This is the NHL’s surprisingly different revenue model that sets it apart from the NFL, NBA or MLB

When it comes to making money, America’s four major professional sports leagues—NFL, NBA, MLB, and NHL—are all billion-dollar juggernauts. Yet, how they bring in that cash is anything but the same. One league, in particular, bucks the trend in a major way: the NHL.

While leagues like the NFL and NBA rely heavily on national TV deals for the bulk of their income, the NHL is unique in its reliance on ticket sales. In fact, a staggering 44% of the NHL’s revenue comes directly from fans in the stands—a number far higher than any other major league.

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Ticket sales: the lifeblood of the NHL

For the NHL, game-day revenue isn’t just important—it’s essential. In 2023, the league generated approximately $6.8 billion in total revenue, with ticket sales contributing just under $3 billion. Compare this to other leagues:

NFL: Despite its massive popularity, ticket sales make up just 17% of its income.

MLB: Tickets account for 31% of revenue, driven by the sheer number of games.

NBA: Only 26% of revenue comes from ticket sales.

The NHL, by contrast, depends on fans filling arenas across North America to keep the financial engine running. Unlike other leagues that can fall back on billion-dollar national TV deals, the NHL’s smaller media footprint makes it more dependent on physical attendance.

Why doesn’t the NHL earn more from TV deals?

Here’s where the NHL’s situation differs from leagues like the NFL:

National TV and media revenue accounts for only 19% of the NHL’s total income, compared to 66% for the NFL and 41% for the NBA.

In 2021, the NHL signed a seven-year, $2.8 billion deal with ESPN and Turner Sports. While significant, this pales in comparison to the NFL’s $100 billion agreement (2023–2033) or even the NBA’s projected $76 billion deal starting in 2025.

The NHL’s comparatively smaller TV audience has a lot to do with its regional nature. While the NFL and NBA dominate national and global audiences, the NHL’s strongest fan bases are concentrated in specific cities and regions, like New York, Toronto, and Chicago. This regional appeal translates to lucrative local TV deals but limits the league’s ability to command massive national contracts.

The regional fandom factor

Hockey fans are some of the most loyal and passionate in sports, and that loyalty shows up in the stands. NHL arenas consistently see strong attendance numbers, even for less dominant teams. Unlike the NFL, which plays just 17 games per team per season, the NHL plays 82 regular-season games, giving teams more opportunities to sell tickets and generate revenue.

Regional rivalries also play a key role. Matchups like the Toronto Maple Leafs vs. Montreal Canadiens or Chicago Blackhawks vs. Detroit Red Wings bring out fervent fan bases willing to pay top dollar for a seat at the game. This focus on regional appeal translates directly to ticket revenue, as fans prioritize the live experience over watching from home.

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What does this mean for the NHL’s future?

The NHL’s reliance on ticket sales has both advantages and challenges. On the plus side, the league benefits from a dedicated fan base that values the in-person experience. However, this dependency also makes the NHL more vulnerable to disruptions like a pandemic or economic downturn, when fans might not attend Games.

To diversify its revenue streams, the NHL has been working to expand its media footprint. The ESPN/Turner Sports deal was a step in the right direction, bringing NHL Games back to a major national platform. Additionally, the league has invested in digital platforms like NHL.tv and partnerships with streaming services to reach younger audiences.

Why the NHL is different

The NHL may not rake in as much from TV deals as the NFL or NBA, but its reliance on ticket sales highlights the league’s unique connection to its fans. For hockey lovers, it’s not just about watching the game—it’s about being there, feeling the energy of the arena, and being part of the action.

In a world where leagues are increasingly dependent on massive media contracts, the NHL stands out as a reminder of the power of live sports. For the NHL, the heart of the game isn’t on the screen—it’s in the stands.