By CultureBanx Team
- The estimated impact from the Final Four in New Orleans this year expects the city to see a $200M economic boost
- An actual Final Four team makes $10M, paid out over six years
Our national obsession with the NCAA’s Men’s basketball tournament is big business both on and off the court. For every win in the tournament until the Final Four, a team earns its conference $2 million, and an actual Final Four team makes $10 million, paid out over six years. Duke’s matchup against North Carolina in the Final Four has caused ticket prices to surge up by 50%, with the minimum price for an upper-level seat costing $759 at Caesars Superdome in New Orleans, according to Ticket Club. Just how lucrative is this annual basketball tournament?
Why This Matters: The estimated impact from the Final Four in New Orleans this year expects the city to see a $200 million economic boost. This is a pretty good payout considering the total $613 million NCAA payouts to the conferences of men’s tournament participants in 2021, out of $800 million in NCAA revenue from hosting the tournament.
Between the men’s and women’s tournaments, companies received more than $165 million worth of “equivalent media value,” according to a study by Elevate Sports Ventures and Hive. NCAA official corporate partners and team apparel brands received the lion’s share of exposure, like Nike which outfits 69 of 134 teams.
Not everyone makes money during the bog tournament. In fact, did you know that 56% of millennials are willing to miss a work deadline to watch a March Madness game? Not to mention that companies typically lose $13.8 billion due to unproductive workers throughout the tournament’s run.
What’s Next: Unfortunately, there is a $35 million gap in spending on the NCAA Tournament between the men’s and women’s tournaments. The study found that the men’s tournament exposure had more value, but the women’s tournament offered more time, and averaged almost 20% more minutes of exposure during games. The Final Four kicks off this weekend, will you be watching?
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