I have been asked similar questions on Quora, so decided to write one post to explain the basics of Sports Business.
The business of Sports or Sports industry is somewhere around $145 – $150 Billion industry and it is not slowing down at all. There are multiple entities involved in this business from sports organizations, brands catering to sports, media companies, data analytics companies, and higher educations institutes preparing the qualified workforce for the industry.
Some major areas in Sports Business are:
- Sports Marketing & Sponsorship
Working with sports organization to secure sponsorship and provide marketing opportunities within the stadium/venue, and or different medium which is owned by organization
- Sports Media
Broadcasters (Traditional & Digital ), Digital media, and content providers
- Venue or Facility management
In-stadia facility for fans and sponsors. To look after overall operations
- Athlete Management
Think of Jerry Maguire the movie. It is all about working with an athlete for his contract, image rights, and endorsements.
- Fan Engagement
To provide a high-quality experience for fans either in form of content, stadium tours, community involvement or merchandising.
- Data & Analytics
Very crucial for almost every organization who uses data to recruit new players and to scout new talents. Established players and startups are providing non-stop solution in this regard
This is just an overview and to provide an idea about what exactly sports business is. I will try to cover more topics on this and maybe combine my shorts answers from Quora in a proper long blog post. If there is any particular question then feel free to contact me.