Sport Business Spotlight
The world is fascinated with sports. Interest in sports spurs massive economic and cultural influences that can be felt at regional and national levels. During the Olympics, it seems as if the world is collectively holding its breath waiting to see how the world’s greatest athletes perform on the top stage. The World Cup takes the hopes and aspirations of countries and puts them on the back of a national soccer team. These global sporting events do not just attract fans but also catch the attention of marketing departments of Multinational corporations. In the United States, the media and advertising hype surrounding the Super Bowl becomes an annual winter tradition where the moves made by league executives and marketing companies is just as important and dramatic as the play on the football field in early February.
The business angle of sports is far reaching and goes well beyond the field of play. From sports contracts, licensing agreements, and major development around stadiums the world of sports has a major economic impact. Sports is an industry that is extremely visible and in the 24-hour news cycle the ability of influencer athletes has only grown and will continue to grow in coming years.
The world of sports is massive with impacts ranging from local spending at stadiums to global campaigns behind some of the largest products in the world. Sports is so much more than what is seen through the athletic fields of competition. The business side of the sports world influences everything from developing new stadiums to the wide world of sports broadcasting. Above all else sports is a major economic player that is here to stay.
Sports teams and annual sporting events often serve as the platforms of regional tourism and identity. For many people the first thought they have about Kentucky is of big hats, mint juleps, and the early May running of the Kentucky Derby. The state of Kentucky uses horse racing to symbolize the values and attitudes which the state wants to share on the national and international stage to draw in tourists year-round. Large sporting events draw in many tourists and can attract international interest.
Many regional and city governments are forced to make difficult decisions about stadium financing and put the tax payers on the hook to finance renovation and development of new stadiums. The money and role of public financing behind stadiums raises many questions about access, affordability, and what role the government should have in financing projects. Sports do provide a boost for the economy, but a deeper dive is needed to understand the complexities behind the economic impact sports provide and accountability must be taken on behalf of tax payers who subsidize these large projects.
The world of sports combines so many different businesses and is as unique as the difference between major sports. From the huge influence sports media has, as one of the key broadcasts followed by people in today’s fragmented media landscape to the team executives who run the operations behind top teams the influence of sports is massive and goes far beyond the results from the playing field.
Sports will continue to garner interest around the globe and large amounts of money from sponsors and consumers alike. The sports industry sits at an intersection of public interest, politics, and business making it a vital aspect of identity and culture for a region.