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The Sports and Entertainment Industries continue to be ever-evolving landscapes with not only new entrants but also new mediums in which content is consumed. With content readily accessible at the fingertips of Billions of consumers, advertisers and creators alike are competing to grow their brands and reach the masses. When it comes to major sports organizations, media companies and other personalities, the focus continues to shift to finding ways to engage the next generation of fans.
Streaming Services/OTT (over-the-top):
Expensive cable bundles look to be on the way out as more streaming platforms continue to flood the market, offering on-demand access to not only live sporting content but also original shows that can be accessed on demand. One of the primary leaders in that regard was MLB.TV in the early 2000s, which offered an all-in-one subscription platform where fans of the league could tune in and watch their favourite team plan. This started a trend and created a model that other organizations and leagues began to adapt and modify as they entered the model. What began as a new battle of obtaining licensing agreements as platforms began fighting over rights for live games and relevant sports content. What we have seen today is the emergence of "original" content on these platforms as they look for different ways to differentiate themselves from their competition and jostle for greater market share. Specifically in the sports and entertainment industries, over the past couple of years, some big players have stepped in and disrupted the market. The likes of DAZN, ESPN+, AppleTv and Peacock are some examples of these heavily financial platforms that saw early success when they entered the space…We are already hearing rumblings of ESPN, Fox and Warner Bros teaming up to offer their own streaming service venture that will include content from all three of these major media conglomerates. The way fans consume content will continue to change, and these major players will be at the forefront of offering viewers what seems to be an endless resource of on-demand content.
Podcasting/Video Content:
With developments in social media and additional content outlets, we have seen the fixation with athletes and celebrities has spilled out of just their professional lives. Fans now seem to be more attached to their favourite icons than ever before and now have access to more content straight from the source. Athletes and celebrities in the limelight almost have a new sense of liberation, and they have taken it upon themselves to help control their own narratives through their original shows and podcasts. Podcasting also offers an easy-to-use and convenient format for people to consume. Not only could you listen to your favourite content, but you no longer had to do it in the comfort of your home or wait for some sort of scheduled programming. These industries gained many adopters early and have seen a massive boom over the past few years, with more recently, people offering content that can be consumed on both the audio and video side. Revenue generated from these shows is projected to surpass $2.5B in this year alone, and this is only a number that we will continue to see grow. The fact that active/recently retired athletes are getting into the mix also continues to make it a hot market when it comes to sport and entertainment, as fans are receiving a different sort of access never previously experienced.
Big Spenders:
An influx of new creators covering sports and entertainment has created plenty of additional ways for advertisers to get involved. Who is spending the most money? Those major powerhouse brands from Telecom, Automotive, Financial…We will all continue to have a presence in the space, but one of the most interesting emergents in the past couple of years has been that of Sports Books / Online Betting platforms. Operating in line with changing regulations in the US, we have seen some of these platforms go all in and take the market by storm. Take into account that forecasts are showing that the Super Bowl will see over $23B in sports bets placed. Online Betting platforms are seeing an uptick in both usage and revenue year over year, so don't expect this to slow down anytime soon. The Sports and Entertainment industries continue to be some of the largest revenue-generating industries worldwide, and as the audience grows, so does the way content can be consumed. There will only be further opportunities for advertisers to increase expenditure and invest in ways they can't directly engage consumers.
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