The first renegotiated Basic Agreement after Ring in 1955 – consisting of multiple contracts – provided a preview of the issues that would occupy the industry over the next fifty years.1 George Middleton suggests by the mid-1950s commercial productions had become reliant on external “angel” funders who were not receiving timely or adequate returns on their substantial upfront investments. Production costs in 1955, according to Middleton, “were 500 percent higher than on similar plays produced between 1935–1942.”2 Thus, higher production costs meant it took longer for backers to recoup which was a disincentive to invest. In 1955, the playwrights made their first of many compromises over royalty structures as Middleton explained: