Sports

Revenue in the Sports market is projected to reach US$110.40m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 2.52%, resulting in a projected market volume of US$125.10m by 2029.
In global comparison, most revenue will be generated United States (US$49.76bn in 2024).
The average revenue per user (ARPU) in the Sports market is projected to amount to US$10.26 in 2024.

Definition:

The sports market encompasses various segments related to popular sports such as Soccer, Football, Basketball, Baseball, and Cricket. These segments include media, ticket sales, and merchandise sales, catering to the diverse needs of sports enthusiasts worldwide.

Structure:

Media: This market focuses on revenues generated from broadcasting rights, digital streaming services, advertising, and sponsorships related to sporting events. It encompasses television broadcasting, online streaming platforms, and radio broadcasts dedicated to Soccer, Football, Basketball, Baseball, and Cricket.
Ticket Sales: This part comprises revenues generated from the sale of tickets for live sporting events, including matches, tournaments, and championships in Soccer, Football, Basketball, Baseball, and Cricket. It encompasses sales from both physical ticket outlets and online ticketing platforms.
Merchandise Sales: This market includes revenues derived from the sale of sports-related merchandise such as jerseys, caps, memorabilia, equipment, and accessories associated with Soccer, Football, Basketball, Baseball, and Cricket. It covers sales through retail outlets, online stores, and official team or league merchandise shops.

Additional information:

The market metrics include revenues, users, average revenue per user, and market penetration rates. Revenues are primarily driven by consumer spending on media subscriptions, ticket purchases, and merchandise. Insights into the consumer market also encompass data on specific sports events, teams, and leagues, providing comprehensive analytics for informed decision-making.

Key players in the sports market include major sports leagues, broadcasting networks, sports apparel brands, and retail chains specializing in sports merchandise. For further details on the data presented, refer to the information provided alongside the respective data sets.

Ticket sales from games, such as league games
Revenue from merchandise, such as jerseys
Revenue from media rights, such as TV broadcasting

Revenue from player transfers, such as transfer fees
Tickets sold on the secondary market, such as on eBay
Revenue from licensing or sponsorship, such as from logos

The Sports market in Nigeria is experiencing significant growth, driven by various factors such as increasing interest in soccer, American football, basketball, baseball, and cricket among consumers, as well as the convenience provided by online sports services. However, the market growth rate remains stagnant due to factors such as lack of infrastructure, limited funding for sports teams, and low public interest in sports as a career option. Addressing these challenges can potentially lead to a noteworthy increase in the overall growth rate of the Sports market in Nigeria.

Customer preferences: The rise of social media and influencer culture has greatly impacted the Sports market in Nigeria. More and more consumers are looking towards popular athletes and celebrities for inspiration and endorsements, leading to an increase in demand for branded merchandise and products. Additionally, the emergence of online sports training and coaching platforms has become popular among individuals looking for convenient and accessible ways to improve their athletic skills and techniques. This trend is further driven by the growing importance placed on physical fitness and the pursuit of a healthy lifestyle among Nigerians.

Trends in the market: In Nigeria, the Sports Market has seen a significant increase in the use of digital platforms for ticketing, streaming, and merchandise sales. This trend has been accelerated by the recent COVID-19 pandemic, which forced the closure of stadiums and limited in-person attendance. As a result, digital platforms have become crucial for the survival of the industry. This trend is expected to continue, with more investments in online infrastructure and innovations in the user experience. For industry stakeholders, there is a need to adapt and embrace digital platforms to remain competitive and capture the growing digital market in Nigeria. Failure to do so may result in loss of revenue and falling behind in the highly competitive Sports market.

Local special circumstances: In Nigeria, the Sports Market is heavily influenced by the countrys strong sporting culture and deep passion for sports, particularly football. This has led to the rise of local sports leagues and teams, creating a highly competitive and exciting market. Additionally, the countrys significant youth population has driven the demand for sports-related products and services, with a focus on affordability and accessibility. The regulatory landscape also plays a role, with government initiatives to improve sports infrastructure and promote local talent, further driving the growth of the Sports Market in Nigeria.

Underlying macroeconomic factors: The Sports Market in Nigeria is heavily influenced by macroeconomic factors such as the countrys economic health, government policies, and global economic trends. The performance of this market is greatly impacted by the overall economic stability of the country and any changes in fiscal policies. Additionally, global economic trends and fluctuations in exchange rates can also have a significant impact on the Sports market in Nigeria. Overall, a favorable economic environment with strong government support can lead to faster market growth, while economic challenges and uncertainty may slow down the markets progress. Furthermore, the increasing demand for sports products and services, driven by a growing population and increased interest in sports activities, also contributes to the growth of the market.

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.

This report presents a comprehensive analysis and additional information on the Advertising & Media market, in a PDF format.