2| FAN ENGAGEMENT AND TICKETING
Who knew the key to a billion-dollar industry was convincing people to pay to scream at strangers in jerseys?
Sitting at home and watching your team play is something we all look forward to on our weekends. It’s a break from the stressful week we endure. So why not do in a place where thousands of fanatics like ourselves jump and down together in heartbreak or triumph. Imagine your entire online twitter community watching your favourite team play together. The roar, the camaraderie, the excitement is all yours for the right price. Enter the world of ticketing, where one piece of paper(or digital QR code , let’s face it) is the gateway to an economy worth billions.
TICKETS=TREASURE
In 2022, the global sports ticketing market was valued at $21 billion(some country’s GDP can’t match that) and is expected to grow at a compound annual rate of 8% through 2030.This whole saga is not about fans showing up, it’s about creating experiences that fans can’t wait to buy into.
FANS ARE THE REAL MVPS
Fan engagement isn’t seen as an additional perk anymore-it the lifeline of the entire sports industry. Think about it: Your favourite sports team is not just selling tickets, it is selling emotions and dreams. Ever been tempted to buy that limited-edition jersey or memorabilia after a game? You are not alone. The global sports merchandise market is expected to surpass $50 billion by 2027. Fans want to feel included, want to feel like a part of the team, something that says “ I was there.”
But here’s the kicker: fan engagement doesn’t stop at the game enclosed in the stadium. It’s an ongoing experience via social media. According to Nielsen’s 2023 report, 64% of sports fans engage with their favourite sports teams and athletes via social media. That’s a lot of potential eyeballs, and potential revenue streams-from sponsorships to merchandise sales.
APPS THAT PAY
The rise of technology has made it possible to reach teams without the need to physically attend games. The NFL’s mobile app has over 40 million users, that’s almost the population of California. The best part is that each app download represents potential revenue in ticket sales, exclusive content or even a chance to buy that overpriced teem hoodie.
Additionally these apps open a portal of information for these sport franchises. Sports collect a treasure trove of data, from ticket purchasing behaviour to social media interactions. They become like your personal stalkers ( in a non-creepy way) and personalize experiences, target the right audience for ads, and increase fan loyalty. The average sports team can now engage fans through hyper-targeted marketing, knowing exactly what merch a fan is most likely to buy or hen they are most likely to purchase tickets again. 75% of sports fans are willing to share data in exchange for personalized experiences, according to PwC’s 2022 report.
SEATS THAT ARE HARD TO BEAT
But, what about those VIP tickets? The ones that let you get close to the action. These high-end tickets can fetch a premium and boost revenue even more. Take this year for example, in FC Barcelona’s new stadium they presold the VIP boxes for 100 million euros (the stadium isn’t even built yet!) additionally they will continue to get 25000 euros for those seats annually anyway. This kind of revenue is just one of the numerous revenue streams that fans offer to a sports franchise. That's kind of crazy isnt it?
Turns out, the best game in sports is the one being played off the field.
THE KEY PLAY HERE IS:PASSION PAYS!
At the core of the billion-dollar sports industry is the simple truth: fans want an experience, whether they’re watching from their couch, in the stands, or cheering on their favourite players in real time. Essentially this is a puzzle, each ticket sold, each fan interaction and every bit of data collected comes together to form the big picture: A BILLION DOLLARS AND MORE.
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