Feb. 14, 2014
EVANSTON, Ill. -- Northwestern has been named one of the top 10 most innovative organizations in sports by Fast Company, the magazine announced Friday. The athletic department has been recognized for its leadership in redefining ticket sales through the Purple Pricing initiative.
Northwestern is ranked No. 7 on the list alongside other industry leaders such as STATS, ESPN and MLB Advanced Media. On Northwestern, Fast Company wrote:
"Northwestern University - For redefining ticket sales.
Under the direction of two in-house economists, the university is testing out a new ticket-selling system for some of its games. It's called "Purple Pricing"--like a Dutch auction, but with a twist: Prices start high and drop until tickets sell out, and fans buy whenever a price is appealing. There's no risk of overpaying (like, say, on StubHub, where prices fluctuate) because everyone pays the final price. So if a fan buys at $50 but the price drops to $40, the fan is refunded $10. The system gives the school precise data about the market value of its tickets, ensuring more revenue and less scalping, and presenting a new path for a messy ticketing industry."
To read the full Fast Company list, click here.
Purple Pricing is being utilized for an upcoming men's basketball game against Indiana on Feb. 22. Visit NUPurplePricing.com for more information or to purchase tickets today.
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