Photo Credits: Sports Business Journal
Sport has typically been about fans paying to enter the stadium, as well as buying food and merchandise.
However, the use of the latest technology has allowed this type of business to grow and change in recent years.
How does this work, and what can we expect in the future?
The fact that we can now follow sports franchises from anywhere on the planet makes it easier for huge brands to attract more support. In the current list of the most valuable sports teams in the world, the leaders are the Dallas Cowboys and the New England Patriots, followed by the likes of the Los Angeles Lakers and FC Barcelona. It’s now easier in many ways to follow one of these titans than to support a smaller, more local team.
Naturally, the biggest teams look for ways of cashing in on their global appeal through the likes of online merchandising sales, stores in different parts of the world, and worldwide tours. Several teams have also launched their own cryptocurrencies for fans, with numerous sides including Real Madrid, Arsenal, and Juventus among the soccer teams leading the way with tokens that provide incentives to their fans. Source: Pixabay
While we can expect cryptocurrencies and other new methods of making money to flourish, the main appeal of these teams is still that of watching them play. This is why streaming technology has seen interest in the biggest brands grow in recent years, as it gives us a chance to stay completely up-to-date in the way that suits our life.
Sports streaming rankings and figures relevant to the USA reveal that football is still the top sport in the country, followed by basketball, soccer, baseball, and ice hockey. Interest in each sport tends to peak before the start of a new season or major tournament, as fans look for different ways of tuning in to the games.
The money received from television coverage has helped the major brands to stay on top in recent years, as this is a steady, reliable source of income that helps them to keep on growing. Streaming allows them to receive even more money, and this is likely to keep the elite teams at the top of the industry, provided that they use that cash wisely.
Automation is one aspect of streaming that could help the sports industry to grow even more. This is where artificial intelligence cameras are used to provide automatic feeds of the action in the cloud, giving sports fans easier access to all of the action.
Some leading teams have also tried introducing a virtual reality (VR) aspect to the coverage of their games, giving fans the sensation of being right there in the stadium. The Carolina Panthers mixed virtual reality and augmented reality for a new type of fan experience last year. Broadcast partners are also able to cash in; learn more about SaaS platforms that give them access to OTT channels.
All of these different areas that we’ve looked at show us how the sports industry is growing thanks to the clever use of the latest technology and how the biggest teams are likely to carry on growing by finding new ways to benefit from their global appeal.
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