Broadway operates on a winner-take-most business model. A runaway hit like Stereophonic — which just won five Tony Awards — will create a few big winners. But even the stars of the show will have to go elsewhere to make real money. (Part two of a two-part series.)

• SOURCES:
  • David Adjmi, author and playwright.
  • Sonia Friedman, theater producer and founder of Sonia Friedman Productions.
  • John Johnson, theater producer and co-founder of Wagner Johnson Productions.
  • Tom Pecinka, actor.
  • Sarah Pidgeon, actor.

• RESOURCES:
  • "Tony Award Winners 2024: The Full List," by Rachel Sherman (The New York Times, 2024).
  • "Everything to Know About the Stranger Things: The First Shadow Play in London," by Tara Bitran (Tudum, 2024).
  • Stereophonic, by David Adjmi, Will Butler, and Daniel Aukin (2023).

• EXTRAS:
  • "How to Make the Coolest Show on Broadway," by Freakonomics Radio (2024).