Ticket prices can have a major impact on professional...

Ticket prices can have a major impact on professional sports. The difference in ticket prices are what helps and hurts attendance at professional sporting events. When it comes to ticket prices there are many factors that can affect the price per ticket. In this review there are three main categories that are being focused on: (a) attendance, (b) pricing strategies and (c) ticket sales. Each category has different factors that affect ticket prices differently. In attendance, there was the economic crisis that started in late 2007. Strikes can happen at any time in professional sports. There is also the probability about the opposing team and its affect on ticket prices for those events. For pricing strategies, there are two main†¦show more content†¦For the attendance model, they used â€Å"attendance demand, like all demand, has well-known theoretical determinants. Among these determinants are income of the consumers, prices of tickets and of other goods and service s, and preferences† (Hong et al., 2013). In conclusion of this study, the researchers estimated using the coincident indicators that economic downfall affected attendance by 6.5% instead of the 6.77% that was reported (Hong et al., 2013). Overall, this study shows the economic crisis with a decrease in attendance for those two years following 2007. One significant factor in sports is the possibility of strikes and the affect on attendance. Strikes in Professional Sports Strikes in sports are going to happen and professional teams need to know the affects it could have on attendance at the sporting events. Coates and Harrison (2005) performed a study to see how strikes on baseball could affect the demand for attendance. For this study, the researchers looked at every MLB team in America from 1696 to 1996. There were three strikes studied: (a) 1972 lasted 13 days for a loss of 86 games, (b) 1981 lasted 50 days for a loss of 712 games, and (c) 1994-1995 loss of 920 games (Coates and Harrison, 2005, p. 288). The attendance for the games went down after every strike. The largest drop in attendance would be the 1994 and 1995: â€Å"attendanceShow MoreRelatedNot Just A Game : The Impact Of Sports On U.s. Economy2118 Words   |  9 Pagesundeniable that in today s society, the sports industry is booming and has become more and more successful within the past sixty years. With the average professional athletes income soaring to higher levels, most visibly in sports such as football, basketball, and baseball, it is easy to see that American citizens are more than obsessed with sports. Basis for this paper is based off of one particular online article titled, â€Å"Not Just a Game: The Impact of Sports on U.S. Economy†. 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