Global sports market worth USD 38 billion

(Source: expressindia.com)
High visibility and entertainment value, not to forget the saleabality of iconic sportspersons, have made sports marketing one of the most attractive industry, says a sports consultancy firm.

"There is no greater dramatic product like sports. It can have emotions running high and have people glued to the sporting action either on the field or on television sets," CEO of Singapore-based MindShare Asia Pacific, Ashutosh Srivastava, said.
"This has made sports marketing the most lucrative and sought after industry with a total size of USD 38 billion."

Corporate sponsorship is growing annually in sports at the rate of 12 per cent, faster than in any other field. Next year it is expected to clock 15 per cent growth, he said.

"In Asia Pacific, sports marketing business touched 15 per cent growth this year and would touch 22 per cent next year. It has been registering a world-wide growth of five to six per cent annually," Srivastava said.
He was speaking at a sports marketing forum, Brandscore, jointly organised by ESPN Star Sports and MindShare on Friday.

"In India, sports marketing is still underdeveloped as it has remained focused on cricket. New opportunities are coming up in sports marketing, not just in cricket but other sports as well. These are needed to be tapped," he said.
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Hopefully we as sports economics and marketing students will be able to milestone the visions of Mr. Shrivastava.