Cost of Knicks Tickets ‘Normal’ as MSG Reopens at Reduced Capacity-ZIPFO

 Cost of Knicks Tickets ‘Normal’ as MSG Reopens at Reduced Capacity-ZIPFO

On Tuesday night, Madison Square Garden reopened its doors to basketball fans since last March.The Knicks played host to the soldiers ahead of roughly 2,000 fans. One may need assumed with the State of latest York restricting attendance to 10% of venue capacity that the demand for tickets—and thus pricing on the secondary market—would are off the charts within the basketball-crazed city. Remember, the Knicks are having their best season, from a win-percentage standpoint, in nine years. But that wasn't the case. Tickets to Tuesday night’s game could are bought on SeatGeek within the hours leading up to the sport for just 25% more ($129) than fans paid to urge in to last season’s home opener ($104). The secondary marketplace reported more of an equivalent last night. In fact, the get-in price to ascertain the Knicks play the Kings ($65) was actually below what fans paid to urge within the door of the second game of the 2019-2020 Season ($ 70) game A game with nearly 18,000 more seats available.

Our Take: It’s fair to assume COVID-19 is contributing to the relatively tempered demand that currently exists for Knicks tickets. there's some of the fan base simply uncomfortable gathering during a stadium environment with the pandemic still raging on—even if those attending are forced to supply a negative test to enter. But Patrick Ryan says the loss of that demographic alone doesn't explain why secondary market ticket prices remain “normal” at a time when there's such a lot less inventory available. The Eventellect co-founder explained the shortage of tourists in town and therefore the absence of the company sales also are negatively impacting demand (and ultimately pricing).

The Knicks draw a bigger percentage of out-of-town fans than teams in neighboring markets. consistent with SeatGeek, 27% of these who bought tickets to ascertain the perennial loser play last season hailed from outside the tristate area. By comparison, just 15-20% of fans attending 76ers and Islanders games were visiting. It is sensible with fewer tourists in NYC that there would be fewer people looking to shop for Knicks tickets on the secondary marketplace. For what it’s worth, Tourism Economics says tourism spending in ny City is down 72% since the pandemic began (as of October).