5 COMPARABLE VENUES
CHARACTERISTICS OF DEMAND
Students: 11-21% (excluding MT’s 2%). Tour Groups: 4-13%. Local Population: 16-30% (excluding two extremes). Outside the Local Area: 50% or more (except for Tech). Average Visit Times, 1-3 hours (three reported 2.5 hours). Temporary Exhibits: duration ranged from three months to one year.
MT’s average ticket price its first full year ranged from $10 – $14. After significant capital expenditures (interactive exhibits, etc.), promotion of its brand, and a 2004 market research study relating value of experience to pricing, it arrived at an average ticket price of $23. Yet, it was able to increase prices again in ‘06 and ‘08 with Adult tickets increasing from $25 in ‘04 to $35 in ‘08, a 40% increase over four years. Obviously, MT’s premier Times Square location influences pricing.
Corporate sponsorship is another viable revenue source, especially with companies already promoting their brands through sports marketing. For example, HHOF lists 27 corporate sponsors (11 Premier Sponsors, 7 Contributing Sponsors and 9 Promotional Associates). NSM offers an ideal place for brands to connect with fans across diverse sports.