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ارتباط حسابداری مدیریت استراتژیک با فرهنگ عمومی: پایان موزیکال جهان غرب

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The relevance of strategic management accounting to popular culture: The world of West End Musicals

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5. Musical theatre: an example of ‘strategy as practice’

Well-known examples of capital intensive musical theatre productions include The Phantom of the Opera and Wicked. The major financialfocus ofmusicaltheatre producers, as commercial entities, is their bottom line as expressed by their profit and loss account. Many productions do not run long enough to generate the revenues needed to cover the large up-front investments (upwards from US$15 million) and weekly running costs (which can be US$ 1 million) (Colbert, 2003; Throsby, 1994). From a management accounting perspective,the major strategic decision they face is the selection and launch of new shows which will be of interest to the theatre-going public, so that audiences purchase full priced tickets (even before the show opens) and theatres are full. The goal is to present a new production in as many markets as possible, either as a sit-down production or as a tour, in order to maximize what is known in the industry as ‘bums-on-seats’. In order to reach this, however, there are a number of critical moments at which strategy plays a crucial role, including the selection of the production team and test-site, and the subsequent development of the market through interaction with other organizations.
To summarize the process briefly: the major effort of producers of musical theatre productions is on devising a product which will be of sustained interest for a lengthy run. Strategic decisions during product development of new shows include the selection of the creative team, actors, investors, theatre owners and sites for product testing. By the time theatrical productions reach a paying audience in the target market, they have passed through several development stages that include readings, workshops and possibly try-outs. A strategic decision during product development, for example, concerns the selection of a test market, where the audience is “savvy and understands theatre” (industry association 32). Subscription audiences in particular, who purchase tickets as a season package long before the run, rather than single tickets during the run, provide a savvy, intelligent and loyal audience base necessary to introduce new and often unfamiliar works: