Sports have always been events that have the ability to attract public attention and even unite entire societies. It is known for certain that the first Olympics were held in 776 BC, and as the years go by, their popularity continues to grow. Such is the case in recent years, where the sports industry has shown particular signs of expansion and growth. Here are the reasons behind this reality.
Sports industry: An Industry that continues to grow
The sports industry has shown clear expansion in recent years. During 2020 alone, the sector reported $388 billion in revenues, representing an average growth of 3.4% year-on-year since 2015. If that wasn’t enough, ResearchAndMarkets’ projections call for growth of USD 599 billion by 2025 and USD 826 billion by 2030.
With these figures, it should come as no surprise that other parallel industries such as the sports betting sector are in turn becoming increasingly popular. Providers like Unibet offer NJ online sports betting on their websites or mobile apps. Sports fans can place their bets from their smartphones from anywhere in the world and the service offerings are becoming more and more complex. With these elements in mind, one might ask what are the factors stimulating this growth?
One of the reasons why sports have become so popular in recent years is precisely the development of streaming services and the increasingly varied broadcasting mechanisms that now exist. It is not uncommon to see events such as Formula 1 races and UFC numbered events migrating to online TV services.
It is estimated that by 2020 alone, at least 6.6 billion people were users of a smart mobile device, which translates to at least 75% of the world’s population. Thanks to this, sports are reaching more and more people, in a particularly accessible way. This, of course, generates a nine-ball effect, whereby further developments and revenues are generated around these events. Just think of the advertising exposure during the Super Bowl, which on average costs USD 6.5 million for every 30 seconds of airtime.
eSports enter the scene
Another element behind the growing popularity of sports in recent years is the continued expansion of the video game industry and digital competitions. The link between video games and eSports is perhaps one of the most lucrative interconnections there is, as video games have become the highest paying entertainment industry in recent years.
The popularization of video games such as DOTA 2, Counter-Strike Global Offensive, and even Fortnite has opened up the sports spectrum to many users who are no longer just considered gamers but are also recognized on a par with high-performance athletes. It is worth noting that by 2023 a global audience of up to 646 million viewers is expected globally.
Finally, it is worth noting how high-performance competitors from more traditional sports have also had a notable participation in the world of video games. For example, Max Verstappen, the current Formula 1 champion, participated in and generated great interest in the digital 24 Hours of Le Mans, which had a payout of USD 250,000, and was followed by 81 million viewers.
As can be seen, the dividing line between video games and sports is becoming increasingly tenuous. This is a reality that is set to be reflected in the growth of the sports industry, but above all in the interest of more and more enthusiasts of these disciplines, a reality that explains the growing interest in the sector in recent years.