Sports Sponsorship Global Market Report 2024

The sports sponsorship market has grown strongly in recent years. It will grow from $63.74 billion in 2023 to $67.56 billion in 2024 at a compound annual growth rate (CAGR) of 6.0%.The growth observed in the historic period can be attributed to several factors, including the pursuit of brand visibility and recognition, increased fan engagement, the globalization of sports, dominance of traditional media, and the influence of social media. These elements collectively contributed to the expansion and success of sports sponsorship during that period.

The sports sponsorship market is expected to see strong growth in the next few years. It will grow to $84.37 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%.The anticipated growth in the forecast period can be attributed to various factors, including a focus on immersive fan experiences, integration with esports and gaming, personalized marketing strategies, cross-platform integration, and innovative partnerships. Major trends expected in the forecast period encompass digital transformation, the integration of esports, sustainability initiatives, personalized fan engagement, and the incorporation of virtual and augmented reality. These trends reflect the evolving landscape of sports sponsorship, with an emphasis on enhancing fan experiences through digital innovations and strategic collaborations.

The upward trajectory of the sports sponsorship market is anticipated to be fueled by the escalating number of sports events. The consistent growth in sports events is attributable to factors such as the surging popularity of sports and increased resources dedicated to event organization. The globalization of sports has further amplified their reach, enabling broader global recognition and attracting sponsors keen on providing financial support. This is evident in the statistics from Tourism Economics, indicating a rise from 96 million attendees in the USA in 2020 to 175 million in 2021. Consequently, the expanding landscape of sports events is poised to be a key driver for the sports sponsorship market.

The burgeoning expansion of the e-sports industry is expected to contribute significantly to the growth of the sports sponsorship market. E-sports, involving organized multiplayer video game competitions among professional players and teams, presents diverse sponsorship opportunities for engaging with fans. Sponsors can effectively utilize social media, live events, and in-game advertising to target their desired audience. As per NewZoo BV's data from October 2022, the audience for live-streamed gaming nearly reached 810 million in 2021 and is projected to exceed 1.41 billion by 2025. Hence, the expanding reach of the e-sports industry stands as a driving force for the growth of the sports sponsorship market.

The sports sponsorship market is witnessing a notable trend with the increasing adoption of technological advancements by companies in the industry. This strategic move aims at fostering growth and competitiveness. An illustrative example is Meta, the US-based technology company, which unveiled the Xtadium VR (virtual reality) app for its Oculus Quest 2 headset in October 2022. Xtadium offers a cutting-edge platform delivering VR streams of sports events in 180 degrees with up to 8K video quality. Featuring real-time statistical overlays and eight different camera angles, the platform enhances user experience by providing personalized views. Users can engage in live events, access on-demand replays, and enjoy immersive highlights. Xtadium's objective is to leverage VR technology to replicate the atmosphere of attending a live sporting event as closely as possible.

Major companies are prioritizing collaboration and partnerships to ensure the delivery of reliable services to customers. These strategic affiliations, often established through business agreements or contracts, play a crucial role in shaping the industry. A noteworthy instance is the collaboration between Globant, an Argentina-based software development company, and Fédération Internationale de Football Association (FIFA), the Switzerland-based governing body for soccer. The partnership, announced in June 2023, designates Globant as a Global Sponsor for FIFAe Series from 2023 to 2025 and involves sponsorship of the FIFA Women's World Cup Australia and New Zealand 2023. The alliance aims to enhance the FIFA+ streaming platform, emphasizing diversity and inclusion. Globant's commitment aligns with the broader goal of fostering opportunities for women across industries, contributing to global sports inclusivity.

In July 2021 when MSG Entertainment, a US-based entertainment company, successfully acquired MSG Networks for an undisclosed amount. This strategic acquisition has resulted in the creation of a formidable platform encompassing renowned venues, entertainment properties, and regional sports and entertainment networks. MSG Networks, a US-based regional sports network, specializes in broadcasting sports events and related programming for the New York metropolitan area. The acquisition strengthens MSG Entertainment's position in the industry, consolidating its presence across multiple facets of entertainment and sports broadcasting.

Major companies operating in the sports sponsorship market report are Adidas AG, Nike Inc., PepsiCo Inc., Rolex SA, The Coca-Cola Company, Puma SE, Samsung Electronics Co Ltd., Castrol Limited, Tata Group, Reliance Jio Infocomm Limited, Intel Corporation, Qatar Airways Group Q.C.S.C., Hero MotoCorp Ltd., Hyundai Motor Company, Nissan Motor Co Ltd., Reebok International Ltd., Red Bull GmbH, Optimum Nutrition Inc., DICK'S Sporting Goods Inc., State Farm Mutual Automobile Insurance Company, Anheuser-Busch InBev SA/NV, Ford Motor Company, FedEx Corporation, Molson Coors Brewing Company, General Motors Company, Toyota Motor Corporation, Heineken N.V., Visa Inc., Mastercard Incorporated, American Express Company, Emirates Airline, Etihad Airways PJSC, Flydubai.

North America was the largest region in the sports sponsorship market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global sports sponsorship market report during the forecast period. The regions covered in the sports sponsorship market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the sports sponsorship market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of sports sponsorship encompass signage, digital activation, club and venue activation, and others. Signage in sports involves the display of advertising and promotional materials within sports venues or on sports-related products during events or games. This type of sponsorship finds major applications in competition sponsorship, training sponsorship, and other related areas. It serves as a means for brands to gain exposure and connect with their target audience in the context of sports activities.

The sports sponsorship market research report provides sports sponsorship market statistics, including sports sponsorship industry global market size, regional shares, competitors with sports sponsorship market share, detailed sports sponsorship market segments, market trends and opportunities, and any further data you may need to thrive in the sports sponsorship industry. This sports sponsorship market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The sports sponsorship market includes revenues earned by entities by providing monetary sponsorship for brand exposure, product placement, advertising, and merchandising. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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