Of course watching theater shows offstage is nothing new. Cinemas worldwide, including U.S. and U.K. chains screen a variety of shows outside of hit blockbusters throughout the year, including ballet, opera and Broadway.
The Tony award-winning producers, Bonnie Comley and Stewart F. Lane, founded the company and hope to bring high-definition online, like they've done previously for performances showing in domestic U.S. cinemas.
"Given advances in streaming technology and the increasing trend of readily available content, we knew that a digital platform that allowed people to experience a theatrical show – a medium that historically is not available beyond the stage – would be monumental," said Lane in a statement Monday.
While streaming platforms may impact the TV and film industry, Richard Broughton, research director at Ampere Analysis, told CNBC over the phone that providing live streams wouldn't be "overly detrimental to the attendance" of live theater performance, as many fans buy Broadway tickets for the experience element.
"It's effectively a way of pulling in audiences who just can't make the theater – whether it's sold out or they're in the wrong cities. I think it's expanding the opportunities for revenue generating, beyond the theater itself," he said.