March Madness Brings Millions To Collegiate Licensing
The Collegiate Licensing Company (CLC), Atlanta, Ga., has estimated that the NCAA Tournament will bring in $10 million in licensing revenue, according to Forbes.
The collegiate licensing business accounted for $4.6 billion in retail sales in 2013-14, and March Madness is one of the business’s most successful times of the year. Only Major League Baseball brings in more licensing revenue than collegiate licensing, according to the International Licensing Merchandiser’s Association (LIMA).
“In recent years, collegiate licensors have gotten increasingly sophisticated about ramping up for events, whether it’s a record breaking event, championship or appearance in Final Four,” says Marty Brochstein, senior vice president of industry relations and information for LIMA. “They have gotten much better with the ‘hot market business.’ When people are feeling it, they’re more willing to spend. They want a souvenir of the emotion . . . even if they are not at the event, they are tying into the emotion.”
According to the CLC, women’s March Madness apparel has been among the most promising in terms of growth, and has seen a 69% increase over the past five years.
For more information, visit CLC.com. — J.B.