By Max Senesac
Baseball has been a business since the 1860s when organized teams first started paying their players. Since then, baseball has become a huge business enterprise earning billions of dollars each year. sports tickets are not essential, and there are plenty of entertainment Substitutes such as movies, concerts, outdoor activities. During the 1990s and 2000s, ticket prices for Major League Baseball games rose steadily. Prices peaked in 2007. Since
then, a recession has affected many people’s willingness to spend as much money
on discretionary items like baseball tickets. In certain market areas, attendance at Major League games is very low. On the other hand, in other market areas, fans continue to pack the stadiums. The price elasticity of demand for baseball tickets changes from market to market.
Leagues and teams sell a product that blends athletics and entertainment. Fans participate in the business by spending their time watching games, spending money on tickets and souvenirs, and spending emotional energy following the ups and
downs of a team throughout the season. The World Series is a once in a lifetime opportunity to watch the highest level of baseball, this can be shown in the price of tickets. Since the demand for these tickets are so high they are able to mark the prices at extremely high prices compared to regular season game tickets. The high demand of tickets creates scarcity among the public, tickets selling out once they go on sale causes people to be willing to pay almost any price to attend the game. The average cost of a World Series ticket can range from $500 to $1,500 once reselling takes place. Similar to the Superbowl, the World Series is a great opportunity for companies to broadcast advertisements that have the potential to be viewed by millions.
To finish up this post I would like to end with a quote representing my thoughts.
“Baseball is too much of a sport to be a business and too much of a business to be a sport.”
-Phil Wrigley, Owner of the Chicago Cubs from 1932 to 1977
