The Tony-winning production, the longest running in Broadway's history, has reportedly been losing money since performances resumed at the Great White Way's Majestic Theatre on October 21, 2021, following the pandemic shutdown.
The musical will celebrate its 35th birthday in January; that iconic chandelier will fall one last time on February 18, 2023.
The Times reports that some 19.8 million people have seen the musical since it launched on January 26, 1988, and the production has grossed over $1.3 billion in that time.
The musical will live on elsewhere, however, including at Her Majesty's Theatre in London. The publication notes Phantom has been seen by more than 145 million people in 183 cities around the world.