'Hamilton' in Los Angeles breaks records with their ticket prices

REUTERS/Eduardo MunozActors Leslie Odom Jr, Phillipa Soo, Lin-Manuel Miranda and Christopher Jackson greet spectators after performing "Hamilton" in New York, July 9, 2016.

The first showing of popular hip-hop Broadway show "Hamilton" in Los Angeles is just around the corner. Originating from New York, people on the West Coast will finally get an opportunity to see an iteration of the award-winning play in their hometown — at the Pantages Theater, no less. One question that people might be asking is, just how much are they going to spend to see "Hamilton"?

Ticket prices for "Hamilton" will undoubtedly be pricey, but projections of ticket sales and prices have already been under close observation, leading analysts to believe that average ticket prices for opening night will amount to $624, and the average resale price is at $510.

This is a record-breaking number for the Pantages Theater, with no show reaching this average in the past — and this projection is for its opening month. The number is derived from the different price ranges of tickets, depending on the audiences' chosen seat.

It is unsurprising that the opening month of release has shown a spike in pricing. Scalpers and other ticket outlets would definitely seek to make money out of the Broadway phenomenon. If would-be audiences save up and play their cards right, they will be able to get a hold of their own ticket by waiting last minute to purchase one as their desired date of showing draws closer. However, this method is risky due to the play's high demand.

"Hamilton" is about one of the forgotten founding fathers of America. It was written, starred in and directed by Lin Manuel Miranda — who is now a star in New York. The play displays a cast of multiple ethnicities that beat the expectations of audiences who might expect a predominantly white male cast, as it has been done many times before. Unlike most conventional plays, the genres of the songs in "Hamilton" are hip-hop and R&B.

The long list of awards that "Hamilton" has been able to accumulate include winning the Pulitzer Prize for Drama, 11 Tony Awards and a Grammy award.

The Los Angeles staging of "Hamilton" is scheduled to run from Aug. 16 to Dec. 30.