[Culture Interview] "Three Productions to Run Simultaneously on Broadway in 2028"

Shinchunsoo, CEO of OD Company

"By 2028, it is possible that three OD company productions will be running simultaneously on Broadway."

Shinchunsoo, CEO of OD company and the driving force behind the Broadway success of the musical "The Great Gatsby," is now preparing for his next triumph. After three failed attempts, a single success has brought him new opportunities and a much bigger stage. Currently, he is developing two new productions with the goal of opening on Broadway, rewriting the history of global expansion for Korean musicals.

In an interview with The Asia Business Daily at the OD company office in Gangnam, Seoul, at the end of last month, CEO Shin said, "Since the success of Gatsby, there has definitely been an increase in people reaching out to me on Broadway," adding, "I can now truly feel how powerful success can be."

Shinchunsoo, CEO of OD Company, is giving an interview with The Asia Business Daily. Photo by Dongju Yoon

"The Great Gatsby" Surpasses $120 Million in Cumulative Revenue... Perceiving a Shift in Broadway Standing

CEO Shin shared that he is currently preparing productions for Broadway openings in 2027 and 2028, having received proposals from two U.S. theaters. Including "The Great Gatsby," which continues its long run, it is conceivable that by 2028, three OD company productions could be staged on Broadway at the same time. This outcome is the result of lessons learned from three painful failures. In 2009, "Dreamgirls" failed to make it to Broadway, while "Holler If Ya Hear Me" in 2014 and "Doctor Zhivago" in 2015 did reach Broadway but closed after just 4 and 3 weeks respectively. Although these three failures were bitter, they were also part of the process of understanding the Broadway market.

The fruit of that journey was "The Great Gatsby." As of April 2024, when the show officially opened, it had reached 868 performances and cumulative ticket sales of $126.75 million as of the 24th of last month. The average occupancy rate has exceeded 90%. Among the 15 new musicals that opened on Broadway in the 2023–2024 season, only "The Great Gatsby" and "The Outsiders" have continued their runs for more than two years.

CEO Shin explained, "Two years on Broadway is an important benchmark. Only after that period does the break-even point become visible, and the foundation for a touring production is established."

Its box office success quickly led to a touring market. The North American tour production, which launched in January this year, began in Baltimore, Maryland, and is now touring major cities, performing for 1–3 weeks at each stop. The North American tour schedule is currently set through August next year. CEO Shin added, "We are also in talks to schedule performances in Japan, Germany, and Australia."

The success on Broadway has also elevated CEO Shin's stature. He reflected, "In the past, I had to knock on doors first, but now theaters and creative teams are reaching out to me. The success of Gatsby has become a tremendous strength for me."

Shinchunsoo, CEO of OD Company, is being interviewed by The Asia Business Daily. Photo by Dongjoo Yoon

External Capital Share for New Productions Expanded to 70%... "Government Should Support U.S.-Style Nonprofit Theaters"

CEO Shin also expressed high hopes for the new productions currently in development. Of the two shows being prepared for Broadway, he explained, "One is based on a lesser-known German classic novel, and the other is inspired by a recently released film." He further shared, "We are preparing these works in collaboration with a New York theater that rarely stages musicals and a historic theater in San Diego, both of which approached us with proposals." The number of creative staff eager to collaborate has also increased. CEO Shin emphasized, "More talented creators are joining the development process, and it’s no exaggeration to say I’m working with the very best right now." He added with a smile, "Next year, I think I’ll be one of the busiest producers on Broadway."

The box office results have also transformed the investment environment. For "The Great Gatsby," OD company and overseas investors each covered half of the production cost, but going forward, he believes the share of external investors can be raised even further. CEO Shin projected, "There has been a significant increase in interested investors, and for future productions, the external capital share could be expanded to around 70%."

He continued, "I expect to recoup the $25 million advance production cost of 'The Great Gatsby' by 2028; after that, the amount remaining after covering operating expenses will finally be recognized as profit." Currently, for the Broadway run, weekly operating costs, including theater rental and performers' fees, amount to between $800,000 and $1 million. Achieving $1 million in weekly sales is a crucial threshold for keeping the production running. For the most recent week, "The Great Gatsby" recorded ticket sales of $986,007.

CEO Shin also diagnosed that for the continued growth of the Korean musical industry, changes in how creative work is supported are needed.

After last year’s Tony Award win for the original musical "Maybe Happy Ending," the government significantly increased its budget for musical support. On this, CEO Shin commented, "The budget increase itself is very welcome," but also suggested, "Rather than investing directly in productions, the government should focus on supporting the creative ecosystem."

What he is paying attention to is the American nonprofit theater system. The New York and San Diego theaters currently involved in his projects are also nonprofit theaters operated through corporate sponsorships and donations. These theaters provide creators with opportunities for workshops and tryouts, sufficiently refine productions, and then connect them with commercial producers to help them make it to Broadway.

CEO Shin emphasized that building an infrastructure centered on such nonprofit organizations is essential for reducing creators’ risk of failure and fostering a healthy creative ecosystem. He said, "There is already a good model in Korea called the Wooran Foundation. Rather than becoming an investor in productions, the government may find it more effective to act as a supporter nurturing nonprofit institutions like these."

Shinchunsoo, CEO of OD Company, is posing in his studio after an interview with The Asia Business Daily. Photo by Yoon Dongju

Giving Up Peak-Season Profits... All-In on Quality for New "Wuthering Heights"

This philosophy is also reflected in the new original musical "Wuthering Heights," set to premiere in Korea next January. "Wuthering Heights" is based on the famous novel by British author Emily Bronte, known in Korea as "Bokpoong-ui Eondeok." CEO Shin plans to stage the production after an unusually long tryout process in Korea. Throughout December, only members of the production team and select insiders will be invited to daily tryout performances, after which the work will be continuously revised and refined based on feedback before its official opening in January.

Considering that December is the peak season for the performing arts, this is a significant decision to forego considerable profits. CEO Shin said confidently, "If the quality of the production is raised, box office success will naturally follow."

"The Great Gatsby," after its Broadway success, also opened in both the UK and Korea. However, it did not perform well in Korea. CEO Shin admitted, "I expected it to be difficult, but it was even harder than I thought — it was a complete defeat."

He is currently preparing a Korean-language production of "The Great Gatsby" for 2028, and said he plans to revise the script to delve more deeply into the original novel’s themes, which could not be fully captured in the Broadway production.

"The Great Gatsby" is regarded as a representative work of 20th-century American literature, praised for its compact depiction of 1920s American society. CEO Shin deeply contemplated how to convey the themes of the novel on stage, but concluded that it was not easy. Instead, he placed greater emphasis on stage aesthetics and popular appeal. He said, "Some critics who value literature gave negative reviews, but I believe the show continues on Broadway because it presented a sufficiently beautiful stage." He added, "Sometimes, when I reread the original novel to return to my roots, I always feel an unquenchable thirst. It is impossible to capture all the novel’s themes in a musical, so I am thinking that one day I should adapt it as a play."

This content was produced with the assistance of AI translation services.