As of 2023, the U.S. professional sports market is worth tens of billions of dollars. NFL (American football), MLB (Major League Baseball), NBA (basketball), NHL (ice hockey), and MLS (Major League Soccer) coronavirus pandemic The NFL suffered major baseball losses in 2020 and 2021 due to the pandemic, but has been recovering since then.
Although there are various analyses and forecasts regarding specific figures, and figures reported by market research firms and economic research institutes vary, information published in 2021 estimated that the U.S. professional sports market was worth approximately $83 billion in 2021. Growth was expected to continue beyond 2022 as the market gradually recovered from the effects of the coronavirus.
With respect to future growth projections, the following concerns are likely to affect
Growth in digital media: agreements with streaming services and the growing number of viewers and audiences on online platforms are expected to expand screening rights.
Increased sponsorship and advertising revenues: As the economy recovers, advertising and sponsorship spending is expected to increase.
Finding new sources of revenue: New technology-based revenue sources are expected, such as the growth of e-sports and the use of virtual and augmented reality to provide fan experiences.
Legalized sports betting: Many states have legalized sports betting, fueling market growth.
Market research firms often forecast a compound annual growth rate (CAGR) of 3% to 6% from 2022 to 2027. Actual growth rates may differ from these projections as they are subject to many variable constraints, including change, technological evolution, and shifting consumer behavior.
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