“No film has ever banked $1 billion at the box office, but three musicals–The Phantom of the Opera, The Lion King, and Wicked— have exceeded this benchmark on Broadway.” Globally, Phantom has earned twice as much as the most successful motion picture of all time, Avatar–$12 billion vs. $6 billion. The June 18 issue of The Economist goes on: “Hamilton may cement Broadways’s lead. For information about methodology–and this is fascinating–click on the chart below.

These days, life on Broadway is sweet. Theaters are full. Shows are sold-out. Diversity is abundant. The situation is almost unimaginably different from the early 1970s, when a 60 Minutes report “showed a group of tourists from the South getting off their bus to see a Broadway show–and then getting right back on again because Times Square was so dangerous.” In 1972, Broadway’s largest producer was in a terrible way–J.P. Morgan turned down a $1 million loan, even thought all seventeen Schubert theaters were offered as collateral.

So what happened? It’s a story worthy of a Broadway musical. And it’s fun to read because author and theater columnist so relishes the opportunity to tell that story in his boffo book, Razzle Dazzle: The Battle for Broadway.

The turnaround story begins, as it ought to begin, with a pitch from a creative professional to a producer. The two remarkable people in this particular scene are Public Theater producer Joseph Papp and choreographer-director Michael Bennett. Reidel: “Bennett arrived at Papp’s office at the Public Theater carrying a bulky Sony reel-to-reel recorder and several reels of tape. He had nearly twenty-four hours of interviews with Broadway dancers. He thought there might be a show somewhere in those hours and hours of tape. He played some of them for Papp. After to listening to the recordings for forty-five minutes, Papp said, ‘OK, let’s do it.”

In fact, those tapes–the best of them recorded after midnight on January 18, 1974– are still around so we know what was said by Bennett to the other dancers: “I think we’re all pretty interesting, all of you are pretty interesting, and I think there is a show in there somewhere which would be called A Chorus Line.”

In April 16, 1975, the show played its first preview downtown at the Public Theater, a few miles from Broadway. “At the end of the opening number–“I Hope I Get It”–the audience of 299 stood and cheered and cried. In theater circles that night, phones rang off the hook with the news that the Public Theater had a massive hit. (BTW: Decades later, Hamilton was  developed at the same Public Theater.)

Since the Public Theater lacked the necessary funds to move the show to Broadway, they made a deal with the Schuberts. A Chorus Line opened at the 1,400 seat flagship Schubert Theater on July 25, 1975.

In 1974, Broadway theaters sold 6.6 million tickets. In 1976, the number was 8.8 million. Now, Broadway averages 12 million tickets per year–with annual box office receipts exceeding $1 billion. “The Times Square of Midnight Cowboy, of drugs, crime, and prostitution, of crumbling theaters and peep shows, is now one of the world’s leading tourist attractions.” The Times Square neighborhood contributed 11 percent of NYC’s economic output.

Michael Bennett and Joseph Papp are gone now–we lost Bennett to AIDS in 1987 and Papp four years later. Did they “save Broadway?” I like the version of the story where the answer is “yes”–a guy with an idea connected with guy who could raise money, and together, they saved Times Square and helped Broadway to find its heart and soul.

Last week, Broadway responded to the dreadful slaughter in Orlando, Florida by doing what it does best–performing like there’s no tomorrow. If you haven’t seen the video, now’s your chance: