Post by The Big Daddy C-Master on Jan 27, 2016 6:39:03 GMT -5
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This year’s Super Bowl could be the most expensive ever: At $12,100, the priciest seats this year are selling for more than a thousand times the original ticket price in 1967, according to Chris Leyden, a spokesperson for online ticketing firm Seat Geek. The seats are club seats near the midfield.
Tickets for the first Super Bowl back in 1967 cost $12.
Almost 50 years later, a combination of increased inflation and the popularity of the sport has resulted in average resale ticket prices of $5,178 per seat this year. Immediately after the Carolina Panthers marched into the Super Bowl after defeating the Arizona Cardinals, ticket prices for the event averaged $5,133, according to Seat Geek. (See also: Facebook Sports Looks to Super Bowl-Sized Growth.)
In anticipation of a win for their local team, the Boston area turned out to be the largest driver of ticket sales, having purchased approximately 14% of total tickets so far. But, those tickets could very well go back up for sale, given the New England Patriot's loss to Denver Broncos last Sunday. The Silicon Valley region purchased the next largest tranche of tickets, amounting to 10% of total tickets sold. The region is also a big reason for high ticket prices this year. According to Leyden, the game's location in the Bay Area, which has "a lot of wealth out there," is a bigger driver of ticket prices as compared to the teams that are playing in the game.
Increased Popularity = High Ticket Prices
It's been a fairly short journey for Super Bowl tickets to breach the $5,000 mark from their previous high. To be more precise, it has taken 12 years for Super Bowl prices to increase by more than their ten times highs of $400 in 2003. In contrast, it took almost two decades for the NFL to garner an increase of five times its 1967 high of $12. That was back in 1984, when Super Bowl tickets sold for $60.
While inflation may have accounted for some of the recent increases, a large portion is due to the increasing commercialization and popularity of the sport. The National Football League has become the world's richest sports league and earned $12 billion in 2014 revenue, an increase of 16% from previous year figures. (See also: The Super Bowl Economy.)
A raft of scandals and controversies helped keep the league firmly in the news media's glare, even as fans thronged to stadiums to watch their favorite players and teams battle it out for the championship. Television broadcast deals and sponsorship deals are the main source of revenues for the league. It has also branched out into multiple other revenue sources, including fantasy sports. With the multiplication of entertainment options, such as virtual reality and streaming services, the league may, well, flood sports broadcasting networks in the future. (See also: The Economics of FanDuel.)
The Bottom Line
This year's Super Bowl ticket prices are expected to set a record for being the most expensive ever. As the game's popularity explodes, expect ticket prices to become even more expensive in the coming years.
Read more: Super Bowl Ticket Prices Set New Records | Investopedia www.investopedia.com/articles/investing/012516/super-bowl-ticket-prices-set-new-records.asp#ixzz3yRaOaQXp
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This year’s Super Bowl could be the most expensive ever: At $12,100, the priciest seats this year are selling for more than a thousand times the original ticket price in 1967, according to Chris Leyden, a spokesperson for online ticketing firm Seat Geek. The seats are club seats near the midfield.
Tickets for the first Super Bowl back in 1967 cost $12.
Almost 50 years later, a combination of increased inflation and the popularity of the sport has resulted in average resale ticket prices of $5,178 per seat this year. Immediately after the Carolina Panthers marched into the Super Bowl after defeating the Arizona Cardinals, ticket prices for the event averaged $5,133, according to Seat Geek. (See also: Facebook Sports Looks to Super Bowl-Sized Growth.)
In anticipation of a win for their local team, the Boston area turned out to be the largest driver of ticket sales, having purchased approximately 14% of total tickets so far. But, those tickets could very well go back up for sale, given the New England Patriot's loss to Denver Broncos last Sunday. The Silicon Valley region purchased the next largest tranche of tickets, amounting to 10% of total tickets sold. The region is also a big reason for high ticket prices this year. According to Leyden, the game's location in the Bay Area, which has "a lot of wealth out there," is a bigger driver of ticket prices as compared to the teams that are playing in the game.
Increased Popularity = High Ticket Prices
It's been a fairly short journey for Super Bowl tickets to breach the $5,000 mark from their previous high. To be more precise, it has taken 12 years for Super Bowl prices to increase by more than their ten times highs of $400 in 2003. In contrast, it took almost two decades for the NFL to garner an increase of five times its 1967 high of $12. That was back in 1984, when Super Bowl tickets sold for $60.
While inflation may have accounted for some of the recent increases, a large portion is due to the increasing commercialization and popularity of the sport. The National Football League has become the world's richest sports league and earned $12 billion in 2014 revenue, an increase of 16% from previous year figures. (See also: The Super Bowl Economy.)
A raft of scandals and controversies helped keep the league firmly in the news media's glare, even as fans thronged to stadiums to watch their favorite players and teams battle it out for the championship. Television broadcast deals and sponsorship deals are the main source of revenues for the league. It has also branched out into multiple other revenue sources, including fantasy sports. With the multiplication of entertainment options, such as virtual reality and streaming services, the league may, well, flood sports broadcasting networks in the future. (See also: The Economics of FanDuel.)
The Bottom Line
This year's Super Bowl ticket prices are expected to set a record for being the most expensive ever. As the game's popularity explodes, expect ticket prices to become even more expensive in the coming years.
Read more: Super Bowl Ticket Prices Set New Records | Investopedia www.investopedia.com/articles/investing/012516/super-bowl-ticket-prices-set-new-records.asp#ixzz3yRaOaQXp
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