Revenue / 04.29.20
Sports Teams Mull How to Cover Refunds and Lost Ticketing Revenue
CNBC (04/24/20) Young, Jabari; Graham, Megan
With games halted by the COVID-19 pandemic, sports leagues face mounting pressure to not only refund consumers, but also prepare for the future of sports ticketing due to the economic disruption. Some sports clubs have already refunded fans on request, while others are offering discounts on ticket packages once venues reopen. Sports executive Harvey Schiller wagers that teams will need to "get creative," at least until new safety protocols are implemented and a coronavirus vaccine or treatment becomes available. Concepts for sporting events also will need to be rethought for a new generation of fans, while still holding onto established customers. Many teams have added subscription packages to draw younger fans and those who avoid buying full-season packages, but this approach will require an overhaul in the post-coronavirus environment. "What are areas we need to improve, areas we need to change?" asks Vulcan Sports and Entertainment CEO Chris McGowan, adding that "technology is going to be a big factor" in new ticket products. TicketSocket CEO Mark Miller suggests that leagues follow an innovative strategy for selling "single seats digitally" via virtual reality.
Read the full story from CNBC.
Tags: Sports , News , COVID-19 , Coronavirus