Producing theater is expensive, so tickets can be very expensive, but there are affordable options. I have never met a theater professional who hasn't felt that it is important for EVERYBODY to be able to attend the theater. That is why most theaters have some kind of discount ticket available. (It’s also because it’s more fun to perform in front of a packed house!)
One of the best resources for discount tickets in New York City is TKTS. There are two TKTS booths, the main one that is located in Times Square and one in Lower Manhattan at South Street Seaport. TKTS sells tickets to Broadway, Off-Broadway, Dance and Music events. Tickets are either half or three-quarter price (plus a $3.00 per ticket service charge) and are available on the day of performance. Payment is by cash or traveler's check. All available tickets are posted on boards outside the ticket windows. Changes in availability can occur on an hourly basis as cooperating theaters supply or withdraw tickets, depending on box office demand.
TKTS is run by The Theater Development Fund. For a small fee, students, teachers, union members, retirees, civil service employees, staff members, not-for-profit organizations, performing arts professionals, members of the armed forces and clergy can join the TDF Mailing List. Every four to six weeks, TDF mails out offers to purchase discounts to all sorts of shows.
Most large cities have some kind of option like this such as London, Chicago or Washington, DC. Check out here to find a city close to you.
Other great ticket bargains available are Rush Tickets, Standing Room Only, Student Tickets or Preview Offers. Theaters are like planes, since you are going to perform anyway, why not sell as many seats as possible. A couple of hours before a show begins, many theaters offer discounts on the tickets that they have left. They also know how hard it is to get tickets, so some shows save some seats that they sell specifically at the last minute.
Standing Room Only seats are exactly what they sound like. Many theaters have room in the back where patrons can stand. If there are empty seats in the house, ushers will often let you sit for the second act.
A student ID is one of the best assets when trying to get cheap tickets. There are all sorts of student offers. If you live in New York City, High 5 is a non-profit organization dedicated to making the arts affordable for teens. Through High 5, any teen can buy $5 tickets to hundreds of New York's best dance, music, theater, film, museum and spoken word events all year round. Visit their website at High 5.
To get a buzz going about a new show, theaters need an audience. That’s why there are some terrific deals during previews. The rules on Rush Tickets, SRO, Previews and Student Tickets vary. Check Rush Tickets to see what’s currently being offered by Broadway shows.
As I have said, theaters like a full-audience, especially during previews. It always helps to have a full house when critics are there. That’s why there is a wonderful service called Audience Extras. Audience Extras distributes complimentary tickets to its subscribers when a show is in previews, under publicized, expecting a reviewer or celebrity to attend, or would like the benefit of a full house. For a minimal fee, you can become a member and take advantage of tickets available to all sorts of events.
Theater Extras is another papering service that works the same way. The bonus to Theater Extras is that 25% of the ticekt processing fee goes to Broadway Cares, Equity Fights AIDS, and The Fiorello LaGuardia High School of Music and Art and Performing Arts.
And finally, if you are going with a large group, contact the theater. There are often discounts available for large groups.