#105 Sports trends that you will see in 2024

Sports CDP Crash Course - Data Talks

Last week, we discussed the sports trends you should leave in 2023. If you haven’t heard that episode yet, we encourage you to listen to it after this one. In today’s episode, we focus on the trends you will see in 2024! If you find this episode useful, leave a review or a comment to let us know. And if we have left out anything, don’t hesitate to give us that feedback, too. Without further ado, let’s jump right into it.

• The rise of original content

The rise of original content in sports has been a significant trend in the last couple of years. According to FrontOffice Sports, the live sports hiatus during the 2020 pandemic might be one of the most pivotal moments in the history of streaming and subscription video on demand (SVOD). The success of Michael Jordan’s Last Dance and Netflix’s Formula 1 “Drive to Survive” are examples of how sports content has become a core element of the content strategy of subscription video-on-demand providers. As competition stiffens, companies are looking for better differentiation strategies, and sports content is proving to be a reliable measure to influence consumer behaviour. So, if you are a sports organisation, you might want to think about creating compelling original content to attract more global fans and to tell the story of why your organisation is different.

• More partnerships with VOD OTT platforms such as Netflix, prime and Apple TV

This trend ties back to the first one. As the appetite for original content increases, so will partnerships between sports organisations and video-on-demand OTT platforms. For example, more sports rights are moving to streaming services (e.g., NFL Thursday Night exclusively on Amazon Prime). Therefore, Leagues and clubs/teams must create new digital and DTC products and services that complement traditional broadcasting revenue. This can be done through creating your own platforms or partnering with already existing ones.

• Growth of the Asian Market and continued acceleration of Saudi

In 2024, we can expect to see much growth in Asian Sports marketing, including West Asia, that is, The Middle East. For example, in November 2023, last month The Sino-Singapore International Sports Industry Fund, a joint venture between China National Sports Group and Singapore’s White Group, which aims to accelerate the development of the sports industry in China and beyond, was signed. When it comes to the Middle East, according to a survey by PWC, while respondents expect the annual growth rate of the global sports market to slow to 3.3% over the next three to five years, respondents, in contrast, expect the Middle East to grow by 8.7% over the same period.

• Women’s Sports to reach $1bn valuation quicker than first predicted

Deloitte predicts that women’s elite sports will generate global revenues of US$1.28 billion in 2024 (£1.02 billion). This is the first time that annual global revenues for women’s sport will have surpassed US$1 billion. This total is at least 300 per cent higher than Deloitte’s previous valuation three years ago. The two most valuable women’s sports are projected to be football (US$555 million, 43 per cent) and basketball (US$354 million, 28 per cent), while the largest geographical markets in 2024 are forecast to be North America (US$670 million, 52 per cent) and Europe (US$181 million, 14 per cent).

• African sports on the growth

According to PwC’s Global Sports Survey 2023, Africa is expected to grow 8% over the next 3-5 years. Africa's Sports Economy: Current Context, Challenges and Opportunities report explains that Africa’s expected sports business growth is driven by a...