The sports industry has grown tremendously over the past few decades with the increasing popularity and commercialization of various sports around the world. Along with the growth of sports, the allied industries catering to sports have also expanded rapidly. One such growing segment is sports hospitality which offers lucrative business opportunities.
What is Sports Hospitality?
Sports hospitality refers to the services offered to spectators, sponsors, teams, media and other stakeholders attending sports events. It involves providing accommodation, catering, ticketing, branded venues and networking opportunities for corporate clients and high-net-worth individuals. Some key aspects of sports hospitality include:
Luxury Suites and Boxes
Event organizers offer luxury suites, glass-enclosed boxes or indoor skyboxes at sports stadiums and arenas. These private viewing areas come with amenities like premium catering, private bars, plush seating etc. Corporates book these to host clients and partners.
Corporate Hospitality
Sports Hospitality franchises and event organizers have dedicated corporate hospitality teams to sell packages that include premium match tickets, dining experiences, networking opportunities etc. for corporates to entertain clients and prospects.
Player and Celebrity Hospitality
Superstars and celebrity endorsers associated with sports teams and leagues are escorted and hosted with utmost hospitality during games and events through curated experiences.
Concierge Services
Various hospitality services like accommodation booking, travel arrangements, custom itineraries, private transport etc. are provided to satisfy the diverse needs of guests.
Growth of the Industry
According to a report by Statista, the global sports hospitality market was valued at around $11 billion in 2020 and is projected to grow to $19 billion by 2027. Some key trends fueling this growth are discussed below:
Rising Sports Tourism
More people are traveling to different cities and countries to witness live sports matches and events. Destinations offer curated sports tourism packages comprising tickets, hotels, local experiences to attract these fans. The growing sports tourism market is a big opportunity.
Premiumization of Experience
Event organizers and teams are enhancing the match-day experience and differentiating their hospitality offerings through premium amenities and services to attract new corporate and HNI clientele who are willing to pay top dollar. Customization is a major focus.
Increasing Sponsorship Deals
As sport sponsorship continues to rise with greater branding opportunities, sponsors are allocating larger budgets for client entertainment through sports hospitality packages and programs to strengthen partnerships.
Digital Transformation
The adoption of new technologies like virtual reality, augmented reality, artificial intelligence, mobile apps etc. is boosting online ticket sales and enabling digitalization of various aspects like suite bookings, inventory management, hassle-free payments etc., thereby augmenting the growth.
Role of Mega Events
Mega international sports events like the Olympics, FIFA World Cup, ICC Cricket World Cup etc. hosted by cities provide a massive fillip to the local hospitality industry as thousands of visitors require accommodation, F&B, packages etc. Countries prepare well in advance to cater to this spike in demand around events.
Lucrative Career Opportunities
The exponential growth of the sports hospitality industry has led to a surge in various career prospects. Professionals across diverse domains are finding rewarding opportunities in this exciting sector. Some of the popular career paths include:
Sports Hosting and Liaison Staff
Individuals are required to manage and coordinate all the logistics for guests and VIPs attending matches and events right from airport transfers to guiding them around venues. Hosting, guest relations and client services are crucial roles.
Hospitality and Event Managers
Planning and executing world-class match-day experiences for high profile sponsors and clients through customized sponsorship packages, ticketing packages, networking events require seasoned hospitality and event managers.
Corporate Sales Executives
Aggressive sales professionals are in demand to identify and close lucrative deals with corporate clients interested in sports sponsorships and related hospitality offerings. Strong negotiation and client handling skills are must-have qualifications.
Hospitality Vendors and Suppliers
Logistics companies, caterers, event stylists, luxury brands and various service providers thrive due to outsourcing and procurement of their services and products by sports franchises, hospitality groups and event organizers.
Digital Marketing Specialists
Professionals having experience and expertise in online marketing, sales enablement, social media management, database building etc. are headhunted by sports hospitality companies transitioning to digital to capture online audiences.
Sports hospitality has emerged as a major profitable segment within the wider sports business ecosystem. The tremendous growth prospects driven by various demand and supply side factors makes it an attractive industry to build a career in. With its experiential and service orientation, it provides exciting opportunities for passionate professionals across domains to interact with high-profile clientele from sports, entertainment and corporate world by offering bespoke match-day experiences leveraging their expertise and innovation. The industry is expected to grow by leaps and bounds in the coming years presenting immense opportunities to ambitious individuals and entrepreneurs.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
