The Masters: The $150 Million 'Top-Tier' Sports IP
This week, 200,000 people flock to Augusta, Georgia, to watch the annual The Masters. Known as "The Garden City of the South," the city welcomes guests with blooming azaleas and lush green fairways at Augusta National Golf Club.
The Masters holds a unique place in golf. Owned by Augusta National, Inc., it is the only major championship operated entirely by a private enterprise. This gives the tournament significant autonomy, reflected in its strict rules—which, in turn, have built the Masters' immense brand value.
According to SportsPro, the 2025 Masters generated nearly $150 million in revenue.
Each hole at Augusta National is named after a plant. Pictured is the famous 13th hole, "Azalea," surrounded by over 1,600 azalea plants.
Strict Entry Requirements
The 2025 Masters featured only 96 players, while the other three majors had 156 participants each.
Above: Li Haotong shared his 2026 Masters invitation on social media in late 2025
Spectator access is equally stringent. Tickets are divided into two categories: one via a lottery system with over 2 million annual applicants and a success rate of just 0.55%. The other, called "Series Badges," can only be inherited by a spouse; other family members are ineligible, and if no spouse inherits, the badge goes to a waiting list.
Of course, Masters players and club members can also directly invite guests.
Above: Liu Guoliang and his daughter Liu Yujie watch the Masters on Monday. Liu Yujie had just competed in the Augusta National Women's Amateur the previous weekend.
Limited Number of Sponsors
The Masters currently has seven long-standing corporate sponsors, including four "Champion Partners"—Bank of America, AT&T, IBM, and Mercedes-Benz—and three "Tournament Partners"—Delta Air Lines, Rolex, and UPS. Estimated annual sponsorship revenue is approximately $60.45 million.
Free Broadcasts, But No Commercials
In terms of broadcasting, the Masters provides free broadcast rights to ESPN and CBS in the U.S. In exchange, the tournament requires only four minutes of commercials per hour, limited to official sponsors. It is estimated that if the Masters commercialized its media rights, it could earn at least $125 million annually.
International broadcasting differs slightly: overseas media rights are a significant revenue source. While the tournament fiercely protects its copyright, it also makes flexible concessions for financial reasons.
Merchandise Sales Not Overdone
Official Masters merchandise is sold only on-site to preserve the tournament experience. Merchandise store revenue is estimated at up to $70 million.
Today, the merchandise store has become a shopping hotspot for spectators. Since 2016, limited-edition gnome dolls have been released annually, with only about 1,000 produced each year. Priced at $49.5 officially, they resell for hundreds or even thousands of dollars, with a full set from 2016 to 2025 fetching up to $40,000. 2026 may be the last year the Masters sells this viral doll—as the buying frenzy has severely impacted the spectator experience.
Above: The 2026 Masters gnome doll
Strict Course Rules, Focus on Spectating
The Masters imposes many "demanding" requirements on spectators: no cell phones, banners, signs, selfie sticks, etc.; cameras are even prohibited during tournament rounds. Augusta enforces a zero-tolerance policy on phones, with violators immediately ejected and banned from future ticket purchases. Free phone booths are available throughout the course. The core purpose of these measures is to provide guests with a focused spectating environment that is rare today.
The Masters even has strict dress codes for players. In 2024, Jason Day (pictured below) wore a trendy Malbon vest on the course and was asked by the Masters to "change."
Brands Can Leverage, But Masters Strictly Controls
Starting each March, major brands actively launch Masters-themed products, featuring elements like "Green Jacket Green" (color PANTONE 342), the course's ubiquitous azaleas, and the iconic sandwich. Only a few brands have direct authorization from Augusta, while most are unofficial products. The Masters does not strictly restrict this, but takes severe action against products that are clearly infringing or inconsistent with the tournament's aesthetic.
Above: Air Jordan's Masters-themed golf shoes this year, with azaleas on the sole
Above: Owala's azalea-themed water bottle
｜Sources: Masters official website, Bloomberg, Asia Business Daily, SportsPro
｜Images: Masters official website, official social media