On September 4, 1972, American game show The Price is Right makes its premier on CBS. The show features a series of games centered around contestants guessing the price of a given prize. Contestants begin by being selected from the show's live audience and, once selected, participate in a bidding game where the contestants must guess the price of a given item with the contestant who guesses the closest without going over advancing to the next round to play one of a number of other games. Twice during each episode (once halfway through and again towards the end), contestants participate in a Showcase Showdown. In this game, players spin a large wheel with different values ranging from 5 cents to $1 with the contestant getting the closest to a total value of $1 without going over advancing to the Final Showcase. Each episode of The Price is Right ends with the Final Showcase featuring two contestants. Each contestant is presented with a prize package on which they must bid. The winner is the one who bids the closest to the retail value of their prize without going over. Additionally, if the winning contestant comes within a certain range (currently $250) of the retail price they shall win both prizes.

With over 9,000 episodes produced since 1972, The Price is Right is currently one of the longest running network television programs and the longest running game show in the United States. From its premier in 1972 until his retirement in 2007, the show was hosted by Bob Barker. A support of animal rights causes and charities, Barker's tenure saw the prohibition of prizes using furs and leathers as well as reminder for viewers to spay or neuter their pets. Currently the show is hosted by actor and comedian Drew Carey who took over the role of host following Bob Barker's retirement in 2007. The current record for the largest total value of cash and prizes won by a contestant currently stands at $262,743 won by Michael Strouber in 2019. Terry Kniess currently holds the distinction of being the only contestant to have correctly guessed the value of his Final Showcase prize, doing so in 2008. Thought it was initially feared that Kniess had cheated and that the show would be canceled, he had actually observed that the show reused prizes and had memorized the general value of the prizes and was awarded his prizes.