The first thing that comes to mind when you think of Oracle (NYSE:ORCL) is database. And if you want to know why Oracle extended its presence from database to sports you could do no better than asking Mike Webster, Senior VP of Oracle Hospitality.
I soon learned that Oracle's foray into sports is actually a subset of their hospitality practice acquired from the purchase of Micros in 2014. I have long been underwhelmed by Corporations that stray too far from their core competencies, but this acquisition made sense - since it's a natural extension from their core database business.
Webster then shared with me Oracle's research on sports fans. His team surveyed over 3,500 global fans across 8 countries - and the research is clear - sports venues have a large gap between fan expectation and fan reality.
In other words, sports venues will need to step up their game if they are to retain and attract fans especially when they are competing with internet and mobile sports options. Oracle believes it has a major piece of that retention and growth solution in the form of technological and service offerings.
So let's hear from Webster in this exclusive video interview I conducted with him about how sports venues can improve the fan experience. And yes, some of his ideas are game changing.
Other findings from The Fan Experience: Changing the Game with Food and Beverage, suggest that:
- Sports Fans will buy 30% more if you reduce concession stand wait times by half
- More than 40% of sports fans worldwide abandoned concession lines in the past 12 months - without making a purchase - because of excessive waiting
- Americans on average would spend $20 more for food and beverage if wait times were cut in half. That represents a 43% increase in typical expenditure per game.
- 68% of US fans would likely use in-seat ordering if available at their stadium
- Only 27% of US fans and 14% of international fans stated they are members of a loyalty rewards program offered by a team or stadium.
Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.