Why did someone pay $2M to watch Mike Tyson vs Jake Paul?

By Xuan Binh November 21, 2024 | 08:00 pm GMT+7A Los Angeles law firm paid a record US$2 million for a premium ticket package to watch the bout between boxing legend Mike Tyson and YouTuber-turned-boxer Jake Paul last week, as a way to promote itself.

So far, there are only two boxing matches that generated revenues over $600 million - Floyd Mayweather's bouts against Manny Pacquiao in 2015 and Conor McGregor in 2017, which set the highest price for tickets at $7,500 and $10,000.

While the Tyson-Paul fight did not match half the revenue of those blockbuster events, Most Valuable Promotions (MVP), the event organizer, sold the $2 million package, 200 times more expensive than Mayweather's priciest seat.

For comparison, the most expensive ticket for a Taylor Swift Eras Tour concert is $14,000. A ticket to the 2023 Super Bowl costs less than $10,000.

The $2 million ticket by MVP could change the way boxing promoters make money. MVP, which Paul founded in 2021, has only signed six boxers so far, including himself.

Jake Paul (R) punched Mike Tyson in the face during a match at AT&T Stadium, Arlington, Texas on of Nov. 15, 2024. Photo by Reuters

Jake Paul (R) punches Mike Tyson in the face during a match at AT&T Stadium, Arlington, Texas on Nov. 15, 2024. Photo by Reuters

The package

While general admission tickets started at $78, VIP packages ranged from $5,000 to $7,500 and VVIP tickets cost $20,000 a piece. Despite its steep price, the tickets sold out.

The $2 million package, called "Owner's Experience", included two sofa seats at ringside—the closest ever approved by boxing authorities, a TV installed at the ring for dual viewing, and eight additional premium seats near the ring.

Buyers gained access to a private lounge, exclusive weigh-in passes, a meet and greet with the fighters in their locker rooms, take photos, and autographed boxing gloves. The package also included a private chauffeur, two nights in a four-star hotel with four rooms, and post-fight access to the ring.

It didn't cost MVP much to create this $2 million package, as they only needed to take advantage of the space and fighters to bring the experience to the buyer.

The buyer

The $2 million package was not purchased by an individual but by TorkLaw, a Los Angeles-based personal injury law firm. The firm bought the package for 10 employees, turning the fight into a branding opportunity. Nakisa Bidarian, the co-founder of MVP, said the law firm "has become the center of this unprecedented event, going beyond the normal conventions of traditional audiences."

During the fight, TorkLaw shared photos and videos on social media, offering a glimpse into the $2 million experience. In one video, two men sat on the sofa just below the ring, snacking and primarily watching the fight on the TV screen, instead of looking directly at the ring.

TorkLaw’s purchase was part of a sponsorship and marketing deal with MVP.

"Life and sport often reflect each other in their unpredictability," the firm said in a statement. "At TorkLaw, as we spend our days fighting for our clients both inside and outside the courtroom, we see in boxing the same determination required to face life’s toughest battles."

The area for the $2 million package (R) to watch the Mike Tyson-Jake Paul match. Photo by Reuters

The area for the $2 million package (R) to watch the Mike Tyson-Jake Paul match at AT&T Stadium, Arlington, Texas on Nov. 15, 2024. Photo by Reuters

With the Tyson-Paul fight streamed for free on Netflix, drawing an audience of 65 million concurrent viewers, TorkLaw saw an opportunity to reach tens of millions. TorkLaw employees wore branded hats during the event and weigh-in, ensuring visibility and brand recognition during one of the most-watched boxing matches in history.

The $2 million ticket created buzz across major media outlets, including USA Today, Yahoo, and Dallas News, without TorkLaw needing to pay for advertising. Both the organizer and the law firm benefit from this deal, in a win-win situation.

As boxing continues to evolve, with streaming platforms like Netflix attracting massive audiences, million-dollar tickets may become more common.

(http://www.autoadmit.com/thread.php?thread_id=5638412&forum_id=2#48367866)