Sports Industry Growth Enriches Opportunities in Sports Management
The commercialization of what were once cherished national pastimes has been underway for over a generation now; these days, sport is big business. Many sporting outfits and franchises (the existence of sporting franchises in itself is notable) are now an indelible part of the global business, as well as cultural, landscape.
The business of sport…in numbers
In terms of annual revenue, a report released by PwC, predicts that the global sports industry could reach US$145 billion by 2015. 41% of this total will come from North America, which remains the world’s largest sports market. But, the business of sport is making up ground in emerging economies. For example, Latin America, where Brazil will play host to 2014’s football (soccer) World Cup, is earmarked as the fastest-growing market in the report, which also encompasses the London 2012 Olympics and the recently-completed Sochi 2014 Winter Olympics (estimated to become the most expensive Olympics of all time) in its analysis. Much of the money attached to the business of sport comes through a combination of gate revenues and media rights (broadcasting). The sport industry recently predicted that premium sports broadcasting rights across the world would be worth more than US$24 billion in 2014, a 14% rise on 2013.