Spectator Sports Market – Opportunities And Strategies – Global Forecast To 2023
The mass excitement drawn to the EUFA Euros and Copa America highlights the re-emergence of the spectator sports market – and a grand return we expect to see.
LONDON, GREATER LONDON, UK, June 17, 2021 /EINPresswire.com/ — As football fans have welcomed entertainment from these two contests showcasing some of the best players globally – note Cristiano Ronaldo’s record-breaking performance – the spectator sports market is gaining a much-needed boost following the effects of the pandemic on the market. Data from the Global Market Model, a macro market database, shows the significant hit the market suffered in 2020, which took it entirely off the previously anticipated trajectory.
The spectator sports market was valued at $144.1 billion in 2019, but as lockdowns were imposed to stop the spread of COVID-19, the market suffered greatly – falling almost 25% to $108.5 billion in 2020. However, the easing of restrictions for many economies and the return of international contests should allow the market a strong recovery. The Business Research Company expects the spectator sports market size to be worth over $180 billion in 2025, and this to reach nearly $260 billion in 2030.
Currently, North America is home to the largest spectator sports market share, valued at $38.2 billion in 2020. Interestingly however, Asia-Pacific’s market is expected to overtake North America by 2025, with a projected valued of $62.8 billion over North America’s $55.9 billion. Western Europe, meanwhile, remains third by value.
The spectator sports industry has of course reacted to the pandemic with new measures and technologies availed to protect both the sports participants and the spectators. E-ticketing was already growing across many major events and stadiums, but the technology’s rollout is expected to have been advanced significantly by the pandemic. Likewise, how clubs and teams connect, and stay connected, with their audience has changed, with a focus on engaging customers continuously through social media and personalized fan engagement.
The esports arena also presents an interesting new addition to the spectator sports market, both now and even more so going forward. Esports involve competitive video gaming tournaments at professional levels. Companies involved in esports generate revenues from sponsorships, advertising, media rights, game publisher fees and tickets/merchandise. An inflow of investors around the globe leads to steady growth of the industry and attracts new players, indeed, major players such as NASCAR and Formula E have made inroads into the market. Of course, as the pandemic led to more people seeking entertainment ‘at-home’, interest in video gaming peaked, and this can only lead to positive influences on the esports market going forward.
The Spectator Sports Market – Opportunities And Strategies – Global Forecast To 2023 is one of a series of new reports from The Business Research Company that provides spectator sports market overviews, analyzes and forecasts spectator sports market size, share, spectator sports market players, spectator sports market segments and geographies, the market’s leading competitors’ revenues, profiles and market shares.
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