The face of sport is changing. In PwC’s Sports Survey, sports leaders across the world claim they foresee uncertain conditions, as we continue to evolve towards digital media consumption; with many questioning whether the sports industry is somewhat lost in the transition.
After all, electronic sports have the most potential to grow revenues globally according to sports leaders, overtaking juggernauts like football and basketball to land the number one spot. Moreover, the eSports economy is forecast to double in size by 2022. Proving times to be changing and presenting an urgency for the sports industry to change with it – or risk being left behind.
Sporting experts, Ticketgum, analysed PwC’s report in greater detail to expose the biggest threats to traditional sport on TV – per sports industry leaders – to reveal the factors that should be considered ‘high priority’ in 2019 if the industry is to compete with change.
Ticketgum found over two thirds (71.8 per cent) of sports leaders believe the ‘shift in consumer behaviour of younger generations’ to be the biggest threat to the sports industry in 2018-19 – up from 56.6 per cent in 2017.
This isn’t surprising. Younger generations are transitioning the way they take in entertainment from traditional TV in favour of mobile devices. It’s increasingly important to tailor to the preferences of a young audience, given that their purchasing power will only increase going forward.
The next biggest threat is ‘access to alternative entertainment formats’ at 54.2 per cent – up from 28.6 per cent in 2017. With the likes of Netflix pouring billions into unique content and a drastic increase in eSports and gaming, competition remains rife in the entertainment space. It’s likely this threat will remain at the forefront of the industry over the coming years.
Thirdly, a ‘decreased willingness to pay for sports content’ is a major concern for 32.5 per cent of global sports leaders and strongly links to threat number five – ‘piracy/illegal streaming’ – supported by 25.5 per cent of the vote.