I heard this news coming on a few months back through various back channels, but the announcement is official: the Spider-Man musical is on hold due to lack of funds.  They’re calling it an “unexpected cash flow problem,” and while you want to take the producers at their word, it’s hard to claim that problem is unexpected when you’re talking about $40 million that needs to flow.

There’s not much I can add that Riedel hasn’t already (almost joyously) made public: the lead producers aren’t experienced, Taymore wants to go bigger and bigger (and from what I hear, it’s big and amazing — what they’re doing to the theater is literally ground-breaking {keep in mind, I’m one of those people who use the word literally correctly} and wildly expensive), the budget is spiraling wildly upward, the Turn Off The Dark sub-title is not helping anyone.  It’s problem after problem, and the economics seem to make very little sense, even in the long-term (again, I don’t have real insider information, but from what I’ve heard, let’s say the path to making that $40 million back on Broadway seems to be, at best, virtually impossible).  Folks can’t wait to call it a disaster, and it very well could be.