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Post by Lurkin McGurkin on Jan 3, 2024 10:46:08 GMT -6
Baylor has spent $212 million on a new... 7000 seat arena?
It replaces the old Ferrell Center, which was 10,000 seats, and sold out on a fairly regular basis.
Which begs the question, why would you build a much smaller venue when it's been shown that there is demand for more seating?
And that seems like a truckload of cash for an arena that size.
Are the Big 12 media payouts large enough for them to be completely unconcerned with ticket sales? Or do they think that demand will allow a higher ticket price, making it a wash?
I'm no marketing guru, but this one has me confused.
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Post by williamtsherman on Jan 3, 2024 12:26:49 GMT -6
By any chance are Andi Seger, Tom Collins, or Joann Gora involved?
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Post by 00hmh on Jan 3, 2024 13:08:25 GMT -6
Baylor has spent $212 million on a new... 7000 seat arena? It replaces the old Ferrell Center, which was 10,000 seats, and sold out on a fairly regular basis. Which begs the question, why would you build a much smaller venue when it's been shown that there is demand for more seating? And that seems like a truckload of cash for an arena that size. Are the Big 12 media payouts large enough for them to be completely unconcerned with ticket sales? Or do they think that demand will allow a higher ticket price, making it a wash? I'm no marketing guru, but this one has me confused. Interesting question isn't it?
You probably answered your own question, though. Media rules. Also, that demand for 10K seats was not apparently the norm. I wonder how many were student seats lost? I also would not discount higher ticket prices may come with the better quality.
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Post by CallingBS on Jan 3, 2024 18:26:45 GMT -6
Reading Waco stuff online, the locals and their fan base are not impressed with the new arena.
Another factor could be more suite revenue.
In addition, as mentioned, if demand warrants, the lower supply of seats could mean higher ticket prices will generate the same or potentially even more revenue.
Average attendance last year was 8,189 for men's, so I'd venture to say they will sell out every game now and raise ticket prices more than enough to cover the 689 fewer seats (it actually seats 7,500).
One thing you have to understand about these high end private schools, though, is that money is virtually no object to them, as to where optics are very important. Baylor is loaded (endowment now over $2billion), and is unique for a private school in that it has nearly 20,000 students, so tuition revenue is extremely high too. And of course that doesn't even take into account TV money and other endorsements.
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Post by UHaveCardinalNv on Jan 3, 2024 22:36:29 GMT -6
Baylor alums and donors are thrilled with the smaller, intimate feel of the new arena. They will now be able to keep visiting teams out and create a Cameron-like advantage. One alum told me floor seat ticket holders are not permitted to wear the colors of the opposing team - that is fascinating. Their players and Drew were all very excited about the atmosphere in the first game.
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Post by villagepub on Jan 5, 2024 7:37:14 GMT -6
Baylor has spent $212 million on a new... 7000 seat arena? It replaces the old Ferrell Center, which was 10,000 seats, and sold out on a fairly regular basis. Which begs the question, why would you build a much smaller venue when it's been shown that there is demand for more seating? And that seems like a truckload of cash for an arena that size. Are the Big 12 media payouts large enough for them to be completely unconcerned with ticket sales? Or do they think that demand will allow a higher ticket price, making it a wash? I'm no marketing guru, but this one has me confused. Larger suite venue. Suites can generate larger, more consistent revene streams. There is a way to convert the higher, unused sections of Worthen to suite seating. It would be worth the investment to create that seating option at Worthen and would drop the bowl seating to the 8,000-9,000 seat range. Some rework of structure would be necessary, and vertical ingress/egress can be added to outside skin of the building. A mix of private suites, reserved party areas, and a larger communal (shared) suite area seems to be the future direction for many venues. Victory Field renovated their suites and converted several private suites into a communal suite area that includes food and drink ($85 a seat). Worthen is a bad design in general. The ceiling profile mirrors the shape of the seating bowl, causing higher HVAC costs and acoustic issues. |
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Post by coastalcard on Jan 5, 2024 7:54:57 GMT -6
This might be off-topic but I recently saw a business tv interview with the Liberty Media CEO (sirius-xm, F1, Live Nation) who said the current landscape is evolving where only wealthy people will be able to afford live entertainment. The rest of us plebes will be left to streaming media subscriptions. Gotta admire his honesty. Seems like a well thought out strategy.
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Post by Lurkin McGurkin on Jan 5, 2024 10:57:05 GMT -6
This might be off-topic but I recently saw a business tv interview with the Liberty Media CEO (sirius-xm, F1, Live Nation) who said the current landscape is evolving where only wealthy people will be able to afford live entertainment. The rest of us plebes will be left to streaming media subscriptions. Gotta admire his honesty. Seems like a well thought out strategy. Although streaming prices are getting a little ridiculous, too... |
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