LONDON, June 24, 2021 (GLOBE NEWSWIRE) -- According to The Business Research Company’s spectator sports market research report, while spectator sports market trends involve a mix of technology to improve the experience, it is not at all close to being physically present in a stadium. COVID-19 brought about this disheartening realization in sports viewers. A survey was conducted by IBM in 2020 to analyze the satisfaction and digital experience of the viewers during the pandemic. Sports that were covered during this time were football, baseball, soccer, and extreme sports. The results showed that 45% of the sports enthusiasts missed watching live sports while 43% missed being in the atmosphere of the stadium. Moreover, nearly 45% of the sports fans felt that it was difficult to replicate the live experience with the help of technology. During the pandemic when live sports were not available, fans were staying connected to sports by re-watching old sports (38%) and exercising (37%), an interesting combination of virtual and physical engagement.
The global spectator sports market size is expected to now grow from $108.48 billion in 2020 to $132.6 billion in 2021 at a compound annual growth rate (CAGR) of 22.2%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $183.45 billion in 2025 at a CAGR of 8%.
Major players in the spectator sports industry are Dallas Cowboys, Manchester United, FC Barcelona, Real Madrid, New York Yankees.
According to a survey conducted by UK Sport more recently in April 2021, 97% of sport enthusiasts claimed likely to attend live sports events after the pandemic. Out of them, 75% were happy to return to the sports after 4 months with the Government’s approval. Moreover, sport enthusiasts responded favorably at 99% to attending a sports event held outdoors or in an outdoor stadium, while up to 88% stated that they would consider spectating in an indoor arena at this time. This shows the yearning for the full experience within the spectator sports market and is likely to easily boost its growth in the forecast period.
The Business Research Company’s report titled Spectator Sports Market - Opportunities And Strategies – Global Forecast To 2023 overs major spectator sports companies, spectator sports market share by company, spectator sports manufacturers, spectator sports market size, and spectator sports market forecasts. The report also covers the global spectator sports market and its segments.
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Apart from being in the stadium itself, watching live sports on TV is the next best thing for fans. According to the US management consulting company, Altman Vilandrie & Company’s Sports and News Survey report 2019, conducted in the USA, around 79% of sports fans who watch sports regularly agreed to pay for Pay TV subscription. 62% of sports fans’ top favorite sport is NFL, whereas 14% of sport fans’ favorite is MLB and 5% of sport fans’ favorite is NBA. Also, around 88% of NFL sport fans preferred to watch their favorite league on live TV because of their favorite team and 63% of tennis sports fans love to watch favorite league on live TV as they like to watch their favorite players.
North America is the largest region in the spectator sports market, accounting for 35.4% of the global market in 2020. It is followed by Asia- Pacific, Western Europe and then the other regions. Going forward, the fastest growing regions in the spectator sports market will be South America and Africa, where growth will be at CAGRs of 22.3% and 20.5% respectively. These will be followed by Africa and the Europe, where the markets are expected to grow at CAGRs of 18.8% and 18.6% respectively.
Spectator Sports Market - By Type (Sports Teams & Clubs, Racing & Individual Sports), By Revenue Source (Tickets, Media Rights, Sponsorship, Merchandising), By Media Type (Traditional Media, Non-Traditional Media), By Sport (Badminton, Baseball, Basketball, Cricket, Cycling, Hockey, Ice Hockey, Racing, Rugby/Football, Soccer, Table Tennis, Tennis, Volleyball, Wrestling/Boxing, Others), And By Region, Opportunities And Strategies – Global Forecast To 2023 is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, segments and geographies, trends, drivers, restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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