Last year was challenging for every industry. But for sports, it was also an indicator of a change. COVID-19 pandemic has shown that you can't fight a new phenomenon with old methods. 2020 challenged us with an unpredictable future and an increasingly fragmented landscape with one thing sure: right holders and brands can not afford a standstill.
Digitalization, individualization, and innovation are three aspects of the sports industry affecting sports marketing and its direction.
"To successfully grow your business and your brand’s presence, you must stay on top of marketing trends, and that includes the ones regarding sports as well. Digitalization is causing a stir in the sports industry - and sports marketing. The result is trends that nobody had predicted just a few years ago.",- says George Arabatlian, the head of FeedConstruct.
OTT And Sports: A Match Made in Heaven
The pandemic has sustained new viewing habits. While live sports have returned, live experience hasn't. That is why 2020 was the year when right holders, federations, and brands took on more creative ways to deliver their content.OTT has become the latest sports business trend. OTT platforms allow the sports organizations to sustain revenue when ticket sales and returning to the stadiums remain a question. The fragmentation of content across more OTT services, however, means customers will be basing their subscription choices on their favorite content and will happily reconsider and re-subscribe as they move between services month-by-month. Retaining customer loyalty will require great data analysis, serving the right content at the right price, and delivering the best customer experience. It is clear that live OTT content is a viable path forward, and OTT providers that innovate will lead.
Esports: The Highlighted Sports Business Trend
Another sports marketing trend is Esport. The popularity of esports increased during the COVID-19 in 2020. The physical sporting world remained quiet, but gaming came to life and provided a promising alternative to players. Frankly said the esports industry was enjoying a swift rise even before the lockdown.
Moreover, 2021 promises to be fulfilling not only for esports but also for esports gambling that continues to gain traction and sophistication, providing an increasingly valuable and profitable supplement to the esports industry.
As the omnipresence of Esport competitions keeps on flooding, it is anticipated that viewership and demographics should grow in 2021 and beyond. Statistical surveying shows that esports socioeconomics will increase by 14% before the finish of 2021, and there will be over 550 million esports fans across the globe.
Artificial Intelligence in Sports
There is no doubt that artificial intelligence is changing the world and becoming the next sports business trend of 2021. AI includes friendly chatbots, augmented scouting tools, and player evaluation tools.
Artificial intelligence is providing deeper insights to both players and coaches. The support that artificial intelligence gives in sports can never be underestimated. With AI technology development, we will discover new training methods, new techniques, and modern ways of engaging with spectators through the evolution of AI technology.