Wednesday April 14, 2021 – Unlike in November, the 2021 Masters had fans in attendance. But, the 12,000 patrons per day was a far cry from the usual 40,000 – 50,000. So, what impact does this have on tournament revenue

Well, a lot. In a normal year, Masters revenue can be broken down as follows:

  • Merchandise – 41% of gross revenue.
  • Concessions – 7% of gross revenue.
  • Tickets – 30% of gross revenue.
  • TV – 22% of gross revenue.

When you consider that attendance dropped by as much as 75%, let’s just say that margins are slim. And while most businesses would be in full blown panic mode, the Masters seems to be just fine with that.

They intentionally restrict the sale of merchandise to onsite patrons and TV sponsorships (with CBS’ blessing) to maintain the often imitated, never duplicated, sense of exclusivity. And while we admire their commitment to staying “on brand”, that doesn’t necessarily bode well for their bottom line.

But, at the end of the day, they’ve built the most coveted championship in all of golf. So, while it’s fun to sit here and analyze, we’re definitely not questioning.

If it ain’t broke, don’t fix it.