March Madness is one of the most influential and popular sports events in the United States, and has significant economic impacts. This event is an annual college basketball tournament held by the NCAA (National Collegiate Athletic Association) in March. This tournament makes billions of dollars every year and benefits various industries of the country. This essay will cover the impacts of March Madness and how it benefits the economy

Advertising is a big part of March Madness. Like the superbowl, the tournament is broadcasted on multiple channels with millions of people watching the game. Companies want to pay a lot of money for the advertising spot in March Madness which guarantees a lot of audience and consumers to watch the ad. The advertising in March Madness is not only limited to television but also to digital and social media. Many companies run campaigns and advertisements on popular sports websites and social media such as facebook and twitter. By the media exposure during March Madness, the companies can gain reputation and credibility which would further affect their brand image and popularity. The NCAA is estimated to have a revenue of 1 billion dollars only from advertising, which is distributed to the participating schools to enhance their athletic facilities and systems. Therefore, March Madness has huge economic impacts in terms of advertisement.

Another notable factor is how the ticket sales of the games generate a huge amount of revenue. Thousands of people come to watch the games and there is a high demand for tickets during the tournament. The tickets are sold out quickly and the price of tickets skyrocket for games of popular teams. Some tickets for good seats even cost over a thousand dollars. The city that hosts the game and online websites that sell tickets would be able to make a significant amount of revenue through ticket sales. Also, people can benefit in the secondary market where a lot of people sell the ticket they bought. The price of tickets changes rapidly based on the demands and needs so sometimes it gets very expensive. Therefore, ticket sales is another factor that brings revenue.

The final merit of March Madness is the tourism of the region that it creates and how it impacts the economy hugely. Many fans travel across the country to watch the games of March Madness. During the tournament, a massive amount of people visit the city, often staying a few days. All the money the fans use in the restaurants, hotels, bars, local attractions, etc can give the host cities a lot of financial gain. An estimate says the 2019 March Madness has generated over 620 million dollars from tourism in host cities. Also, hosting the games of March Madness might have further impacts in the city in terms of popularity and tourism. Due to the media exposure of the region, it will have increased popularity around the world and have an opportunity to gain more tourists in the future. Therefore, the tourists during the March Madness helps host cities benefit economically.

March Madness is a huge sporting event that has huge impacts on the economy of the country over a variety of areas such as advertising, ticket sales, and tourism. As this event continues to grow, the United States would highly benefit from the events and their impacts on the economy would continue to be substantial.