At Broadway's biggest night, Saturday Night Live demonstrated its cultural and business power through multiple appearances. Creator Lorne Michaels and former cast members including Maya Rudolph, Rachel Dratch, and Ana Gasteyer commanded significant attention, with Rudolph presenting the first award and Dratch and Gasteyer competing against each other in featured actress categories.

The night's business highlight came when "Schmigadoon!" won best new musical, a production by Broadway Video, Michaels' company. The victory carries market significance as the best new musical award often drives ticket sales. Michaels' dual role as producer of both the Broadway show and its TV predecessor underscores the financial potential in cross-format entertainment projects.

The SNL-Broadway connection shows growing business synergies between television and live theater. With Will Ferrell adapting his film "Eurovision Song Contest" into a stage musical, the pipeline suggests continued market expansion. Michaels himself joked about an SNL musical while acknowledging the challenges of creating theater in today's market, leaving the business potential for such projects open for future exploration.