As the market for sports-specific software solutions continues expanding, Elevate Sports Ventures has entered a joint venture with Recentive Analytics. At the heart of the deal is Precast, a subscription tool used by teams and other sports properties to predict fan consumption behavior.
More than 30 clients across leagues currently use Precast to price and market tickets, combining a variety of data inputs to predict the most cost-effective offerings. The University of Southern California is among the clients to have signed up for the software following the joint venture’s formation.
“This is our way of building out the Precast footprint within the sports and entertainment world,” Recentive CEO Andy Tabrizi said in an interview.
Explaining Precast’s power, Tabrizi said teams could look at the social media buzz a new hire generated to determine the increase in ticket demand. Alternatively, he said factors like gas prices could be weighed as an input when predicting which fans are likely to renew their season tickets, and which aren’t.
“We continue to build leading technology to solve our clients’ most complex challenges and enable them to make better, faster and optimized decisions every day,” Tabrizi said in a statement. “We’re looking forward to expanding that vision with this partnership with Elevate Sports Ventures.”
Ticket pricing took on a new level of complexity as fans slowly returned to venues after COVID-19 closed stadium doors, and when they did return, many customer habits had changed as season-ticket holders take up a smaller percentage of capacity across several sports.
“With that comes much more supply on the marketplace, and with much more supply on the marketplace, how does one accurately price that supply?” Elevate CEO Al Guido said in an interview, explaining his belief in Precast’s growth potential. “I think it starts at the core basis of your season tickets, right? If you get that pricing wrong, you’re forever catching up in the market.”
Guido described the joint venture as an early step in Elevate’s evolution to “have our own proprietary tools that the marketplace could use.”
Last year, Elevate acquired Dynamic Pricing Partners, which helps over 70 colleges sell tickets. DPP will now use Recentive’s tools to inform its secondary market pricing algorithms.