Hamilton fans, rejoice?
Broadway's biggest show bid adieu to creator and lead actor Lin-Manuel Miranda earlier this month, ending his monumental 12-month run as Alexander Hamilton that grossed nearly $90 million in ticket sales since opening in previews last July. There's no shortage of talent to fill the 36-year-old's colonial digs (Javier Munoz has since taken his role), but it appears that hype for the blockbuster musical may be starting to waver. At least in terms of ticket demand on the secondary market, that is.
According to online aggregator TiqIQ, Hamilton tickets on the resale market have fallen in price since Lin's final show on July 9. In fact, ticket prices have reached their lowest price points since before the musical's Broadway launch at Richard Rodgers Theatre last year. For the first time since last summer, the "get-in" price, or cheapest available ticket, has dipped below the $500 plateau for many upcoming shows.
That number may still make many hopeful patrons gawk, but it is a significant price tumble for a Tony Award-winning show that logged the highest-grossing season in Broadway history. In Lin's final weeks on Broadway, "get-in" tickets could be found from anywhere between $600 and $800, marking a notable drop in price over the last several days.
And while Hamilton has had a negative impact on secondary market ticket prices for many other Broadway shows as ticket resellers aim to push the highest mark-ups possible, it appears that Miranda's absence may bring the mammoth production back down to earth and, finally, within a reasonable price range to see live.
Such price points are still remarkable for an industry that has struggled to draw consistent crowds, however. Other long-lasting musicals have weathered the storm after key principals departing -- Jersey Boys originals John Lloyd Young and Christian Hoff as well as Wicked's Kristin Chenoweth and Idina Menzel -- but Hamilton's true beauty is in its production. The musical's rich storyline and award-winning score is enough for any curious theatergoer to pony up the money to see, and those with renewed interest amid its falling ticket prices are bound to pack Richard Rodgers Theatre for the foreseeable future.
Lin may not be the only Hamilton mainstay affecting ticket prices on the resale market, either. While he will likely remain the face of the blockbuster musical long after his departure, other notable actors that have also left the production include Daveed Diggs (Marquis de Lafayette and Thomas Jefferson), Phillipa Soo (Eliza-Schuyler Hamilton) and Leslie Odom Jr. (Aaron Burr).
New faces can have a big impact on the perception of a Broadway production, and there is little doubt that the weight of Lin and his fellow 18th century impressionists' parting will be felt on West 46th Street. Still, while ticket prices are starting to fall, there is plenty of reason to believe Hamilton will continue as the hottest ticket on Broadway. Between its 11 Tony Awards, Grammy Award and Pulitzer Prize for Drama, it will be a staple on the Great White Way -- and abroad -- for years to come.
This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.