Daniel Craig’s play proves profitable for investors

A Steady Rain, the recent Broadway play starring Hugh Jackman and Daniel Craig, paid off for investors. According to a story by Bloomberg:

Dec. 15 (Bloomberg) — If you were lucky or smart enough to invest $100,000 in “A Steady Rain,” the $3 million drama starring Daniel Craig and Hugh Jackman that ended its limited Broadway run on Dec. 6, your 12-week gamble would have returned $165,000 in time for Christmas shopping.

If, on the other hand, you were unlucky enough to have dropped the same amount on “Ragtime,” a revival that opened at the Neil Simon Theatre on Nov. 15 on the tails of glowing reviews at the Kennedy Center in Washington, you will probably never see that money again.

According to the complete story on Bloomberg.com, A Steady Rain, an 85-minute play with two actors and sparse sets, stood a better chance of making a profit compared to elaborate musicals charging similar prices.

The financial success of the Craig-Jackman play may cause changes similar to what occurs in Hollywood. For example, there’s this anecdote:

A few weeks ago, Fred Zollo, the lead producer of “A Steady Rain” who works both on Broadway and in Hollywood, announced a deal with Broadway’s biggest landlord, the Shubert Organization. Zollo and his investors will supply big stars and brief runs; Shubert will guarantee a great theater.

In Hollywood, it’s known as a housekeeping deal, where a studio gives office space to a producer in return for first dibs on new projects. I expected other producers to howl over the arrangement; instead, most cheered it. It’s the wave of the future, and if you invested in either “A Steady Rain” or “Ragtime,” you know why.

Zollo, it should be noted, is the husband of Eon Productions co-bossperson Barbara Broccoli.

An October Bloomber story shows the play generated profits despite hefty paychecks to Craig and Jackman.