The Magnitude of the Sports Sector: An Insight
Giant Growth Galore: Unveiling the Eye-Popping Scales of the Sports Industry!
Hey there! Today's insights are all about the jaw-dropping expansion and wallet-bursting valuations in the world of sports! Dennis Howard and Roger Best, incredible minds from Global Sports Insights, are our knowledgeable guides for this mind-blowing ride. Previously professors at the University of Oregon, they've collaborated on research that will knock your socks off.
The sports universe we know and love has been caught in an unprecedented wave of growth, with revenues, valuations, and ticket prices skyrocketing to unheard-of levels. Every NFL team receives over $400 million just from the league, no sweat, even before a single game is played. Top MLB teams are earning more than $4 million per game in ticket revenue, and the L.A. Lakers have recently been reported to be on track for a massive $10 billion valuation, making them the priciest franchise globally. Fans are spending big bucks on sports entertainment, and it's getting crazier by the minute.
But what exactly is the sports industry? Well, that's a tricky question, as 'sports' can mean different things to different people. There's a lack of a concrete definition for the sports industry; without one, we can't accurately measure its economic might or compare it to other global industries.
Many estimates of the sports industry rely solely on revenues generated by sports events, neglecting the broader arena of how sports enthusiasts spend their hard-earned cash on everything from exercise equipment to recreational vehicles. They also brush off fast-growing segments like sports betting, fantasy sports, and esports. Moreover, they miss out on the billions of dollars spent on sports products, golf fees, gym memberships, and outdoor recreation.
So, how do we tackle this problem? By building a comprehensive definition of the sports industry, that's how! After studying various commercial reports, academic papers, and examining how other industries are measured, we've come up with a model called the Best-Howard Sports Business Model.
This model groups the numerous ways fans engage with sports into three main domains: Fan Engagement, Sports Products, and Sports Participation. Fan Engagement covers live events, sports streaming, sports betting, and fantasy sports. Sports Products includes sportswear, equipment, and sports health (e.g., sports medicine and nutrition). Meanwhile, Sports Participation encompasses fees for activities such as golf, tennis, gym access, and outdoor recreation like hiking, camping, or fishing.
Now, you might be wondering, just how big is this sports industry? Well, using this definition, our model estimates the global sports industry revenue to be a staggering $2.65 trillion in 2023, placing it comfortably among the Top 10 industries worldwide by economic size!
The Best-Howard Sports Business Model offers heaps of valuable benefits, such as a comprehensive data archive of the size and growth rate of the sports industry, united states market data, worldwide trends across 37 sports industry revenue segments, and a deep insight into how each revenue segment contributes to the sports industry's overall growth.
If you're intrigued by this fascinating insight into the globe-trotting sports industry, check out the following resources for even more enlightening details: a 23-page online report for just $19.95 or a 12-chapter, 367-page book offering exhaustive content on all aspects of the sports industry for $79.50 online and $99.50 for an actual, physical copy. You won't be disappointed!
Roger Best, an emeritus marketing professor and the co-founder of the Sports Product Management Program at the University of Oregon, has penned this thrilling exploration. Dennis Howard, a former emeritus sports business professor and the former Warsaw Sports Business Center Program Academic Director at the University of Oregon, completes our dynamic duo. So buckle up, folks; we're about to embark on a sports journey like no other!
** stagione: Track Is America's Opportunity Sport. Colleges Need to Save It**
- In their new book, Dennis Howard and Roger Best, from Global Sports Insights, delve into sports business aspects, discussing the potential growth of sports betting and media rights as part of the broader sports industry.
- As the sports business landscape expands, it's crucial to recognize the impact of fan engagement in various sectors like sports streaming, betting, and fantasy sports, which the Best-Howard Sports Business Model effectively captures.
- Beyond merely event revenues, the sports industry extends to various finance aspects, including sports products like sportswear and equipment, as well as sports participation expenses such as golf fees, gym memberships, and outdoor recreation costs.
