Sport has been around for centuries and has been growing and developing since the day it was first participated in. It has grown from a leisurely activity into a huge spectacle in many sports. In the early days of sport, it was seen as something to do to pass the time or to be active, and not something that was a large part of many people’s lives. It has progressed into something nobody could have ever imagined. Modern day sport connects people globally and is a huge part of life as we know it.
In recent years, astronomical amounts of money have been pumped into sport, and that is why there is such a big difference between sport’s early days and sport in today’s generation. Football is a prime example of how money has affected sport as a whole. At the beginning of the beautiful game, people took part as a way of socialising with their friends, rather than a way to generate an income. Money has been a game changer over the last 10 years, with billionaires coming from all over the world to buy a football club, seeing it as a long term business investment, rather than for the love of the game.
Sport has been growing and developing in many different ways over the years, with a huge portion of that growth being down to big money investments from new owners; but it isn’t just money that has helped in the rapid growth of worldwide sport. Things such as sponsorship deals for both individual players and teams and an increase in media coverage have helped to rapidly grow the industry, especially as we have transitioned into the 21st century.
Global Sports Market – The Impact of Money
According to ‘Statista’, between the years of 2006 and 2015, the total revenue of the global sports market increased from $107.52 billion to $145.34 billion. An increase of almost $40 billion over a period of just 9 years shows the extent to which sport is growing, not just in the UK, but across the entire world.
There are many contributing factors to such a large increase of revenue, but a large contribution is the increase in sponsorship deals. In 2012, sponsorship deals made up almost one third of the global sports market at around $40 billion. The different types of sponsorship that can be used in sports are things such as kit sponsors, advertising around stadiums, association with an event or team and even naming rights. Other elements that make up the global sports market, and are a contributing factor as to why it has increased so much in recent times, is gate revenues, fees involved with media rights and also revenue from merchandise associated with individual sports professionals or sports clubs.
Media has developed in its own right within the world of sport, whether that is through live coverage, highlights, punditry, commentary, insights or many other different things. Using various elements of the media to keep up to date with your favourite sport helps to expand your knowledge, provide explanations and gives you more opportunities for the enjoyment of sport.
It can be extremely advantageous for sport in more ways than one, including making supporters and sports fans more knowledgeable, it encourages participation at all levels, it makes it easier for clubs and athletes to gain sponsorship, personalities can be developed and it also allows people to get to know their role models in a way that has never been possible before. However, despite the media helping many different sports to grow, it can also have a negative impact too, such as decreasing attendances due to the ease in which you can watch live sports at home, minimising the privacy that sports professionals have in their life and finally, different sports may have to have made changes to their rules and their event times, in order to cater to the media.
Media has impacted sport by attracting larger amounts of money and enhancing the spectrum, based on the extensive coverage and the amount of detail that it provides.