of a Tony nomination or win on the demand facing a Broadway production using a panel of weekly revenues for Broadway productions from 1996 to 2007. Our results indicate that the effect of a nomination or win is positive in the week of the announcement and gradually increases in successive weeks, presumably due to publicity and word-of-mouth. Winners experience an increase in demand as late as 1 year later when awards are publicized for the following season. Moreover, nominees that do not win the award are penalized heavily in the weeks following the Award announcements. We find that winning a Tony Award increases a production’s revenues by 12% in the week immediately following the Awards.