Crain's New York Business: Black Friday not only kicks off the start of the holiday shopping season, it also marks the beginning of the annual run of The Nutcracker at the New York City Ballet. And it turns out that discounted cashmere sweaters and sugarplum fairies have much in common: They are both cash cows.
Just as retailers count on holiday shoppers for a big chunk of their annual sales, the ballet company generates 45% of its yearly revenue, or about $12 million, from the extravaganza. "It is very important to us," said Katherine Brown, executive director of the New York City Ballet. "I just couldn't imagine us not doing it."
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