COVID put a major strain on the global spectator sports market, from fanless stadiums to postponed games and canceled seasons.
Now, one study suggests that it’s bouncing back in a big way — and poised for further growth.
The market — which totaled $127.04 billion in 2021 — is set to grow to $181.47 billion by the end of 2022, according to a study. That’s a compound annual growth rate of 42.8%.
By 2026, the market could reach $272 billion, with a CAGR of 10.6%.
- The study attributes steady GDP growth as one factor assisting the jump.
- Recovering commodity prices also contributed.
While North America boasted the largest slice of the global sports pie, Africa’s market is slated to grow the quickest.
Future Technologies
The study addressed an increasingly popular innovation in the market: virtual reality technology. Specifically, teams have begun to create 360-degree simulations of stadiums and tracks, which provide the ability to watch events from new vantage points.
The feature was available for a game between the Sacramento Kings and San Antonio Spurs.
