Sports Sponsorship Market Size, Growth and Industry Report 2021-2027
The global sport sponsorship is expected to grow at a significant rate due to the number of driving factors. The emergence of new sports leagues is one of the primary factors that will trigger the growth of the global market in the upcoming years
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Scope of Global Sports Sponsorship Market Report:
Sports sponsorship market is booming, never before has more money been put into marketing with athletes, sports teams, or sporting events. According to a study, athlete endorsements have been shown to generate a 4% increase in sales – which corresponds to an average of $10 million in additional sales annually – and nearly a 0.25% increase in stock returns. Sponsorship is a business relationship between a provider of funds, resources or services and an individual, event or organization which offers in return some rights and association that may be used for commercial advantage. The sponsorship includes mainly three objectives to be co-created and or fulfilled by sponsor and sponsee. First of all, they have co-designed the first ever performance optimized esport jersey. Second, they have already launched a merchandise collection. Lastly, they are to introduce a varied range of activation initiatives. Digitalization offers sponsors completely new opportunities as a few years ago, sponsorship still meant having company's logo on sports assets presented to the media. Today, sponsorship is the opportunity to run storytelling and content marketing – in times of information and advertising overload, this is especially attractive for brands. In connection with the digital possibilities, enormous opportunities arise for global players as well as small start-ups.
Sports sponsorship is a powerful and impactful marketing technique. It consists of the suggestion between a company (sponsor) and a sports club or event (sponsee). A popular example is a brand logo printed in team’s jersey. Visibility and media exposure are guaranteed. Also, it gives the user a chance to stand out and differentiate. Sports sponsorship has witnessed a lucrative growth as more money been put into marketing with athletes, sports team, or sporting events. In times of advertising message overloads, sport offers something extremely valuable: real emotions. In connection with the digital possibilities, enormous opportunities arise for global players as well as small start-ups. Nowadays, sponsorship accounts for an enormous portion of the sports business industry. Sports organizations rely on sponsors to provide funds, products, and services, which ultimately drive profitability for all parties involved.
Sports Sponsorship Market Key Players:
Adidas
Nike Inc.
Pepsi Co.
Rolex
The COCA-COLA
Reebok
Puma
Samsung
Red Bull
Castrol Others
Global Sports Sponsorship Market Segmentation:
By Type Analysis:
Signage
Digital activation
Club and venue activation
Others
By Application Analysis:
Competition Sponsorship
Training Sponsorship
Others
Market Opportunities of Sports Sponsorship Market
Relatively recent emergence of new media such as social media, online channels, and digital platforms has also affected sports sponsorship market as the brands are not only looking for promotion in TVs but also taking significant step in advertising their brands through World Wide Web. This trend is currently growing explosively and is helping the brands to sponsor their products through sports in a new platform comparatively new from traditional channels, creating new opportunities for sports sponsorship market.