The Knicks Are Trying Something New: a Rebrand

From that perspective, the Knicks are a resounding success. In most industries, when companies perform poorly for a long time, they go out of business. But the Knicks continue to make more money and haven’t needed to cut prices. The franchise was valued by Forbes last year at $4 billion, the highest in the N.B.A. and up from $3.6 billion the year before. The team is in the biggest media market in the country and has a dedicated, if beleaguered, fan base.

“But brands are also tenuous, and they ebb and flow based on what’s going on,” said Rick Burton, a sports management professor at Syracuse University. “In the case of the Knicks, what’s been happening on the court has not lifted the brand to the levels it’s been at before.”

There are signs that the relationship with consumers is fraying. According to ESPN, the Knicks sell an average of 95.1 percent of their home seats, good for 18th in the 30-team league. This number has declined every year since 2016, when it was 100 percent. In contrast, the Nets have risen from 83.6 percent in 2016 to 92.7 this season. The Knicks rank 11th in attendance, drawing an average of 18,836 people a game. In 2016, that number was 19,812 — fifth in the N.B.A.

Burton said there were ways to improve a team’s brand even if the on-court play remained poor. For example, the Knicks could change the experience at the arena. This could include buzzier halftime acts. Burton cited the model of a minor-league baseball team, which may draw fans more for the chance to enjoy an evening outside than for the quality of the baseball. (One key difference: Minor league baseball games are almost always much cheaper to attend than Knicks games, which can cost individuals and families hundreds of dollars.)

“Steve may come in and say: ‘We can make the game experience better. Even though we can’t control the product on the court, we can give people the perception that they’re getting their money’s worth,’” Burton said.

He continued, “But it’s really hard if the Knicks continue to lose.”

Article source: https://www.nytimes.com/2020/02/09/sports/basketball/the-knicks-are-trying-something-new-a-rebrand.html?emc=rss&partner=rss