SPTE 203 Chapter 5 Revenue and Expenses
SPTE 203 Chapter 5 Revenue and Expenses SPTE 203 001
Popular in Introduction to Events and Venues
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This 3 page Class Notes was uploaded by Rachel Lightner on Saturday October 1, 2016. The Class Notes belongs to SPTE 203 001 at University of South Carolina taught by Professor Jeralds in Fall 2016. Since its upload, it has received 4 views. For similar materials see Introduction to Events and Venues in SPTE - Sport & Entertnmnt Mgmt at University of South Carolina.
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Date Created: 10/01/16
CHAPTER 5: REVENUE AND EXPENSES VENUE REVENUE What Are Different Ways Events And Venues Generate Revenue? o Promoter Rental Fees Ticket Sales Premium Products Ancillary Services Sponsorships Naming Rights Equipment Rental What Marketing Strategies Do Events And Venues Use To Generate Revenue From Tickets? o Single Event or Game Tickets o Season Tickets o Mini-Game Packages TICKETS Marketing strategies to increase customer consumption Mini-plan packages Season tickets Good game/bad game VENUE REVENUE SOURCES Club Seating o More Comfort o Waiter Service o Video Screens o Still Part of the Crowd Luxury Suites o Private Seating o Personalization Decorations o Special Amenities o Tickets for All Events Concessions o Important Revenue Source for Facilities o Per Cap Analysis Average Per Person Spent o Fan Affinity Cards o Concession Sale Polices Parking o Fee Per Vehicle o Fee per space Occupied o Adequate Signage o Security Licensed Merchandise o Visible Signage o Adequate Space o Bootlegged Merchandise Counterfeit/Fake Taking Money from the Team Sponsorships o Providing Sponsor Benefits o Access, Signage, and Hospitality o Naming Rights o Agreement Risks DIFFERENT EVENTS/VENUE EXPENSES Salaries o (Personnel) o Largest expense item Debt service o (Mortgage) Utilities Maintenance and Repairs Marketing and Sales Costs of goods sold (COGS) Supplies Insurance Key Points o Accurate Projections Tough to accurately project amount of money you will make o Control of Expenses BOOKING EVENTS Time and Space Limited and perishable Perishable o Stuff that will last forever/longtime Events (its why you are in business) 3 Questions: o Does the event fit the mission of the facility? o Does the event fit in the facility? o Will the event make money? Booking Managers Goal o Maximum Utilization of Space with appropriate events Understanding the Players= Other 3 P’s o Performers The main attraction o Place The venue o Promoters Financial interior at events Two Contracts --- One Event o Promoter Performer o Promoter Place o No connection/ No Direct contact between Performer and Place Booking Process and Terminology o Tentative/Hold o Confirmed/Probable o Contracted/Firm OUTSOURCING (CH. 5) P.77 Need to maximize potential revenues and diminish related expense Helps maximize every revenue source Potentially more efficient alternative for one more areas of facility
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