The sports industry is worth over $600 billion worldwide, and its growth for the foreseeable future is expected to be impressive. Providing fans with a high-quality, engaging experience is the priority, and the commercialization of favorite pastimes is now a big business and an inherent cultural influence with the power to unite continents.
Tapping into Innovative Trends
Viewing this industry globally alongside its prospects highlights the emergence of various key game-changing trends. Accordingly, for businesses involved in this industry or those considering investing or entering, these cannot be disregarded. Here are the top six sports business trends to watch in 2017.
eSports has not only shattered the sports marketing industry, but it is situated to become the most popular sport of the 21st century. It takes video gaming to an entirely new level. Moreover, it is even a college major that can lead to potential careers for graduates.
VR is estimated to transform sports as more teams and leagues offer simulated, 360-degree environments. Producing every perspective and viewpoint of a game eliminates the need to attend the sport physically. While other industries are trying to discover approaches to penetrate this market, sports business is already leading the way.
Data collection drives sports business in an unimaginable direction. Consequently, the entertainment value of data sharing creates a multitude of new opportunities for social media platforms and television networks. Predictive analytics transform the outcome of sports by retrieving and sending data to software programs after each movement from the players.
Advancements in technology are enhancing the in-stadium experience. High-tech arenas offer Wi-Fi and 4G network access through their app. In addition to a virtual escort to help locate seats, services include watching replays during a live game, ordering concessions for delivery to your seats, and even finding the nearest restroom with the shortest lines.
The Rise of Female Fans
Sports marketing campaigns that were once predominantly male are becoming female-centric. Successful women athletes endorse and successfully leverage brands to promote products. Unsurprisingly, women’s interest in the sports business industry has grown significantly. Even articles about health informatics are gearing their focus toward women.
Although the Federal Aviation Administration regulations have limitations for deploying drones in fan-filled venues, drone are significant vessels for capturing unique, in-arena camera angles. Additionally, some stadiums are exploring drone technology to survey available stadium parking spaces. This technology is dramatically and quickly transforming fan experiences.
Keeping current in the sports business industry is crucial for achieving overall goals. Professionals can learn more about Adelphi’s sports management degree online that may prepare them to meet the evolving needs of enthusiasts worldwide.
Profiting from Fan Engagement
Fans want to connect with sports teams and their related content at all times. For instance, followers can view recaps of recent games and highlight compilations with on-demand videos. Likewise, social media facilitates direct connections between athletes and fans. While franchises and leagues continue to utilize cutting-edge technology, 2017 will be the year they capitalize on the enthusiasm of their fan base.