Friday, 4 May 2012

My Overview of the Sporting Industry

Sports events are some of the most popular events attended worldwide. The sporting market as a whole is worth $114 billion (Pricewaterhousecoopers, 2011). The sports events sector is currently worth only £2.3bn in comparison (Bladen, 2012). This represents 6.4% of the whole events industry. It is clear that people often attend sporting events regularly and sport is unique in its ability to attract repeat consumption. The value of the industry is ever increasing, with an annual growth rate of 3.8 percent predicted in the next 2 years (Pricewaterhousecoopers, 2011). These figures establish sport as an important contributor to the general economy, but also of wide significance to society – impacting the lives of a significant amount of people (Bladen, 2012). In the UK economy, the 2012 Olympics looks set to boost the sporting industry, with the games officially the biggest event ever staged in the UK. The 2012 London Olympics will have a positive effect on the events industry overall, seeing an increase in value of 8% of the total market (Keynote, 2011).

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