No Shame Growing in the Middle
Thursday, January 16, 2014
Venues Today (01/07/14) Brooks, Dave
Midsized venues are expected to be where the most growth in the events industry will be concentrated in 2014, as concessionaires, ticketing firms, and management companies focus on the midmarket. "Very few new pro sports facilities will be built between 2015 and 2018—only three in the National Football League and two in Major League Baseball—and the cost to compete for new clients in the big five sports leagues continues to rise," writes Venues Today's Dave Brooks. "A number of companies are scaling down their offerings to lower their own costs and go after clients with less volume than pro sports, but also lower costs to compete (and potentially higher margins)." Smaller venues in smaller cities, such as Hatcher Auditorium in Iowa City, Iowa, and a new football stadium for Baylor University in Waco, Texas, are scheduled to open this year, and this is spurring the ticketing industry to scale its product lines to accommodate shifts in demand. For example, Brooks cites expansion in the popularity of food-related events, craft beer festivals, video-game tournaments, and certain athletic events. "As these events grow into the middle category, they'll naturally require professional services from the events industry and create new opportunities for growth," he predicts.
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