Show Business: Gold in the Gift of Gab

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Despite recession, lecturers are in demand and in the money

Vegas is hurting, and Broadway is no longer booming. Hollywood is nervous, and book publishers are crying recession. But recession has a soft and silky silver lining for some people in the entertainment business: those who make money on the lecture circuit. Fees are up as much as 30% over last year, and audiences are not only willing but eager to pay and listen. "The lecture business is better in a recession," says Robert Keedick, president of the Keedick Lecture Bureau Inc. "People are concerned, and they want to find out what's going on. And lectures are also cheaper than going to a nightclub."

Long gone are the days when a celebrity spoke for fun and a free lunch. Hardly anyone with a reputation steps onto a platform now for less than $1,500. A big name, like Henry Kissinger or Gerald Ford, can demand $15,000; a bigger or at least a more commercial name, like Walter Cronkite or Radio Commentator Paul Harvey, can ask for a piece of the moon—or as much of it as $20,000 can buy. "I'm astounded by the fees people offer for lectures," says Economist Milton Friedman, who asks for, and receives, an astounding $15,000. "I find it hard to believe I'm worth what I'm paid."

Colleges provide a lucrative market, with fees underwritten by student activity funds, indulgent alumni and the sale of tickets (usually from $1 to $10). Less issue oriented than they were a decade ago, students want to be entertained while they are being informed. When they do listen to issues, today's college students usually prefer the liberal side. "They don't want to listen to people in the Administration," says Joe Cosby, who heads Conference Speakers International, one of the five biggest lecture bureaus. "What they love to hear is someone saying to the Administration, 'You've got it wrong.' "

Business groups have a similar bias—on the conservative side. "They want to hear from Republicans," says Cosby, "except when Democrats are in office; then they still want to hear from Republicans, but they'll listen to Democrats first. When Democrats are out of office, they wish they would just blow away."