LONDON, April 15, 2020 /PRNewswire/ -- Sports organizers and race organizers in the spectator sports market are implementing mobile ticketing to provide a hassle-free ticket purchase experience. Mobile ticketing is the process where customers can buy and validate their tickets using mobile phones. Event organizers production and distribution costs associated with traditional paper-based ticketing channels is eliminated with the implementation of mobile ticketing. Apart from this, the data exchanged digitally through ticket transactions enables sports organizers to learn more about fans and generate insights to formulate marketing strategies. FC Barcelona, a Spanish professional football club, has implemented mobile ticketing and eliminated paper tickets by introducing a new system that allows fans to scan a bar-code on their phones to gain access to matches. Pocono Raceway has launched a mobile ticket delivery system that allows fans to have their tickets delivered to their mobile devices, and have their tickets scanned at the sports venue directly from their mobile devices.
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Analytics For Pricing Tickets
Sports organizers or team franchises are using analytics to boost their revenues. Analytics involves generating insights from historical data to predict potential trends and analyze the effects of certain decisions or events. Sports franchises are using analytics to determine the pricing of tickets through variable pricing and dynamic pricing methods. In the variable pricing approach, the team franchises use analytics and charge different prices for the same seat depending on the game. In the dynamic pricing approach, the team franchisers consider factors such as team performance, day of the week, and stages of the tournament (group match, semi-final, or final) to determine the ticket prices. For instance, San Francisco Giants, a Major League Baseball team, has implemented the variable ticket pricing methodology for pricing their tickets. The St. Louis Rams, an NFL (National Football League) team, is using the dynamic pricing methodology to price 10% of their overall tickets.
Increasing Sponsorships Will Drive The Spectator Sports Market
The global spectator sports market is expected to grow from $143.8 billion in 2019 to $192.1 billion in 2023 at a compound annual growth rate (CAGR) of 7.5%. Increasing sports sponsorships are expected to be a key driver of the spectator sports market in the forecast period. In 2018, the global sports sponsorship market was valued at $46 billion, and it is expected to reach $49 billion by 2023, thus driving the sports market. Sponsorships generally help sports organizations in setting up and marketing the sports events to increase audience engagement. As a result, the sponsorship helps drive the demand for sports, which is expected to continue in the forecast period.
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Fusion Of Sports And Entertainment
Sports companies and venues of sporting events are adding innovative elements of entertainment to their sports events and programs to enhance the experience of viewers. Viewers of sports events include people that are present at the event and people that remotely view the events through TV channels and over the top on-demand services broadcasting live sports events. The elements of entertainment during sports events include concerts, fan zones, and increased access to top athletes. For example, the organizing committee of the 2016 US Grand Prix and the Super-Bowl Half Time Show invited Taylor Swift, an American singer, to conduct a pre-race concert, thus enhancing the experience for the show's attendees.
Here Is A List Of Similar Reports By The Business Research Company:
Sports Market By Type (Participatory Sports, Spectator Sports, Sports Team & Clubs, Racing & Individual Sports And Spectator Sports), By Competitive Landscape And By Geography – Global Forecast To 2022
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