Market Insights Advertising & Media Sports

Basketball - Colombia

Colombia

Revenue in the Basketball market is projected to reach US$7.58m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -4.41%, resulting in a projected market volume of US$6.05m by 2029.
In global comparison, most revenue will be generated in the United States (US$9,535.00m in 2024).
The average revenue per user (ARPU) in the Basketball market is projected to amount to US$6.99 in 2024.
In the Basketball market, the number of users is expected to amount to 1,158.0k users by 2029.
User penetration in the Basketball market will be at 2.1% in 2024.

Market

Region

Region comparison

Currency

Analyst Opinion

The Basketball Market in Colombia has seen minimal growth rate due to various factors. These include limited consumer spending on Basketball Merchandise and Tickets, as well as the limited presence of Basketball Media in the country. However, the increasing awareness and popularity of Basketball among the Colombian population may drive future growth in the market.

Customer preferences: As in the previous paragraph, consumers in Colombia are increasingly drawn to digital alternatives in the Basketball Market within the Sports Market. This trend is supported by the countrys growing tech-savvy population and the desire for convenient and accessible solutions. From virtual training programs to online games and fantasy leagues, digital platforms are providing new ways for fans to engage and interact with the sport they love. This shift towards digital consumption is also indicative of the emerging tech culture and the desire for quick, accessible and engaging experiences among Colombias younger demographics.

Trends in the market: In Colombia, there is a growing trend of using social media and influencer marketing in the basketball market. This trend is driven by the increasing use of social media and the influence of popular players and teams on these platforms. This trend has resulted in a shift towards digital marketing strategies and partnerships with influencers to reach a larger audience. This trend is significant as it allows for a more targeted and cost-effective approach to promoting basketball events and merchandise. However, it also poses challenges for traditional advertising methods and requires industry stakeholders to adapt to this digital shift.

Local special circumstances: In Colombia, the Basketball Market has seen rapid growth thanks to the countrys rich basketball culture and the governments support for the sport. With its ideal location in South America, the country has also become a popular destination for international basketball tournaments. Additionally, the unique geography of Colombia, with its diverse terrain and climate, has also contributed to the development of different types of basketball facilities and training programs. Moreover, the countrys passionate fan base and the intense rivalries between local teams have further fueled the popularity of basketball in Colombias Sports market.

Underlying macroeconomic factors: The growth of the Basketball Market within the Sports Market in Colombia is also influenced by macroeconomic factors such as the countrys national economic health, fiscal policies, and global economic trends. The strength of the countrys economy, as well as its policies and regulations, play a significant role in the development of the market. Countries with stable economic conditions and a strong investment in sports infrastructure are likely to see faster growth in the Basketball Market, compared to those with economic challenges and limited resources. Moreover, the increasing popularity of basketball in Colombia, coupled with a growing young population, is fueling the demand for sports-related products and services, contributing to the development of the Basketball Market within the Sports Market.

Methodology

Data coverage:

The data encompasses B2C and B2B revenues. Figures are based on media spending, merchandise spending, and ticket spending. All monetary figures for merchandise and tickets refer to consumer spending on goods or tickets in the respective segment, which can be online and offline.

Modeling approach / Market size:

Market sizes are determined through a combination of bottom-up and top-down approaches, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, third-party studies and reports, survey results from our primary research (e.g., Consumer Insights), as well as performance factors (e.g., user penetration, price per ticket, price on sport goods). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, number of internet users, and internet consumption. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function or linear forecasting, as it fits the development of either strong growing markets or more sophistacted and saturated markets, such as soccer in Europe.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development). We also account for the different cycles of international tournaments, such as world cups or continent cups. Consumer Insights data is reweighted for representativeness.