2026 Tony Noms Reveal Broadway’s IP Bet

BusinessHollywood & Entertainment2026 Tony Noms Reveal Broadway’s IP BetBySophia Morano,Contributor.Forbes contributors publish independent expert analyses and insights. Sophia Morano covers pop culture and entertainment news.Follow AuthorMay 12, 2026, 01:00pm EDTNEW YORK, NEW YORK - APRIL 20: The cast of "Schmigadoon" appears onstage during curtain call of "Schmigadoon" Broadway opening night at Nederlander Theatre on April 20, 2026 in New York City. (Photo by Valerie Terranova/WireImage)WireImageThe 2026 Tony nominations reveal Broadway’s increasing reliance on familiar intellectual properties. Of the four productions nominated for Best Musical this year, only one, Two Strangers (Carry a Cake Across New York), has no basis in existing IP. According to gross data from Playbill, Two Strangers (Carry a Cake Across New York) is also consistently the lowest-grossing of the Best Musical nominees week-to-week, with capacity numbers averaging between 60% to 70%. The show is positioned as a David-versus-Goliath contender. But do IP-based productions translate to top Tony award wins? NEW YORK, NEW YORK - JUNE 08: Megan Hilty (C) and the cast of "Death Becomes Her" perform onstage during The 78th Annual Tony Awards at Radio City Music Hall on June 08, 2025 in New York City. (Photo by Kevin Mazur/Getty Images for Tony Awards Productions)Getty Images for Tony Awards ProductionsLast year, two of the five Best Musical nominees were adapted from IP. Though the Best Musical and Best Play winners were original works, three IP-based productions took home awards: jukebox musical Buena Vista Social Club, Death Becomes Her, and Stranger Things: The First Shadow. In the 2020s so far, two of the Best Musical winners are IP-based (Moulin Rouge! The Musical in 2021 and The Outsiders in 2024). The only IP Best Play winner is The Inheritance in 2020. However, IP-based productions have consistently received the most nominations each year. Two Strangers (Carry...