NEW YORK (TheStreet) -- The Harlem Globetrotters mix sports, comedy and theatre into a "family wholesome" event, explained CEO Kurt Schneider.
The Globetrotters brand, which has been around since 1926, continues to gain steam. Last year, the company saw record revenue and for 2015, Schneider is looking for an even better year.
Right now, there's a generational engagement boost occurring. Parents can relate to some of the familiar characters of the team from their childhood. Brands are resonating with the kids, thanks to the company's efforts on Google's (GOOGL) YouTube, Facebook's (FB) Instagram, TV shows and other media outlets to connect with the younger generation.
As a result of the recovering economy, fans have more money to spend on merchandise. A purchase that was once just a headband has now turned into a jersey, which are a lot more expensive, Schneider says. Jersey sales have tripled over the past three years. 
Consumer Discretionary Select Sector SPDR ETF XLY data by YCharts The Globetrotters are also benefiting from lower gas prices, which puts more disposable income back into the pockets of consumers. The average ticket price is less than $30, which is why it's appealing to a wide range of families. It's also why the company was able to grow during the great recession in 2008 and 2009, while most other businesses floundered. And while the Harlem Globetrotters are known for traveling internationally and domestically for their shows, a "home base" in China isn't out of the question, he said. They are working with partners in China to set up an office in the country, in an attempt to replicate the same model that has been so successfully operated out of the U.S. -- Written by Bret Kenwell Follow @BretKenwell
No comments:
Post a Comment