Interesting Article on Money Being Invested In Venues/ArenasMalcolm Lemmons' post yesterday on LinkedIn: Former Pro Athlete | Founder of Vetted Sports | Daily insights around sports, technology & investing
Investors and team owners are pouring big dollars into sports venues, arenas, and new technology. Here are some of the teams who announced upgrades this year:
•
Carolina Panthers •
Jacksonville Jaguars •
Chicago Bears •
Kansas City Chiefs •
Sporting Kansas City ? A few main reasons come to mind:
1) : New stadiums and arenas can significantly increase revenue streams for teams. This means increased ticket sales, premium seating, luxury suites, and corporate sponsorships. These arenas are also designed to host other events, such as concerts, conventions, and other entertainment options that drive revenue.
2) : Brand new venues are developed with fan experience in mind. This includes new amenities, better sightlines, better seating, and state-of-the-art technology. With these enhancements, fans are more likely to attend games and spend money on concessions and merchandise.
3) ' - : Most owners view their teams and venues as long-term investments. With a brand new facility, they can potentially increase the value of the franchise over time. It can also create a sense of permanence and stability, which can be appealing to fans and sponsors.
4) : New sports venues can have a positive impact on the local economy. They create jobs during construction and operation, stimulate local businesses, and bring in out-of-town visitors which leads to increased tourism and spending. Overall, they drastically help revitalize neighborhoods which helps increase property value and drive growth.
5) : A lot of these older stadiums and arenas may be outdated. They need significant maintenance and renovation to stay competitive. Owners and investors need to invest a ton of money to manage the upkeep.
? The intersection of sports and tech continues to expand rapidly. Not only does technology play a role in athletic performance, recruiting, media, and data analysis, but it's revolutionizing the entire in-person fan experience. As more institutional capital flows into sports, we'll see higher investments being directed toward arenas and stadiums to ensure the fan experience is top-notch. For more insights into sports, and technology, join my free newsletter:
https://lnkd.in/dUYVHG5y (the WebLink above is embedded in the LinkedIn post; it isn't my newsletter)
Here's the LinkedIn WebLink to the above post:
https://www.linkedin.com/posts/malcolmlemmons_sportsbusiness-sportsbiz-sportstechnology-activity-7211352514846191616-jhCD?trk=public_profile With the recent FOBI releases and service upgrades regarding Venues, bundled passes, etc., the article just resonated with me. It meshed very well with all the FOBI enhancements. I hope that some readers will find it interesting.
Cheers and stay informed, jdfm22