Musicals have odds like venture capital: only one in ten makes money, and two out of ten lose it all. The hits, however, are huge. “Cats” probably made a 3,500% return for its initial investors. Since it debuted in London 27 years ago “The Phantom of the Opera”, a musical by Andrew Lloyd Webber, has grossed $5.6 billion worldwide, more than any film or television show.
