With globalization becoming increasingly prevalent in modern society, popular athletic sports are beginning to be effected by international business impacts. Globalization has become a central theme of business over the last four decades. With the expansion of globalization has come the introduction of global sports as business. It is one that has rapidly accelerated in the internet era. But is also an inevitable consequence of the ease with which we can now physically travel to every corner of the planet. As the world has become more multicultural, sports that were once popular only in specific geographies have reached a global audience.
This globalization has served to broaden the choice of sports available to players and fans. But it also brings a wealth of business opportunities for the clubs, athletes, sponsors and support industries. Continue reading this post to learn the top ways sport is rapidly evolving as a global business.
Soccer Leading The Way
More than half of the world’s adult population followed the 2018 soccer World Cup. FIFA sold the broadcasting rights to an incredible 148 different countries, generating an estimated $3 billion in broadcasting revenue. It’s a far cry from the days when soccer was popular only in Europe and among the Spanish speaking nations. Yet its globalization is still a work in progress. A senior investment banker at Goldman Sachs told CNBC that soccer is where the smart investment dollars should be spent in the run up to the US hosting the 2026 World Cup. As these professional events continue to grow, entrepreneurs profit from sports directly, and the shift from competition to global business begins.
Cricket’s Global Empire
In some respects, however, there’s a sport that went global long before the rest. Cricket might still be a minority sport in the US. However, it spread the old-fashioned colonial way from Britain to its former dependencies in India, Australia and into the Middle East. The internet has taken over where the British Empire stopped, and with the USA’s new fascination with sports betting, online cricket betting guides like the one at https://www.cricketbettingtips.io/ are finding new audiences on the global stage.
The NFL In Europe
America and sport used to be a topic that intrigued and fascinated the rest of the world. NFL and NBA were abbreviations that meant nothing outside North America. The phrase World Series was seen as something of a joke given that there was nothing international about it. Nobody is laughing now. Europe went football mad in the early 1980s when new broadcasters started to show NFL games. The UK and German audiences took to the game instantly. Meanwhile, European and World leagues have had only limited success. The way the NFL has adapted to its new international audience has been an object lesson in global marketing. The NFL’s constant growth is influencing sports business around the globe.
The NHL And Global Events
As more and more popular American sports compete on the international stage, the transition has impacted the NHL as well. For eight years now, the NHL has played a number of regular-season games internationally. In 2019, two separate games were played in Stockholm, Sweden. For the 2020 season, the league has announced to feature four professional teams playing in both Prague, Czech Republic and Helsinki, Finland. These global sports events are continuing to grow sports fan-bases and popularize sport as a business. As professional sports continue to emerge as a international business, we see the change encompassing hockey the NHL as a whole.
Joined Up Coverage Of The Biggest Tournaments
Whether it is to get the latest team news, watch a live stream or even place a bet, internet technology has made distance and location an irrelevance when it comes to watching sport. This has allowed for a seamless, uniform approach by which sponsors can reach a wider audience that they would not have dreamed possible 20 years ago.
It doesn’t just apply to the major sports we have mentioned above. Tennis, golf and Formula One motor racing are just three examples of sports that are played on an international stage. As the world becomes ever more interconnected, so the opportunities from sport’s globalization will continue to expand. When analyzing international sports, it is impossible to deny the worldwide reach of soccer or the impact of the NFL’s European expansion. At the same time, huge sports like cricket are beginning to be effected by global business trends. Throughout this, there is consistent joined up coverage for the world’s biggest tournaments. If you are interested in the top ways sport is rapidly evolving as a global business, consider the points mentioned above.