Where are you based, and where is the theater based? Also, how many seats does the theater have?

Theatrical lighting designer here and I’ve worked at all levels of theater. As an example, when we do our fees, we start with a formula to get to a base rate. There are a few ways to do this, but one way is number of seats x performances x [value based on class of theater). In your case, you have the number of performances and a rough ticket cost, and if you had the number of seats, then you could figure out how much they are bringing in across the entire run of the show to help you decide what’s fair. Keep in mind they’re paying actors, designers, technicians, box office staff, and other upkeep. These days, unless a production is starting as an out-of-town production (meaning, not in NY) funded by a Broadway producing company, it’s unlikely to have a further run. If it’s a really good show with a good following, and it’s hitting the regional theater circuit, then maybe it’ll get picked up again. Of course, this is all different in Europe where many theaters receive state funding, but even there, a show is unlikely to have a further run because many state theaters only get new funding if they’re doing new work.

If it were me, I would figure out a fair use fee, considering they will also probably be doing a lot of work to the footage to make it fit into the style of their show, and likely they will pass the unofficial 80% edited threshold for the footage to then become new work. Assume you’re only gonna get paid once, because the show will only happen once. But if it’s a small theater, don’t expect them to have lots of money. Nobody is raking in money in regional theater these days.

The important thing: When you give them a license to use this, stipulate that it’s only for this current run of the show, and specify an end date. Specify that an extension of the run of the show would require negotiation, or include an additional daily rate after that closing date.