The passion, the competition, the overwhelming feelings of euphoria all set sport apart as an industry. But it’s not just the emotional pull of sport that lures in fans from every corner of the planet – it's the economic success and the confidence in future prosperity that makes the sports industry irresistible.
Recent statistics, in the wake of the COVID-19 pandemic, have projected phenomenal growth for the industry, which has a current estimated worth of $600bn-$700bn. With live sporting events resuming as normal in 2021, and viewership records continuing to be obliterated due to the ever-increasing digital channels from which sport can be consumed, the industry is bouncing back after a difficult period that was exacerbated by cancelled events and postponed and suspended leagues.
In the UK specifically, the sports industry is worth a whopping $39bn, and the Premier League continues to dominate as the world’s most valuable league. Total revenue is expected to show an annual growth rate of 9.15% between 2022 and 2026, with English sport continuing to attract international fans and prosper from innovate digital advancements, particularly in Paid app and In-app purchase revenue.
Likewise, the USA’s growth and evolution is expected to skyrocket in coming years, as the nation’s ‘Big Four’ (NBA, MLB, NFL and NHL) continue to carve their mark on the rest of the world. In addition to this, interest in football, or ‘soccer’, both domestically and internationally, is growing at an unprecedented rate, particularly amongst younger generations. The market is expected to be worth $83bn by 2023, with 36% of the global sports coaching market also expected to be generated from the US by next year.
While live events, marketing and advertising, and several other specific sectors within sport are booming in and of themselves, the future potential of the industry is accelerated by the explosion of the eSports market. Worth an estimated $1.5bn, similar to France’s Ligue 1, the sector is expected to act as a catalyst for events, marketing and sponsorship revenue, generating profits that feed into each thread of this multi-faceted, multi-billion pound industry.
