Sports is a massive industry built around a surprisingly small collection of physical assets. Our census identified just 638 U.S. stadiums and arenas with at least 10,000 seats.

These venues underpin multiple, billion-dollar revenue streams. U.S. sports media rights are worth roughly $29 billion annually. The five largest leagues generate more than $8 billion in sponsorship revenue. Fans spent $22 billion on licensed sports apparel last year. Americans legally wagered nearly $167 billion on sports, generating about $17 billion in sportsbook revenue.

Against that scale, the physical inventory feels remarkably small, especially for larger venues. Only 133 U.S. venues seat 40,000 or more, and just 34 seat at least 60,000. The buildings most familiar from television are among the rarest assets in American sports.

The NFL is the clearest example. Thirty-two teams play in 30 primary home stadiums, while the league has an estimated 183.6 million U.S. fans. About 70% of NFL fans live outside their favorite team's home market, and only 14.5% attended an NFL game last year. That means roughly 157 million NFL fans did not – or could not – attend a game in 2025.

That gap between familiarity and access helps explain why certain venues become celebrities themselves. Fans recognize SoFi Stadium, Madison Square Garden or the Rose Bowl from years of seeing them on screens, even if they have never walked through the gates. Visiting the building can become part of the attraction; a bucket-list event.

Scarcity also creates economic opportunity. As the asset becomes rarer and the experience more valuable, the opportunity for premium grows with it.

That raises the stakes for technology. It has to support the experience customers are paying more to receive while helping operators make these complex buildings more efficient. And it has to keep changing as customer expectations, real estate and ownership models evolve.