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About Sports Industry

Things You Need To Know About the Sports Industry

Sports play a crucial role in the social and economic growth of a nation. They not only boost the morale of the youth but also instill a sense of pride in the people. The global sports industry is growing at an unprecedented rate and is currently valued between US$480 and US$620 billion. By 2023, the market for sports media rights is expected to reach a staggering $66.1 billion.

Sports Sponsorship Industry in India in 2022, and quantifies it from three angles – Sponsorship (inclusive of On Ground Sponsorship Spends, Team Sponsorship Spends and Franchise Fee), Sports Celebrity Spends, and Sports Media Spends. Sports Sponsorship saw the biggest upswing among the three factors under consideration here, leapfrogging to INR 5907 Cr ($Mn 748) with a growth of 105%. This doubling impact is the result of a combination of factors like favourable schedules, scaling up of properties, synergistic functioning of the industry players within the ecosystem, and of course, the market acceptance of the treat that was laid out for the fans. 2022 also saw Sports Celebrities getting associated with more brands, with the Athlete Endorsement value recording an amount of INR 749 Cr ($Mn 95), which was 20% higher than what our stars earned from brands in the previous year. This rising curve is certainly indicative of the influence our favourite sportspersons wield over us, owing to the fact that while they win against competition on the field, they also win the hearts of the fans too. A little over half the total industry spends, 53% to be precise, were incurred on account of Advertising Expenses on Media. In terms of absolute value, this works out to a total amount of INR 7553 Cr ($Mn 956) at a YoY growth of 26%. Traditional Television has the biggest share here, even as Digital Medium is gaining ground at a rapid pace on the back of evolving consumer habits.

In conclusion, the sports industry is a vital contributor to a nation's social and economic growth. With the growing popularity and success of various leagues and events, the industry is poised for even greater growth in the coming years.
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