Penn State has reportedly signed a lucrative ticketing contract with the consulting firm Elevate that could generate up to $1 billion in revenue.
According to a press release, the more than decade-long partnership would allow Elevate to concurrently support ticketing strategy, sales and service across all ticketed Penn State Athletics events, including men’s and women’s basketball, men’s ice hockey, women’s volleyball and wrestling. Elevate Marketplace, the agency’s pricing strategy division, has supported Penn State Athletics for over four years.
“Elevate is proud to enter into a partnership that will see Penn State and our agency bound together to generate a strategy to serve one of the world’s most notable sports brands through the next decade of excellence - and against the backdrop of the most significant venue renovation in the history of modern college sports,” said Al Guido, CEO and chairman of Elevate. “We are honored to work alongside Dr. Pat Kraft and the University Athletics Department as they take a truly significant step forward in the storied history of Penn State Athletics.”
Though the Penn State release didn't offer specifics regarding those revenue opportunities, the trade publication VenuesNow called the deal "massive" and reported that it could generate as much as $1 billion in long-term revenue.
However, Elevate officials told VenuesNow that it's too soon to project revenue growth.
“Our partnership with Elevate will take our seating and experiences strategy to the next level,” Penn State athletic director Patrick Kraft said in a statement. "One of the premier agencies in the country, Elevate brings unparalleled expertise that will help us maximize our premium seating and experiences in a renovated Beaver Stadium by enhancing the game day with unmatched customer service and fan experiences. Elevate will also play a critical role in driving revenue growth that will support all 31 athletics programs through well executed ticketing strategies.”
