Plays: rare but enormous profits
Marina Hyde noted that almost all stage plays lose money, but the rare hits can print money indefinitely — citing Andrew Lloyd Webber as the ultimate example.
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Jun 24, 2026
Where this was said
Listener Q: How Does a Hit TV Show Become a West End Play?
At 17:22 · chapter starts 12:00
Araminta's question about The Traitors stage adaptation gives Marina an opportunity to map the full anatomy of a West End production deal. She outlines the four things you need — a script, a producer, a director and a theatre — and notes that Studio Lambert's instinct was to go for quality rather than a cheap cash-in. The writer they secured is John Finnemore, whom Marina praises as a genuine puzzle genius still underrated despite Cabin Pressure [1] — Marina Hyde "John Finnemore I think is a genius. I mean, weirdly still best known for doing Cabin Pressure on Radio 4, but he's a great, great, great wr…" 14:07 . The concept is elegantly designed: the play always starts the same way but has five different endings, meaning repeat audiences might see a different outcome [2] — Marina Hyde "Traitors West End: 5 different endings: The Traitors stage play, written by John Finnemore, always starts the same but has five different p…" 14:07 . Robert Hastie, whose work on Standing at the Sky's Edge has established him as one of Britain's top theatre directors, is directing. Sam Mendes and Pippa Harris's company Neil Street is co-producing alongside Studio Lambert, giving the project both commercial muscle and theatre credibility. Richard adds broader colour on the West End's extraordinary health — My Neighbour Totoro, Stranger Things: The First Shadow and Trainspotting-the-musical are all cited — and Marina explains the economics: almost all plays lose money, but the rare hit generates income indefinitely, à la Andrew Lloyd Webber.
The Traitors Is Coming to the West End — With 5 Different Endings
The Traitors stage adaptation isn't a cheap cash-in. Written by puzzle genius John Finnemore, directed by Robert Hastie, and produced by Sam Mendes's company Neil Street alongside Studio Lambert, the play always starts the same — but has five possible endings. The West End, and the concept, are both in very good hands.
Traitors West End: 5 different endings
The Traitors stage play, written by John Finnemore, always starts the same but has five different possible endings, meaning repeat audiences could theoretically see a new outcome.
West End health: musicals from any IP
The West End is in such strong commercial health that even franchise IP like The Traitors can attract top-tier writers, directors and producers — and almost any IP can become a musical.
Why Any IP Can Now Become a West End Musical
The West End is in such extraordinary commercial health that virtually any successful IP — animated Japanese films, dystopian Scottish drug dramas, competitive reality shows — can become a stage production and potentially tour the world. What was once a throwaway contract clause ('what if it becomes a musical?') is now a serious business strategy.
West End Economics: Almost All Plays Lose Money — But the Hits Print It Forever
Almost every West End play loses money. The rare smash hit, however, generates income indefinitely. That asymmetric payoff — catastrophic downside, limitless upside — is why well-resourced companies like Studio Lambert keep betting on theatre, especially when they already own IP as powerful as The Traitors.
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