The sports industry Essay Example | Topics and Well Written Essays - 750 words

The sports industry - Essay Example a sport or entertainment source, but also as an economic tool, the levels of professionalism, the industry’s profitability and income improvement levels in various nations where the sport is recognized and respected has risen tremendously. Primarily, the value of sports is a crucial topic for anyone trying to understand this industry must review. Considering a study by Deloitte, which was conducted first in 1992, and the last time it was conducted in 2013, the football industry has grown by 14 times from its initial  £170 million to its current value, estimated to be  £2.3 billion. Such growth levels indicate that this is probably one of the greatest drivers of the economy. In Europe, the football industry is one of the biggest industries with even venture capitalists investing in it. The value of the football industry has changed over a short period of time and this can be attributed to a number of features which range from exposure to increase in global interest in the sport (Sports Business Group, 2013). This growth in profits and revenues is not only accounted for by ticket sales, but also from endorsements from other companies and the invisible aspect of how much the football industry has improved other industries as well. Pay TV, for instance, is one of the industries that has greatly benefitted from football, with the increase in numbers of viewers and the development of more programs for the game. Media companies such as Super-Sport, ESPN, SKY sports and ITV digital are some firms that have reaped profits from football seasons impressively. Commercialization of the industry has also boosted its value appreciably. In 2012, the premier league was ranked as one of the highest grossing organizations in the UK. In just a mere season, the domestic rights for the broadcasting of soccer games were sold for over  £ 1 billion per year, which amounts to 18% of all domestic media rights in the UK. Secondly, the game attendance levels for the previous season were