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There’s nothing quite like The Masters and there’s nothing quite like Augusta National.
Each spring, the world’s best golfers descend upon the world’s most famous golf course to compete for one of men’s golf’s four major championships and a coveted green jacket. It’s widely considered to be the pinnacle of golfing achievement and, like the Ryder Cup, transcends its sport.
The course is known for known for its impeccably manicured greens and fairways, its luscious vegetation, and period architecture as much as it is for the iconic golfing scenes that have been hosted by its famed 18 holes.
The tournament’s appeal is intrinsically linked to its emphasis on tradition and picturesque setting, with the Wimbledon tennis Grand Slam its only real equal in terms of how it combines legacy, prestige and venue into an intoxicating sporting experience that draws such wide appeal.
Masters gnomes are a hot commodity at Augusta National (Image credit: Getty Images)
Augusta National is a for-profit enterprise that generates nearly US$150 million a year through sales of merchandise, tickets, international television rights, and food and beverage. However, the tournament’s profile and popularity mean it could earn far more from domestic media rights, commercial partnerships, and on-site revenues if it wanted to.
Capacity at Augusta is more restricted than at other golfing events, tickets and concession prices are kept affordable, and visible advertising is eschewed in order to preserve the Masters’ unique aura.
The commitment to prestige governs everything Augusta National does, and thanks to careful modernisation and sympathetic management of its brand by guardians who prioritise status over profit, it remains a revenue generating machine without sacrificing its principles.
Excellence is the standard at Augusta National. #themasters pic.twitter.com/3dpMiAT5fK
— The Masters (@TheMasters) April 6, 2026
The host
Unlike The Open Championship, US Open and PGA Championship, which rotate between multiple courses, The Masters has taken place at the same site in the state of Georgia ever since the inaugural tournament in 1934.
The course is as much a star as any of the players competing, with fans having a decades-long relationship with every quirk and feature of its 18 holes.
That’s not to say everything has stayed the same – far from it. There have never been serious discussions about moving the Masters, but organisers know they need to constantly evolve to maintain its status at the summit of golf.
Accordingly, the course has undergone major changes throughout its near century of existence in order to keep pace with changes to the game and to upgrade spectator facilities.
Augusta National has also spent a reported US$200 million acquiring nearby land and houses to accommodate future plans. Confirmed projects include underground parking and enhanced player facilities, while rumoured improvements include a banquet hall, on-site housing and a new fan village. A second golf course is also believed to be a consideration.
There has never been a serious suggestion of moving the tournament, even if some were calling for it in 2021 in response to new voting laws in the state of Georgia.
Prize money
The honour of winning a green jacket is, for most golfers, priceless. However, The Masters understands that in order to maintain its position as the biggest prize in golf, it needs to reward its players in at least the same ballpark as its major rivals.
In 2025, The Masters offered a total purse of US$21 million with champion Rory McIlroy taking home US$4.2 million as a reward, completing the career Grand Slam in the process.
This is less than the US Open, which remains golf’s most lucrative major, but was the most ever up for grabs at The Masters, continuing a recent trend of significant prize fund growth at the majors – partly driven by the riches on offer at LIV Golf.
The 2026 prize fund is due to be announced the week of The Masters.
Sponsorship
The Masters is incredibly selective when it comes to commercial partners and doesn’t offer much in the way of brand visibility or corporate hospitality on the course. Yet this careful brand management has cultivated a sense of exclusivity and luxury which means blue chip companies are queuing around the block to be associated with the tournament, even if they don’t receive the same ability to activate their partnerships as they would expect at another event.
The Masters’ sponsorship portfolio comprises just seven companies. AT&T, IBM and Mercedes-Benz were joined as top tier ‘champion partners’ last year by Bank of America, with Delta Airlines, Rolex and UPS signing on as lower tier associates.
The Masters sees value in partnering with companies that deliver tangible benefits, such as IBM’s role in delivering its technology operation, and can be trusted to match its revered prestige.
