The Miami Heat has launched a new data-gathering tool that provides information on ticket sales and attendances, with fellow NBA basketball team the Milwaukee Bucks having signed a licensing agreement with the platform.
The platform is called 601 Analytics, in reference to the address of the Heat’s AmericanAirlines Arena, which is located on 601 Biscayne Boulevard in Miami.
In an interview with Forbes, Matthew Jafarian, the Heat’s executive vice-president of business strategy, and Edson Crevecoeur, vice-president of strategy and data analytics, explained the aims of the new platform, which has allowed the team to make data-driven decisions to maximise revenue streams.
Forbes notes that the platform gathers data relating to ticket sales, attendance numbers and food and beverages at AmericanAirlines Arena. The data gathered has allowed 601 Analytics to accurately predict attendances of Heat games in advance, and also pinpoints when fans take their seats.
Forbes adds that the platform has served as a money-saver for the Heat, with Crevecoeur implementing shift changes for some arena staff to account for the late arrivals of fans. According to Forbes, the change resulted in more than $1m (£765,000/€895,000) in annual savings.
Forbes also reported that the Bucks have signed a multi-year, six-figure deal with 601 Analytics. The Bucks moved into the new Fiserv Forum arena in 2018.
Jafarian told Forbes: “The best vote of confidence that we are doing this right is when teams go to the NBA league offices and say, ‘We need to get our data warehouse and capabilities in order,’ and the NBA tells them to talk to us.”
The Bucks had previously been gathering data from events at Fiserv Forum and the team has engaged the Heat to better manage that information.
Image: Milwaukee Bucks