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Summary
The global sports events market witnessed significant disruption due to the COVID-19 pandemic, with a sharp market slump in 2020 as events were canceled or held without audiences amid restrictions and lockdowns. Despite the challenges, the market showed signs of recovery with a value of $27.18 billion in 2022 and is projected to grow to $32.6 billion by 2027, with an annual growth rate of 6.32% from 2017 to 2027. The United States led the market in 2022, valued at $12.4 billion, followed by the UK, China, Japan, and Canada. Digitization has become a major trend, with increased online engagement and the rise of e-sports, which accounted for more than 474 million viewers in 2021. In Italy, the average household expenditure on sports events dropped to €9.09 in 2021, reflecting the pandemic's impact on attendance and consumer behavior. Yet, the industry showed resilience, with sports tourism contributing significantly to the Italian economy, where accommodation, catering, and shopping were the main expenditure items by tourists. Major events like Giro d'Italia, Palio of Siena, the F1 Grand Prix, and the Internazionali d'Italia in tennis managed to generate substantial revenue, emphasizing the potential for growth and recovery post-pandemic.
Trends and Economic Impact
The Italian sports market demonstrates a pronounced proclivity towards soccer, with this discipline not only representing the lion's share of the market volume but also the majority in terms of the number of sports events. With an impressive turnover in the ballpark of between €2.5 and €2.9 billion in 2019 within the sporting events domain, soccer overwhelmingly dominates, generating over 80% of the business volume accounted for in sports. The Italian sports event landscape is vast, with over 100,000 events linked to soccer in 2019 alone, reflecting the cultural entrenchment and widespread following of the sport. Participation in sports activities is notable in Italy, involving more than 20 million people and contributing significantly to the country's GDP. The economic contribution of sports to Italy doesn't only lie in event turnover but also encompasses substantial household spending. On average, Italian households spend between €100 and €120 annually on recreational and sports services and events. Beyond soccer, the Italian sports events market is rich and varied, with multiple sports enjoying considerable following. With more than half of the population expressing an interest in sports and on average following at least three different sports, Italy presents a diverse sports culture. Despite the financial prowess of soccer, other sports such as swimming and athletics capture the public's attention, particularly when associated with national and international champions. The advent of Covid-19, however, dealt a significant blow to the Italian sports events market, as it did globally. The year 2020 saw a drastic reduction in sports events, with numbers plummeting by over 70%. The pandemic's implications transcended beyond sheer event frequency to affect economic aspects, including public spending in the millions, with sport-specific expenditures plunging to as low as 83% compared to the previous year. Furthermore, with the constraints imposed due to the pandemic, the average household expenditure dipped, although tentative recovery is expected as the market adjusts and events return in full swing. The digital transformation of the sports events sector, including the embrace of e-sports and technological innovations, signifies a new trend in the industry, molding how audiences engage with and consume sports content. In conclusion, the Italian sports events market is characterized by its deep-rooted passion for soccer, notable public interest and economic investment in sporting activities, and recent shifts due to the pandemic-induced hiatus and subsequent move towards digitalization. With expenditures in sports events once reaching between €15 and €20 million on average per household, and a considerable number of citizens keenly.
Key Market Players in the Sporting Events Industry
The sporting events industry is populated by a multifaceted network of stakeholders, each playing a critical role in delivering memorable experiences to sports fans worldwide. From the organizational behemoths governing leagues and tournaments to the tech-savvy companies transforming spectatorship into a digital spectacle, these entities are reshaping the contours of the industry.
- International Olympic Committee (IOC) : Renowned as the guardian of the Olympic Games, the International Olympic Committee is a premier institution that orchestrates one of the world's largest and most prestigious sporting mega-events. The IOC sets the stage for global athletic excellence, upholding the spirit of Olympism and fostering a competitive yet communal atmosphere that captivates millions.
- UEFA (Union of European Football Associations) : As the administrative machine behind Europe's premier football competitions, including the revered UEFA Champions League and the UEFA European Championship, UEFA's influence permeates the soccer landscape. It not only influences the structure and prosperity of the sport in Europe but also commands an extensive viewership that spans the globe.
- National Sports Federations govern the organizational details of sport within their respective countries, overseeing competition standards, athlete development, and event scheduling. By managing a sport's national affairs, they contribute to the long-term direction and health of the sports they represent.
- TikTok : Moving away from conventional stakeholders, TikTok exemplifies the transformative power of digital platforms in the sports industry. As a sponsor and partner to prominent sporting events, TikTok offers fans a dynamic way to engage with their favorite sports, combining the real-time excitement of events with the creative, communal fabric of its social media realm.
- DreamHack and Intel Extreme Masters : These flagship e-sports events represent the burgeoning sphere of competitive gaming, which has claimed its seat at the table of prominent sporting events. DreamHack and Intel Extreme Masters draw in colossal digital audiences, and their traveling competition format holds significant potential for market expansion, especially in territories like Italy that are ripe for e-sports exploration. An intricate tapestry of organisers, regulators, sponsors, and digital pioneers, these main players contribute to a diverse and vibrant sports events market. They champion the pastime and passion of millions, and by doing so, help scribble the rich narrative of contemporary sports culture. Whether it's through the time-honored tradition of the Olympics, the continental fervor of football tournaments, or the digital arenas of e-sports, these market players shape an industry that thrives on engagement, excellence, and
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- Number of pages : 30 pages
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- Last update : 13/08/2021
Summary and extracts
1 Market Summary
1.1 Definition and presentation
A sporting event is a one-time technical or sporting effort related to a single discipline that is held to promote the activities of that discipline; sporting events are one of the most complex categories of events to organize, especially when they are large competitions or tournaments. The most important pillars of a sports event are: the administrative area, logistics, Marketing and PR, and the use of volunteers. Sports events can be divided according to the organization behind them, private or public, and also according to size, mega-events, landmark events, major events, and minor events. The interesting aspect of sports events is the economic externality created and the diversification of actors involved.
In 2021, the value of the global sports events market reached $16.51 billion. The market is expected to grow at an annual rate of 6.32 percent (CAGR 2017-2027), leading to a projected volume of $32.26 billion by 2027.
More than 20 million people in Italy participate in sports activities, and the sports sector is worth a significant share of Italy's GDP. The most popular sports in Italy are soccer, tennis, swimming and rugby, not forgetting Motogp and Formula 1. According to Istat, Italian households spend an average of 109.9 euros per year on recreational and sports services and events. Various players, public associations and private companies are involved in the sector, and after the crisis related to the restrictions for Covid-19, the market is set to explode with a full return of all sports events and an increase in their development.
E-sports, often known as e-sports, is a competitive video game activity that is organized as a tournament involving direct confrontations between people or teams. E-sports events are expected to become increasingly popular in the future. The DreamHack and Intel Extreme Masters, which fill entire soccer stadiums, are the best-known traveling competitions that do not yet include Italy. Thus, there is still a huge market opportunity in Italy with minimal competition.
List of charts
- Impact of the Covid-19 pandemic on indoor sports activities
- Possible safety measures for fans
- World sports events market
- Countries with the most profitable sports event market ( revenue value)
- Sports events by number of viewers
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