Weekly Newsletter 10/18
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INNOVATION IN ACTION
Not So Secondary…
According to global market research, the secondary ticket market is set to be worth more than $9,702.8 Million by 2027. There’s nothing secondary about this growing market, and new entrants are trying to differentiate themselves. Take TickPick, which boasts “no hidden fees”, or Gametime, which boasts competitive pricing, even telling their customers “if you find a lower price elsewhere, we'll make up 110% of the difference.” Simply having inventory is no longer enough.
SeatGeek made a huge move earlier this year, partnering with the Washington Commanders to be the official ticketing partner, replacing Ticketmaster. This partnership further blurs the line between primary and secondary ticketing platforms, as fans are likely to choose what is easiest, most convenient, or cheapest when it comes to buying a ticket.
With every major U.S. sport currently in season, ticket platforms are receiving a lot of traffic and there is a lot of competition for eyeballs and attendance. Current fan acquisition strategies are often built on becoming “the official partner of” leagues and teams. But what if being an official partner is not the most important avenue for acquiring new customers?
***Our data comes from a random panel of 10 million credit & debit card holders in the United States. Transactions portrayed here are from 1/1/2016 through 10/18/2022.
Looking at NFL fans specifically, there is a huge disparity between ticketing providers. Although Ticketmaster is the NFL’s official ticketing partner, NFL fans are finding their way towards other providers, like TickPick. While it’s hard to know with certainty why football fans are flocking to platforms like TickPick, it’s no secret that fans don’t like hidden fees and extra charges that often show up when buying tickets. In 2018 the NFL partnered with SeatGeek for the platform to be the official secondary provider, which indicates they know fans will continue to shop around and want to find ways to continue to provide value to their partners.
Underdogs like TickPick are gaining ground by thinking differently about fan acquisition, and meeting fans where they already are: on social media, YouTube, podcasting, and other outlets. New entrants to any market have to be creative about competing with incumbents.
To learn more about the data behind the power of fan intelligence insights visit sportsilab.com.
The real question now is whether these online bettors can be converted into Cross-Channel Bettors with the increased opportunity to bet in person at in-venue-sportsbooks like in Arizona. We’ve seen a number of NBA/NHL shared arenas test this model, but it is still too early to know whether this strategy will ultimately be successful. This is the right time to be testing this type of fan acquisition strategy, as there are only so many promotions that will draw in new fans, and the industry needs to prepare for what’s next.
To learn more about betting data or other fan intelligence insights reach out to our team at info@sportsilab.com
Hot News In Sport
Tennessee Knoxs😉 Down Alabama On The Field & In The NIL World
This past weekend, no.3 Tennessee defeated no.6 Alabama 52-49 at Neyland Stadium in Knoxville. This was one of the most anticipated college football matchups of the regular season. This is the first time Tennessee has beat Alabama since 2006. On the other end, 52 points is the most points Alabama has given up since 1907- over 100 years. This game broke records all across the board.
Looking at individual performances, Jalin Hyatt, Tennessee Wide Receiver made his presence known this past Saturday- and he made himself a lot of money. According to the On3 NIL valuation, Hyatt’s valuation doubled in size to $611k. Hyatt finished the game with six catches for 207 yards and five touchdowns, and he gained nearly 45,000 Instagram followers in the process. Hyatt also now holds the single game record for most Touchdown catches in Tennessee history. Other top NIL players from this weekend include Alabama quarterback Bryce Young. Young's On3 NIL Valuation is about $2.6 million and he makes $7,100 per post. Alabama Running Back Jahmyr Gibbs has an On3 NIL Valuation of $1 million and makes about $1300 per post. Hyatt did not make On3 NILs initial list for their Top Five Valuations going into the game. In fact, only one player on Tennessee did, Hendon Hooker.
On3 NIL Valuation is the industry’s leading index that sets the standard market NIL value for high school and college-level athletes. The data focuses on 3 main categories: Social media following and engagement, Athlete data, achievements, performance, and media sentiment, and Endorsement deals, opportunities, and Collectives. This matchup helped boost player performance both on and off the field; it will be interesting to see how their valuations will change as the season goes on.
Sports Innovation Lab Events
SIL Visits the Association of the United States Army
Sports Innovation Lab team member Kevin Forbes traveled to the AUSA's Annual Meeting in Washington, DC last week to learn more about how advancements in the human performance and quantified athlete space are making their way into the tactical/military environment. SIL has partnered with Booz Allen Hamilton for the past three years to convene the Tactical Athlete Leadership Board, tracking how breakthroughs in the weight rooms and practice courts in the world of sports can be used to improve the lives of those who serve.
If you're ready to create breakthrough fan experiences and connect with the Fluid Fan through technology, visit our website sportsilab.com or email info@sportsilab.com!