Market Trends of North America Sports Promoter Industry
Increasing Number Of Digital Channels Raising Market Size
Technology and Digital Media penetration globally has increased sports viewership around the world for international events. The F1 race documentary ("Drive to Survive") by Netflix has attracted a significant segment of the U.S. population towards watching the F1 Race during the pandemic. Last year, the Formula 1 World Championship season ended as the most-viewed ever on U.S. television, averaging 1.21 million viewers per race across ESPN, ESPN2, and ABC, with a 28 percent increase in viewership over the previous years. Through this digital innovation and rising media platforms, a significant number of sports are expanding their reach globally with increasing viewership.
Sports streaming services of Amazon, YouTube T.V., Apple T.V., and others are breaking the existing monopoly of sports broadcasting by commercial television networks and increasing the sports events accessibility by getting into deals with various leagues. Online Sports betting in North America is rising, with the value of the U.S. fantasy sports market rising to USD 9.48 billion last year.
Sports Sponsorship Emerging As A Promotion And Communication Tool
North America exists as the region with the largest share in sports sponsorship revenue at 39.5% of the global share, leading to a significant rise in the sports promotion market of the region. The United States sports sponsorship market size increased to the value of more than USD 65 billion last year, with football, basketball, and baseball leagues existing as major sponsorship-attracting leagues.
Sports sponsorships provide various brands with an ideal platform for developing brand value and global recognition with high-value consumer groups. Stephen Curry, Lebron James, and Tiger Woods have emerged as American athletes promoting their sports of Basketball and Golf with leading sponsorship value globally. Various segments of sports sponsorship ( Individual, Team, Sports, or Event) are creating mutual benefit for both parties, increasing business opportunities for the businesses, and raising the growth of sports clubs, leagues, and teams with rising revenue.
