Billion Dollar Business: The Cash Cow
Year-in-year-out college basketball's March Tournament has undoubtedly provided the "non-profit" NCAA with a pretty nice "profit." As the NCAA owns and controls the Tournament, its found itself a cash cow as it doesn't have to split revenue with corporate sponsors as in football and baseball. As a result, over 90% of their entire operating budget is derived from this month's play alone!
Although the bulk of Tournament's games are behind us, the bulk of the marketing spend heats up as the Tournament moves to Phoenix next week.
From music festivals, tailgate parties, gala dinners, pep rallies, public practices, corporate clinics, partner activations, southwestern fare, luxury suites...and a few games, the exclusive weekend-long extravaganza is designed for fans and families alike.
The weekend strikes a chord with our social media-fatigued consumers and culture--specifically millennials--that want an immersive interactive experience MORE than an another event. They want want a product that is MORE than a product--it serves as inspiration for things to do. They don't want to be preached at, they want a multi-sensory platform that transcends the moment.