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E654: David Gluck, Producer of “The Speakeasy” & JOBS Act Title III pioneer, runs the first equity crowdfunding theater project in the U.S.
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about this episode
Immersive theater has been around for some time now, but the reason “The Speakeasy” is turning heads is because of it’s unique new crowdfunding approach to finance the project. Jason sits down with David Gluck, the producer and general manager of the interactive 1920’s-themed theater experience “The Speakeasy,” to find out the process, pros and cons, and progress involved in the quest to opening day.
Five Key Takeaways
What is immersive theater?
Immersive theater is basically a live dramatized production without a stage or seats. The actors and the viewers sit, stand, and interact together in the same space. Without any division from the audience the experience is highly interactive and improvisational. There have been a number of extremely successful immersive theater environments, such as Tony ‘n Tina’s Wedding, and even a Star Wars themed production where you can walk through the Millennium Falcon. The Speakeasy itself is a 1920’s-themed environment complete with a multi-room bar and a load of actors mixed in among the crowd.
How does investing traditionally work in the theater business?
Traditionally, in a Broadway sort of theater production the net profit is typically split 50-50 between the producers and investors. Not one penny goes to the producers or actors until the investors get their initial return. In the live entertainment business there are rarely opportunities to make money, so when an investor sees a good opportunity they jump on it. What David is doing with his immersive theater business is now picking up steam, and he is looking to raise $1.5 million to turn make his vision come to life.
The first round of financing
In 2014,