A hit like Hamilton can come from nowhere while a sure bet can lose $20 million in a flash. We speak with some of the biggest producers in the game — Sonia Friedman, Jeffrey Seller, Hal Luftig — and learn that there is only one guarantee: the theater owners always win. (Part two of a three-part series.)

SOURCES:Debby Buchholz, managing director of La Jolla Playhouse.Sonia Friedman, Broadway producer.Rocco Landesman, Broadway producer, former owner of Jujamcyn Theaters, former chairman of the National Endowment for the Arts.Hal Luftig, Broadway producer.Luis Miranda Jr., political strategist, founding president of the Hispanic Federation, the Northern Manhattan Arts Alliance, Viva Broadway, and The Public Theater.Michael Rushton, professor of arts administration at Indiana University.Jeffrey Seller, Broadway producer.Richard Winkler, Broadway producer.Stacy Wolf, professor of theater at Princeton University. 

RESOURCES:Theater Kid: A Broadway Memoir, by Jeffrey Seller (2025).Relentless: My Story of the Latino Spirit That Is Transforming America, by Luis Miranda Jr. (2024).Beyond Broadway: The Pleasure and Promise of Musical Theatre Across America, by Stacy Wolf (2019)."‘Hamilton’ Inc.: The Path to a Billion-Dollar Broadway Show," by Michael Paulson and David Gelles (New York Times, 2016)."On the Performing Arts: The Anatomy of Their Economic Problems," by W.J. Baumol and W.G. Bowen (The American Economic Review, 1965). 

EXTRAS:“How to Make the Coolest Show on Broadway,” by Freakonomics Radio (2024).“You Can Make a Killing, but Not a Living,” by Freakonomics Radio (2024).