Word: ticketing
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Chris Reynolds, a self-employed public-relations specialist, wasn't about to miss a playoff game for his beloved Philadelphia Phillies, who have won just a single World Series title in their 126-year existence. So Reynolds didn't hesitate to shell out $80 for his ticket earlier this month to watch his team pound the Los Angeles Dodgers on a perfect October afternoon at Citizens Bank Park...
...those were the days of the $10 ticket, when professional sports was a very different business. Today, sports economics are inextricably tied to the fate of deep-pocketed corporations. Many sports facilities have been upgraded and located within gentrified business districts, and teams cater to high-end clientele through luxury suites, driving up prices for all fans. As workers see their savings erode, they will probably be less willing to pay stratospheric ticket prices, which fund the cartoonish salaries of sports stars. Likewise, companies that dish out millions for sponsorships won't be able to justify sports-marketing expenditures...
...financial turmoil, some distressing signs have already crept onto the field. Because of worries about the U.S. economy, the NBA is eliminating about 80 jobs, or 9% of the league's workforce, and it shuttered its Los Angeles office. Commissioner David Stern has predicted a "modest" decline in season-ticket sales, though sales in some markets, like Houston, are strong. "I will say that corporate sponsors are a bit later than usual coming to the party," says Houston Rockets CEO Tad Brown. "That's the one area where we've had to be more attentive and where we've seen...
...recently sent a memo to teams, warning them that league revenues would be "under pressure." He asked them to control costs and seek new revenue streams. This season, baseball attendance fell about 1%, the first drop in four years, and that demand is reflected in the market for playoff tickets. Last year, a ticket for a Boston Red Sox American League Championship Series game sold for an average of $448 on StubHub.com, the leading secondary-market ticket site. This year, that average price dipped like the Dow: it was $244, a decline of about 50%. In the Tampa area, World...
...economy and the team's second straight horrific collapse down the stretch. The New York Yankees have also reported strong luxury-box sales for their new stadium. On Oct. 19, the first day of a public auction for personal-seat licenses that give you a right to buy season-ticket packages for future games, the Jets exceeded their benchmark target of $25,000 for the premier seats in their new stadium, according to CNBC. (Though prices have dropped since then.) Overall, baseball's 2008 revenues rose to $6.5 billion, from $6 billion last season, and NHL season-ticket sales...