ARMONK, N.Y. -- Armonk natives Jed and Bronna Canaan are hoping when it comes to Broadway musicals, the second time is also the charm.
The Canaan's are associate producers of the new musical "Bullets Over Broadway," an adaptation of the 1994 Woody Allen film. The Canaan's found success last year producing the smash musical "Matilda."
As associate producers, the Canaan's were charged with raising a certain amount of money to cover the musical, which is in previews and opens Thursday, April 10.
The Canaan's decided to get involved because they are huge Woody Allen fans.
"We love 'Bananas' and 'Sleepers,' " Jed Canaan said. "He's done so many good films."
The show features an all-star cast in front of and behind the stage. The musical stars Zach Braff and is directed by Susan Stroman, who directed "The Producers."
It took the Canaan's four days to raise the money and now they have to keep their fingers crossed that "Bullets Over Broadway" is a smash.
"We are excited for its prospects," Jed Canaan said. "We hope it runs for a while."
Investing in Broadway musicals is a risk that often doesn't pay off. According to the Canaans, 80 percent of all Broadway musicals fail to make money.
"We take our commitment to our investors very seriously," Bronna Canaan said.
The Canaans said they were upfront with investors about the perils of investing on Broadway.
"These are smart people," Jed Canaan said. "They understand the risks and went in very aware of the situation."
Jed Canaan also runs Theater Extras, a company that helps Broadway shows fill seats when they are undersold.
"Jed sees what works and what doesn't work," Bronna Canaan said.
The Canaans said there is no secret formula to a successful Broadway musical, having seen musicals have tremendous readings and workshops, only to close in a month.
Jed Canaan said 68 percent of attendees are tourists, while 67 percent are women.
"To appeal to tourists you have to first win over the locals who see the show first," Canaan said. "If they like it, the tourists will come."
The Canaans said they if invest in four shows, they will feel good if three are successful. They said they are already looking at their next musical to invest in.