
When visiting New York City in 2004 we went to see the Broadway musical Aida. We decided to go the same day and lined up by one of the two TKTS discount booths in Times Square. Sometimes you have to wait more than an hour, but we bought our tickets for $50 each (normal price is $100) within 20 minutes.
The two discount booths are located on West 46th Street between Broadway and 8th Avenue. The tickets are sold for 25-50% of the original price. You can pay with cash or traveler’s checks. Even though the most popular musicals might not be available this is a great deal to enjoy a Broadway musical without needing to pay full price. You can get more information at the Theatre Development Fund.
For evening performances:
Monday-Saturday 3pm – 8pm
Sundays from 3pm
For matinee performances:
Wednesday and Saturday 10am – 2pm
Sundays 11am – 3pm

The photo in the beginning of the post was taken by Erin Monet.
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Good info on Broadway musical prices, as well as your experience!