The New State of the Sports Economy
emlyon Business School explores how the sport industry and its ever changing structure is transforming throughout the fitness industry, and provide a comprehensive training course that helps you to understand the complexity of sport economics.
The transformation of sports over the years has been incredible. Athletes have completely changed how they compete and what it means to be involved with sports.
People everywhere are striving to be their best selves physically, and they are working to accomplish this goal in various ways. That’s why fitness is the main vector of industry growth throughout the sports world. As sports become more popular on an individual basis, more and more people are starting to join in on the fun of competing when it comes to their chosen sport.
Sports and social media
Today, people use technology to push themselves more than ever before. They are now monitoring their distance, calories burned, heart rate and other things through watch-like devices. These results can easily be posted on social media, increasing the different ways that people can show others how they are performing.
They feel the need to stay fit all of the time. People become competitive and train harder based on the photos and videos of other people working out. Given their fast-paced lives many people live today, it’s also really important they are as healthy as possible.
This need to perform has begun to intersect all areas of life and blurred the lines with music, culture and other areas.
Standards are gone when it comes to sports
This new performance attitude and self-focused fitness has really altered the landscape of the sports industry. Standards are gone and there a no more norms.
Sports companies used to just have to sponsor athletes in order to promote their products, but today, they need to reach the consumer directly.
A prime example of this is Nike, as they have almost entirely abandoned promoting their products to clients through traditional ads. They want to show consumers directly how their products can benefit people's’ lifestyles. They center their advertisements on fostering community, identity and what matters to their customers. Similarly, Adidas opened an enormous pop-up store in Shanghai that allows them to directly engage with their customers. The store’s goal is to allow customers to experience their product — not to sell them anything.
What all this means is that the sports industry takes serious creativity and ingenuity to navigate the sports economy, something that will take time, energy, and good teachers to develop.
A great way to get a leg up is through emlyon Business School and their MSc in Sports Industry Management. There’s so much information out there that we can’t actually understand sports until after we’ve had comprehensive training on how to do that in the modern era of sports. The sports economy is only going to get more complex, so it’s important to start looking at sports from a new angle and imagine what the industry will look like in the future. Anyone who doesn’t will likely be left behind.
This article was written by our academic partner emlyon Business School for GlobalSportsJobs.