The NBA Finals have become a spectator sport, a way to watch an event that has never been more popular.
But in Australia, a huge part of the business is being driven by the likes of ticket resellers, which charge a premium for admission.
The NBA Finals is the biggest sporting event in the world, with thousands of fans watching on screens at venues across the country, some of which are owned by the league itself.
It is the most watched sporting event on television, and with the NBA finals in Sydney and Melbourne expected to draw an estimated 2.7 million fans, ticket sales are expected to be the biggest part of ticket revenues for the 2018-19 season.
The games are televised on ABC, Sky and the ABC TV channel, with tickets to be available to buy at ticket offices and in select ticket-holders’ centres across the state.
But it is the online resellers that are the big money makers, and have been selling out the Sydney and Perth venues for years.
“It’s a bit of a monopoly,” said Mike Williams, the managing director of TicketingHub, an online ticketing platform for the NBA, adding that the online marketplace has been used by ticket reselling companies to generate millions of dollars in profits over the last year.
The online ticket industry has emerged as a major threat to the ticketing industry.
Photo: Justin McManus Mr Williams said ticket reseller sites were able to raise more money online than they could by selling tickets in person at a ticket office or at a physical ticket office.
“We’ve had to make a tough decision because our ticketing business is at the mercy of the online market,” he said.
“We need to be able to control our margins and our margins are being eroded.”
Selling online is a lucrative business for ticket resellers.
Photo:”We’re making $5 million a week from online reselling, that’s probably less than the cost of the season tickets at the top end of the AFL.”
The online marketplace is one of several companies trying to profit from the lucrative summer ticket market, which has grown at a rate of around 2.5 per cent per year since 2013.
Tickets are sold online and at many venues, such as the MCG, the ANZ Stadium and the Adelaide Oval.
But in recent years, the market has seen an explosion in online ticket sales, particularly on social media.
Online ticket reseLLership sites such as Ticketfly and TicketIQ have been a major part of an unprecedented surge in ticket sales during the summer.
Ticketfly is one such company.
Mr Williams said the company’s revenue from the online ticket market had increased by more than a third this year.
“The trend in ticket resealing has been very consistent for the last four years,” he told the ABC.
He said that online ticket reseeller sites such like Ticketfly were able “to generate a lot more money in one year than we would have expected from our ticket sales”.
“There is a very big opportunity here in the summer,” he added.
“If we can get that growth going in a very sustainable way, we’re very confident that we can keep the numbers up.”
TicketIQ is another online reseller that is also profiting from the summer ticket industry.
In a bid to compete with Ticketfly, TicketIQ has launched its own online ticket selling platform.
Photo”The online resellors are really big in Australia,” Mr Williams added.
But it is not just resellers who are profiting.
TicketIQ said its competitors have raised an estimated $10 million in funding over the past year, including $5.5 million from private equity investors.
“Our main competitor in the business has been TicketIQ,” Mr Harris said.
“We’ve been able to grow our business substantially and we’re also able to build a huge portfolio of products, including premium ticket reseals.”
Travellers have also had a hand in the growth of online reseLLers, with online ticket sites offering discounts for people who want to travel to the Sydney to Melbourne game.
“I think it’s great to have people on the platform that have a passion for the sport, who want that experience,” Mr Thompson said.
The game between the Warriors and Cavaliers will take place on June 7, with ticket sales to be streamed live on TicketIQ.
The NBA finals will be the largest sporting event ever to be televised live on television in Australia.
PhotoGettyTopics:sports,festival-day,sports-organisations,france,australiaFirst posted March 30, 2018 08:07:21Contact Ashley KielyMore stories from Victoria