Shechtman Quoted In Press About Broadway Show Hamilton, Actor Profit Sharing and Scalpers Impacting Show’s Profits
In a deal that was widely reported in the press, Ronald Shechtman, Pryor Cashman’s Managing Partner and Chair of the firm’s Labor and Employment Group and Theatre Practice, represented approximately two dozen actors from the hit Broadway musical “Hamilton” in a deal that will bring the original cast members a share of the smash musical’s profits. To read more, please click here.
Shechtman told Daily Variety that the profit-sharing pact between the producers and the show's original actors highlights an issue poised to become significant in future labor negotiations between the two sides. According to Shechtman, it is an important development; first, in terms of recognizing the actor's role in developmental activity, and second, in recognizing the new economics of Broadway, with megahits getting numbers that were previously unheard of. To read the May 4, 2016 article “How the Hamilton Effect Is Reverberating across Broadway,” please click here.
In an interview with the New Jersey Star Ledger for its May 8, 2016 article, “The Real Winners In the 'Hamilton' Frenzy? Scalpers,” Shechtman stated that brokers are siphoning off some proceeds by taking advantage of the high demand and tight supply for tickets in the 1,300-seat Richard Rodgers Theatre. “Now that the actors have a stake in the profits, they are affected by this part of the market. That’s money that's not going to investors or the artists.”
