The rise of IP musicals on Broadway

When looking through the roster of shows currently playing on Broadway, one may be surprised to realize exactly how many titles of shows they recognize — even if they themselves are not a regular theater patron. If one were to walk the streets of Broadway they would see marquees displaying signs for familiar shows such as “Stranger Things: The First Shadow,” “The Outsiders” and “Harry Potter.”

As of December 2025, out of the 33 current shows running on Broadway 20 are Intellectual Properties and are based upon novels, myths, movies, TV shows or albums. This trend of IP adaptations appearing more on Broadway stages has been steadily rising over the past few years, particularly spiking in the immediate years after the COVID-19 pandemic led to a year-long closure of Broadway.

But why is the spike in IP shows so apparent, and what does it mean for the future of “original” musicals?

Jacob Kerzner, an associate professor of Musical Theater at Syracuse University cites the fact that producers see original works as being riskier to produce than an IP adaptation and may produce less revenue. This idea is proven, as when comparing IP works such as the musical adaptation of “Death Becomes Her” with an original musical “Maybe Happy Ending” — it is noticeable that even though “Maybe Happy Ending” took home the 2025 Tony Award for Best Musical, “Death Becomes Her” has had a higher total gross in ticket sales over the past 27 weeks.

But what exactly is it about IP shows that draw audiences in? The majority of Broadway ticket buyers come from tourists who are visiting NYC. Since these tourists may not be huge theater fans and are seeing a Broadway show purely to check off their vacation bucket list, they may be more inclined to look for a show with a title they recognize and a plot they already understand.

The crave of nostalgia can also be a factor for audiences when purchasing Broadway tickets. In times of economic and political crisis people are often drawn to what reminds them of their youth and simpler times. An example of this is “The Lion King,” one of the longest running shows on Broadway that has grossed over $10 billion worldwide and has spawned multiple tours and international productions. People who may have grown up watching the movie version of “The Lion King” may be more inclined to see the show live on a stage and introduce their friends and family members to it.

So IP musicals are on the up and up and they appear to be here to stay — what does this mean for an original musical?

Kerzner believes that for an original show to succeed — which is often considered by producers to be "risky” — something needs to lessen the risk factor. Kerzner cites “Maybe Happy Ending” as an example, the show was an original musical that featured well known Broadway and television actor, Darren Criss, as one of the main characters in the original cast. Criss’ notoriety helped to draw in audience members and aided in the show securing a footing on Broadway.

As long as people are drawn to live performances, there will be people continuously making new work meant for the stage. It is up to audience members to help these new and original works carve out a space for themselves on Broadway and make sure the art of original theater work never dies.