Why Bar and Restaurant Owners Should Capitalize on Live Sports Entertainment
WHILE SERVING GOOD FOOD AND BEVERAGES AND PROVIDING QUALITY SERVICE ARE THE CORNERSTONES OF ANY GOOD RESTAURANT OR BAR, CONSUMERS CRAVE UNIQUE EXPERIENCES.
UFC CEO and President Dana White has always said that if you aren’t sitting inside a packed arena, the next best atmosphere to watch a fight is at a bar. That’s true of all live sports. The chance to watch your favorite teams surrounded by people who are as big of fans as you are is one of the best aspects of being a sports fan.
Growing up, my father—and Founder of Joe Hand Promotions—was incredibly passionate about all sports, but particularly boxing. He started out in the sports world as manager for legendary heavyweight champion, Joe Frazier, and the two later became business partners. During this time, cable and satellite television had little reach in homes, meaning there were few matches available on broadcast TV. Fans would spend countless hours traveling to see their favorite boxers square up, either in person or at arenas with giant projection screens that my father would set up.
Nowadays, in the ever-evolving television landscape with more sports moving behind paywalls on various services, bar and restaurant owners are at a disadvantage and are losing out on incremental sales to other establishments who have easy access to these games.
Tens of millions of consumers watch live sports out-of-home (OOH) on a monthly basis, with bars and restaurants seeing a 21 percent increase in food and beverage sales for high-profile sports events compared to normal, according to a recent research report.
By providing access to exclusive games and premium events that consumers traditionally can only access by paying for at home—from boxing and MMA matches, to college football and basketball games and more—bar and restaurant owners have an enormous opportunity to grow revenues and market share by targeting consumers wishing to watch live sports featuring their favorite sport, superstar or alma mater. The result? An operator’s dream scenario: increased traffic, revenues and an enhanced hospitality experience that consumers can’t find everywhere.
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