The Ever-Growing World of Sports: Analyzing the Data-Driven Developments That Have Grown the Global Sports Industry
It’s no secret that the online world is growing at a tremendous speed. The sports industry is no exception. In most of our lifetimes, we’ve seen sports games move from cable channels to streaming services alongside an undeniable rise in the fantasy and betting scene. We can access all of this with a few clicks on our laptops or phones. The way we interact with our favorite teams is vastly different than it was 10 years ago. As crazy as this transformation has been, it’s still constantly changing.
One of these changes that we’re all familiar with is digital ecosystems. Although this is a fairly new phrase, it basically means an online platform where sports fans can interact with each other, their favorite teams and more. ESPN and other companies have made progress by adding features like profiles and chat options on their apps, but the future could look a lot more intense. Many teams are investing in companies like Fanzeal, which creates online areas for fans to buy digital collectibles, get behind-the-scenes footage, and participate in different challenges, games and virtual experiences. This site is slightly different from what we see today, as the content would be coming straight from the team rather than league or content platform. However, businesses like StadiumLive have created an app where fans can follow multiple teams at once and even bet on games or player stats.
We have yet to see a product that radically changes the fan experience, but if we do, it will likely be in the form of a digital application that allows you to be closer to your sports team than ever.
Here at St. Lawrence University, data science is one of the fastest-growing majors, and for good reason. Data services are some of the biggest investments of sports teams and businesses right now. This is one of the most varied sectors as they gain information on how to create the best monetized social media content, find the perfect turn radius for racing sports, or design an individualized training plan based on an athlete’s biometrics. Kitman Labs is a company based out of Ireland that provides analytics on areas from the best competition strategies to a specific athlete’s most efficient injury recovery program. Some of their most notable clients include the Premier League, MLS, Jacksonville Jaguars and the University of Georgia.
Another interesting collaboration with the athletic world is with cryptocurrencies and blockchain. According to the Financial Times, deals between crypto companies and teams have profited a total of 4.3 million dollars, and that’s covering multiple sports, including soccer, Formula 1 and MMA. Outside of partnerships, companies like Socios.com allow teams to invent their own specific currency. The volatility of crypto makes it an interesting investment, considering it doesn’t always match how well the team is doing. For example, the crypto coin for the Argentinian national soccer team actually went down in value after their 2022 World Cup win.
The global sports industry is hot right now. With many investments focused on developing talent, strategies, and support to win championships and trophies, we’re bound to see technological advancements keep growing.