Penn State's New Ticketing Contract Could Be 'Massive,' Report Says

Penn State signs a long-term, "landmark" sports ticketing deal with Elevate with Beaver Stadium renovations in mind.

A rendering of the proposed $700 million renovation of Penn State's Beaver Stadium, which is scheduled to be completed in 2027. / Courtesy Penn State Athletics

Penn State has signed a "landmark" sports ticketing contract with the consulting firm Elevate that could bring significant new revenue streams to the athletic department. According to one report, the "massive" long-term deal could generate up to $1 billion in revenue.

Penn State announced the partnership Thursday, tying it to the ongoing $700 million renovation of Beaver Stadium. According to a news release, Elevate will "lead fan engagement, ticketing, and premium seating and experiences strategy for Penn State Athletics." The release highlighted planned "premium hospitality opportunities" that are central to the Beaver Stadium renovation.

RELATED: Beaver Stadium renovation FAQ: Project plans, timeline and capacity changes

Penn State said that the deal covers more than 10 years and will expand Elevate's current partnership with the athletics department. Elevate will guide ticketing sales and strategies at all Penn State athletics events. Elevate Marketplace, which conducts dynamic pricing strategy, has supported Penn State for more than four years.

In a statement, Elevate said the "landmark partnership will amplify Penn State’s best-in-class fan experience while generating new revenues to support Penn State’s Athletics Programs." Though the Penn State release didn't offer specifics regarding those revenue opportunities, the trade publication VenuesNow called the deal "massive" and reported that it could generate as much as $1 billion in long-term revenue. However, Elevate officials told VenuesNow that it's too soon to project revenue growth.

“Our partnership with Elevate will take our seating and experiences strategy to the next level,” Penn State Athletic Director Patrick Kraft said in a statement. "One of the premier agencies in the country,
Elevate brings unparalleled expertise that will help us maximize our premium seating and experiences in a renovated Beaver Stadium by enhancing the game day with unmatched customer service and fan
experiences. Elevate will also play a critical role in driving revenue growth that will support all 31 athletics programs through well executed ticketing strategies.”

Penn State's release provided few specifics on how the partnership with Elevate could generate revenue growth. It cited a survey that gauged Penn State fans' preferences regarding the in-stadium experience, seating options, premium experiences, food and beverage and more. Penn State said it will conduct further surveys to help develop initiatives "to maximize engagement, enjoyment, and efficiencies at Beaver Stadium."

Penn State has made premium experiences a priority of the Beaver Stadium renovation. When Penn State reintroduces Beaver Stadium for the 2027 college football season, the 64-year-old building won't be just a football stadium anymore. With dozens of new suites, 21,000 square feet of new event space and a seating capacity still above 100,000, Beaver Stadium will be a year-round entertainment venue — one that Penn State hopes will generate new revenue streams to pay for not only its renovation but also the future of Penn State football.

Penn State's Beaver Stadium is under construction ahead of the Nittany Lions' 2024 football season. / Mark Wogenrich/AllPennState

RELATED: Two Penn State trustees challenge Beaver Stadium renovation plan

Penn State has begun initial work on Beaver Stadium, which Kraft said will be "ready to go" for a possible College Football Playoff game in December. The bulk of the renovation will begin after the 2024 season and center on the stadium's West side. Penn State plans to demolish and replace that side of the stadium. First, the press box and upper deck of the West stands will come down in 2025. Penn State will replace the lower bowl in 2026. The new West side will house club seats, loge boxes and suites.

The West side of Beaver Stadium also will include a new "Welcome Center," which Penn State President Neeli Bendapudi said would create a "front-door experience" for the university. The center will include 21,000 square feet of new event space, giving Beaver Stadium more year-round utility.

"Elevate is proud to enter into a partnership that will see Penn State and our agency bound together to generate a strategy to serve one of the world’s most notable sports brands through the next decade of excellence - and against the backdrop of the most significant venue renovation in the history of modern college sports,” Al Guido, CEO and chairman of Elevate, said in a statement.

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Penn State on SI is the place for Penn State news, opinion and perspective on the SI.com network. Publisher Mark Wogenrich has covered Penn State for more than 20 years, tracking three coaching staffs, three Big Ten titles and a catalog of great stories. Follow him on X (or Twitter) @MarkWogenrich.