RTÉ's loss of more than €2 million after the broadcaster took a "risk" on producing its Toy Show: The Musical has been branded a "disgrace".
Details of the theatrical production's poor reception were discussed at a hearing on Wednesday of the Oireachtas Media Committee, where RTÉ executives were grilled in the wake of the recent payments scandal.
Based on the annual Late Late Toy Show that attracts over a million viewers each November, the musical opened last December at Dublin's Convention Centre.
Despite expectations it would sell up to 75,000 tickets costing an average of €46.50 during its planned 54-show run, just 11,044 seats were purchased and the number of performances was reduced to only 27 as a result.
The production earned just €496,000 - €2.7m less than predicted, with losses paid for through RTÉ funds.
Plans to stage the show again later this year have now been shelved.
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Speaking at Wednesday's hearing, Fine Gael TD Brendan Griffin branded the lost revenue a "disgrace".
"If that's what you're proud of in RTÉ we might as well all pack up and go home," he said.
The TD said the production's losses were equivalent to the cost of TV licenses for every household in the towns of Tralee and Killarney.
RTÉ director of strategy Rory Coveney said the broadcaster was "aware of the risks" involved in producing the musical, but added: "We had a lot of advice from theatre and musical theatre."
Acknowledging the show was "not successful", he said: “We are looking at other options for it into the future and we do not want to compromise our capacity to negotiate with third parties in relation to those arrangements in the future.”
Mr Coveney added that despite low audience numbers, "we are very heartened by the reaction of those that did attend, particularly children".
The Republic's minister for media Catherine Martin said an investigation into the musical by auditors Grant Thornton will take place.
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