I haven't watched a live sporting event in a very long time. The prices are just too much like you said. When I weigh if I would rather see a concert from a big name band or a sport event I choose the music. But even then our entertainment budget has greatly decreased. Things like E-sports and "virtual tickets" are interesting to me, although I haven't tried it yet. I do watch streaming events with video game competitions sometimes and find that somewhat satisfying. I watched Coachella this year streaming and it was actually decent. I do think there's a lot to miss not going to a live event - all the sensory experience like the sound, smell, weather - it all adds to the experience. I do have to say though I've never liked crowds so being able to see a stream of a live event is kinda nice in that regard. How money plays into that I'm not sure so much other than I know the nature of broadcasting is changing and the kinds of hardware VR/AR etc. to access it. Also the sports stars get a lot of money from sponsors like Nike and all kinds of products. I wonder if this excess is a good example to sport and sportsmanship in general. I was raised to believe that showing excessive wealth was rude and not very classy but I'm just old fashioned I guess.
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You make some excellent point. There are many more options than just sports for out disposable income and in many cases, we have less disposable income to go around now. What will be interesting going forward is how leagues attempt to keep millennials coming to the games. Their interests are vastly different and teams are already having to provide a lot of "other" entertainment and engaging activities other than just the game to keep people interested.