With games suspended and seasons postponed, sports leagues will not only need to find a way to refund customers but also prepare for the changed future of sports ticketing due to the major economic impact that COVID-19 has caused.
Some clubs have already found ways to refund fans who requested it, while others are offering discounted ticket packages for when sports resume.
According to an article by CNBC, teams will not be able to retain fans money much longer. With unemployment nearing 15%, affecting more than 20 million people within the last month, more fans will demand refunds, setting off the first phase of what some sports industry experts are saying will be a period of revamping ticket monetization concepts after the pandemic is over.
With ticket revenue at a huge risk, team executives are wondering what the future holds for their respective sports in a world with no or limited fans in attendance at games.
TicketSocket CEO, Mark Miller, asks teams what new methods they can adopt to help preserve ticket income. Miller suggests leagues get innovative about selling “single seats digitally” via virtual reality.
To read more, check out this article by CNBC