These are the only companies who can advertise during live coverage on US television, sharing just four minutes of commercial airtime for every broadcast hour. Champion partners gain the exclusive use of one of the 12 cabins located around Augusta National for the duration of the tournament.
According to GlobalData, The Masters has increased sponsorship revenue from US$39 million a year in 2023 to US$60.45 million in 2025, with the Bank of America’s US$9.45 million deal the most lucrative. Most of this revenue goes directly to broadcast partners, who cannot sell advertising themselves, to cover their production costs.
Renewals will likely drive up the value of these arrangements but there is a huge opportunity cost to not giving partners greater freedom, creating new categories, or casting the net wider to more companies.
But organisers are more than willing to leave revenue on the table and construct deals so that they retain more control over their event and media coverage. It’s a strategy unique in sport and one that few others can replicate
Pictures from Augusta National are transmitted around the world (Image credit: Getty Images)
Broadcasting
The Masters is one of the longest running and most popular sporting events on US television.
Yet the Masters has awarded its domestic television rights on an annual basis for a nominal fee since 1979. While this does mean the tournament leaves tens of millions of dollars on the table, the short-term, low-cost nature of its contracts mean the balance of power is in Augusta’s favour.
Whereas other rights holders bend over backwards to accommodate the demands of their broadcast partners who contribute a large proportion of revenues, the Masters does the opposite. It restricts the amount of coverage available to its broadcast partners, meaning some of the early groups aren’t broadcast live, and it can exert influence over the production.
This year, ESPN will offer 140 hours of live and studio coverage across its linear and digital platforms, including the first two days and the Par 3 contest, while CBS will air the final two rounds on its main network. Two hours of additional coverage will be available on Amazon Prime and Paramount+.
While the benefits of having the Masters air on a subscription platform are obvious, the direct benefit to CBS is less clear given it cannot sell advertising around the event and only breaks even. Yet, it believes there is a halo effect from being the senior broadcaster for such a prestigious event, especially given its wider golf coverage, and is prepared to devote significant resources and broadcast hours to the cause.
The final round of the 2025 Masters averaged 12.71 million viewers and peaked at 19.54 million – the most since 2018 – that’s a lot of eyeballs on CBS.
The international broadcast picture is a little different, with overseas media revenues generating a significant proportion of income. Augusta National remains fiercely protective of its rights, but finances play a greater role in decision making.
Its most noteworthy overseas market is the UK, where The Masters has a long tradition of coverage. The BBC first showed the tournament in 1967, while Sky Sports has shown all four days of the Masters since 2011, becoming the exclusive live broadcaster in 2020. Viewership for McIlroy’s dramatic victory last year delivered a record peak audience of 1.85 million on Sky Sports – 37 per cent of total TV viewership.
Unable to activate at Augusta, IBM is creating its own experience in New York (Image credit: IBM)
What to watch out for
The arrival of Amazon Prime as an official broadcaster, albeit in a limited capacity, marks a significant shift in strategy. It allows the Masters to reach a new audience on streaming platforms and benefit from the tech giant’s marketing capabilities, following in the footsteps of the National Football League (NFL) and National Basketball Association (NBA).
Although last year’s tournament delivered strong viewers without Tiger Woods, the former champion’s second consecutive absence denies broadcasters the opportunity to see if there would be any ‘Tiger bounce’ in the opening rounds.
Another element that makes the Masters unique is that official merchandise is only available on-site to protect the event experience. However this combination of exclusivity and scarcity drives demand to the point that the tournament is expected to generate US$70 million from the sale of gears, souvenirs and other items.
Finally, IBM is holding the first ever ‘Masters at Madison Park’, compensating for the lack of ability to activate on-site by making the most of its involvement with a fan festival in New York.
As platforms multiply, audiences fragment and media rights deals plateau, it’s time to understand what’s really going on in sports media. Join us at SportsPro London this April to learn more.