Source: GlobalData
2024 US Open generates estimated $118.23 million in sponsorship revenue, reveals GlobalData
Posted in Sport
With a sponsorship deal worth $22 million, JP Morgan’s Chase Bank marked the 43rd anniversary of its partnership the US Open Tennis Championships for the 2024 edition and eight years as presenting sponsor of the Men’s Singles Championships. The partnership is also the largest sponsorship deal in terms of annual value for this year’s tournament. Emirates Airline’s deal was the second largest, with the partnership dating back to 2012. Overall, the 2204 US Open edition generated an estimated $118.23 million in sponsorship revenue, reveals GlobalData, a leading data and analytics company.
GlobalData’ s latest report, “Post Event Analysis – US Open Tennis Championships 2024,” reveals that there were 30 broadcasters which agreed media rights deals for the 2024 edition of the tournament. In terms of media revenue, the 2024 US Open Championships was reported to generate $75 million annually from the tournaments domestic broadcast deal with ESPN.
Olivia Snooks, Sport Analyst at GlobalData, comments: “The US Open Tennis Championships has accumulated long-term and high-value partnerships with some of their sponsors, two of these being JP Morgan’s Chase Bank and Emirates Airline. Particularly, Chase Bank’s long association with the tournament shows a great commitment between the two, while also showing the expected commercial value the US Open can generate for sponsors.”
The winners of the 2024 US Open took home large paychecks, which were distributed from a record purse of $75 million for the final Grand Slam tennis tournament of the season. Aryna Sabalenka beat Jessica Pegula in the US Open women’s final on 7 September, taking home $3.6 million in prize money. The men’s singles winner Jannik Sinner took home the same amount.
Snooks continues: “The total prize money for the 2024 US Open was 15% bigger than it was in 2023. More notably, the US Open Singles winners earned $200,000 more than the Wimbledon Championships this year, who each took home just over $3.4 million.”
During the three weeks of the tournament that started with one week of qualifying, 1,048,669 fans came through the gates of the Billie Jean King Tennis Center. The attendance for the two weeks of the main draw saw a record high attendance of 832,640, according to the United States Tennis Association. The cheapest ticket for the final day of the US Open was around $315 for a ground pass, and stadium passes for the men’s final were starting at around $450.
Snooks concludes: “The 2024 edition of the tournament was the first to feature a seven-day US Open fan week, which was attended by over 219,000 fans. Understandably, ticket prices fluctuated and became more expensive closer to the date. For example, as the semi-finals approached, the prices for the all-American semi-final were soaring, with prices as high as $56,000 for a seat courtside.”