Topic > Ticket Prices in Professional Sports - 2653

Ticket prices can have a major impact on professional sports. The difference in ticket prices is what helps and hurts attendance at professional sporting events. When it comes to ticket prices, there are many factors that can influence the ticket price. In this review there are three main categories we focus on: (a) attendance, (b) pricing strategies, and (c) ticket sales. Each category has different factors that affect the price of tickets differently. The economic crisis that began at the end of 2007 was involved. In professional sports, strikes can occur at any time. There is also the probability on the opposing team and its effect on ticket prices for those events. Regarding pricing strategies, there are two main strategies that can be used for a professional sports team: (a) variable pricing and (b) dynamic pricing. The final factor discussed is the ticket pricing team's decision-making process. There are four main areas being reviewed for ticket sales: (a) tactics used to increase ticket sales, (b) role of team owners, (c) second-hand ticket markets, and (d) rigidity of prices. This review will show substantial evidence in each category affecting ticket prices for professional sports in America. Attendance Economic crisis Attendance at sporting events can be influenced by many different factors. One factor that affected Major League Baseball (MLB) was the economic crisis that began in late 2007. In a study conducted by Hong, Mondello, and Coates (2013), they investigated how the economic crisis affected MLB attendance during the 2008 and 2009. seasons (p. 140). In the 2009 season, average attendance dropped 6.77% compared to the 2008 season (Hong et al., 2013, p. 140). From...... middle of paper...... ticket packaging, (c) money-back guarantees, and (d) web-based ticketing. There are benefits to using each tactic, but it depends on the needs of professional sports organizations. Additionally, ticket prices for professional sports are price inelastic, meaning the ticket price changes based on demand for that event. As stated previously, there are several factors that can affect ticket prices at professional sports teams in America. Since there are many factors that can influence ticket prices, it would be helpful to focus on the main factor that influences ticket prices and analyze it. Take pricing strategies for example. With two main types of pricing strategies, it would be helpful to identify which strategy would work best for each professional sports league. This study would help every sports league improve ticket prices and maximize revenue.