Topgolf reports continued growth
The huge rise in popularity of off-course golf experiences shows no sign of abating after Topgolf, the inclusive high-tech game, reported a revenue increase of 25.3% for the first quarter of 2023.
With just over $400 million in sales for the first three months of the year, it marked six consecutive quarters of growth for Topgolf, which has 87 locations in seven countries around the world.
Seventy-eight of those are in the USA, and the brand is set to break new ground this year when it opens venues in China, Colombia and Indonesia.
Can Topgolf grow on-course participation?
The figures tally with data released earlier this year by the National Golf Foundation, which indicated that off-course participation in the USA exceeded on-course play for the first time in 2022.
A number of high-profile professionals have launched or invested in off-course golf facilities, such as Rory McIlroy, who has a stake in Puttery, a mini-golf concept owned by Topgolf competitor Drive Shack, and Tiger Woods, who owns PopStroke, a putting, gaming and leisure experience.
In the UK, the Stadium Golf Tour begins in June, giving participants the chance to hit balls in four major soccer stadia as well as Twickenham, the iconic 82,000-seater stadium in London and home to England Rugby.
