Spider-Man musical to close with $60 million loss
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The New York Times reports that the Spider-Man musical is set to close in January with a record-breaking loss of $60 million. The show has only been open for three years.
Several investors said they were reeling from the closing announcement, made on Monday night. Three said they have not been paid back anything during the three-year run of ?Spider-Man,? which cost twice as much as any other Broadway show, and said they planned to write off their investments. While Broadway flops usually lose $5 million to $15 million, ?Spider-Man? will lose far more, given the show?s record-setting $75 million capitalization; the enormous weekly costs of running this special effects-laden production; and its operating losses of hundreds of thousands of dollars a week this fall, as the box office faltered.
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