【运动市场报告】德勤+2023运动产业趋势展望.docx

2023sportsindustryoutlookContentsThevirtualizationofsports:Fromnoveltytoutility4Tacklingrisksinamaturingsportsbettingmarket5Privateequityandsports:Teamingforthelongterm6Thenextwinforwomen,sprofessionalsports7Newpossibilitiesfromtheprofessionalizationofcollegeathletics8Signpostsforthefuture9AboutDeloitte,soutlooksDeloitte,s2023outlookforthesportsindustryseekstoidentifythestrategicissuessportsorganizationsshouldconsiderinthecomingyearandtheirimpacts,aswellascriticalquestionstoaskandkeyactionstotake.Thegoalistoequipsportsorganizationswiththeinformationtheyneedtohelppositionthemselvesforastrong,resilientfuture.ExecutivesummaryInthisglobalgoldenageofsports,2023isexpectedtobringorganizationsandathletesmorechancesthanevertodeeplyconnectwiththeirfans.ThisincludesengagingthroughsomeimportantinternationaleventsliketheCricketWorldCup(India),RugbyWorldCup(France),andtheFIFAWomen'sWorldCup(AustraliaandNewZealand).Thisyearwillalsoseenewmediadealsandmoreinnovationsfromstreamingprovidersastheirinfluencegrows.Inachallengingeconomicenvironment,sportswilllikelystillbeseenasanattractiveoptionforinvestment,withinvestorsendeavoringtotakearesponsibleandsustainableapproach.Technologywillcontinuetoinfuseeveryaspectofsports,empoweringathletesandcreatingamoreimmersiveexperienceforfansatliveeventsandathome.Ingeneral,2023willbeaboutmakingthemostofthesenear-termopportunitieswhilemanagingassiatedriskswiththelongerterminmind.Hereisour2023outlkinbrief: Theblendingofphysicalanddigitalexperienceswillmovefromprovingconceptstocreatingnewfunctionalityandbetterexperiences. Withthepossibilityofnewsportsbettingrestrictionsemergingaroundtheworld,therewillbeagreateremphasisonriskmanagementandresponsibilityastheindustryseeksmoregrowthandprofitability. Interestandinvolvementbyprivateequityinvestmentinsportswillcontinuetogrow.Howwillsportsorganizationsrespondtonewtypesofinvestorsandtheirexpectations?Howwillinvestorsactduringapotentialeconomicdownturn? Afterabreakthroughyear,women'sprofessionalsportsareinastrongpositiontofurtheradvancein2023,butadditionalworkisnecessarytoimproveawareness,expandsponsorship,andgrowmediarightsvaluationsandinvestment. CollegeathleticsintheUnitedStatesareundergoingunparalleledchange.Itwillbeachallengetobalancetheextraordinaryopportunitywithresponsibilitytostudent-athletes,schls,fans,partners,andalumni.Thevirtualizationofsports:FromnoveltytoutilityTheuseofdigitalassetssuchasnon-fungibletokens(NFTs)1fantokens,andblockchain-enabledticketsareevolvingforsports.Manymajorsportsorganizationsaosstheworldareworkingwithpartnerstobuildmarketsintheseareas.Simpledigitalllectibles,originallyseenascuriosities,arebecomingadvanceddigitalassetsthatcanbeusedtoimprovefanengagementandloyaltyandcreatenewbusinessmodelsandevenmorenewrevenuestreams.Inthecomingyear,expecttoseemajorstridesfortheseassets.ThebroaderNFTmarkethassoftened,withoverallsalesandactivityseeingasignificantdeclinein2022.1However,thesportsmarketnaturallylendsitselftothellector'smindset"andathletes,teams,andleaguesarecontinuingtolookathowtobestleveragetheseassetstodrivefanengagement.Manyleaguesandorganizationshaveformedpartnershipsinthisspace,somewithmultipletechnologyandentertainmentcompanies,fordifferentproducts.SorarehaspartneredwiththeNationalBasketballAssociation(NBA),MajorLeagueBaseballMLB),MajorLeagueSoccer(MLS),Bundesliga,LaLiga,andotherftball(socr)leaguesfortheirNFT-basedfantasygames.2FIFAlaunchedFIFA+CollectwithpartnerAlgorandtoprovideaplatformforWorldCup-relateddigitalllectibles.3TheNationalFtballLeague(NFL)isworkingwithMythicalGamesonNFLRivals,ablockchain-basedmobilegame;TicketmasteronmmemorativeNFTtickets;DraftKingsonReignmakers,anNFT-basedfantasysportsgame;andDapperLabsonNFLAllDay,anNFTmarketplace.4Digitalllectibles,andtheirpotentialasaninvestment,arenotlikelytodrivethismarketaloneinthelongterm.TheshifttowardNFTsthatcanprovideadditionalutility,functionality,orredeemabilitytotheownerwillbeimperative.ThisukjincludeNFTticketing,whichisbeginningtoseeuseformusicconcertsandisbeingdiscussedforinternationalsportingevents.5NFTticketingcanreducefraud,increasetransferability,andestablishaliveandeternallinkbetweenissuerandowner.Italsohasthepotentialtodrivenewsourcesofrevenueforsportsorganizationsthroughsendarysales.Thekeyistonotjustreplacesomethingphysicalwithsomethingdigital,buttonnectandleveragethetwotocreatenewvalue.NFTticketscouldunlockuniquebenefitsforfans,likeaccesstorealandvirtualeventswithathletes,privilegesinvenues,votingonteamdbdecisions,andexclusiveaccesstouniquemerchandise.NFTsinsportswillneedtoovercomesomebarriersandquicklytoprogressrapidly.Formanyfans,thebarrierstoentrycanseemhigh,mainlybecauseofagenerallackofunderstandingofwhatNFTsareandhowtheywork.Therearealsoworriesaboutrisksandimmaturityinthemarketandthesustainabilityoftheservices.6Sportsorganizationsandtheirtechnologypartnersshouldnsidermakingitaseasyaspossiblefortheaveragefantosetupawalletandpurchasedigitalassets.Thesechallengeswilllikelyhavetobeaddressedifsportsorganizationswantnewrevenuesources,betterfanengagement,andmoreknowledgeoftheiraudience.Strategicquestionstoconsider:,ShouldsportsorganizationsbasetheirNFTstrategyonspecificbenefits,orbroadutilityforfans?Whichapproachismostlikelytodriverapidgrowthforthemarket? Howcantheseofferingsdrivefanloyaltyindifferentwaysthantraditionalactivities? Howcansportsorganizationsencourageinnovationandinteroperabilityacrossdisparateplatforms?,Howcanexistingserviceprovidersinnovatefastenoughtokeepup,specificallyinticketingandloyalty?TacklingrisksinamaturingsportsbettingmarketAlthoughsportsbettinghasbeenlegalinsomeuntriesformorethanadecade,theUnitedStatesisarelativenewcomer,havingonlyopenedthedrmorebroadlytolegalizationin2018.Injustafewshortyears,theUSmarkethasseenrapidgrowth,withsometypeofsportsbettinglegalandactivein31statesandmorethanUS$42billionofbetsplacedinthefirsthalfof2022.7Alotofpositiveattentionhasbeengiventotheincreasedenomicopportunityandfanengagementthatsportsbettingcanbring.However,itisalsoimportanttoreflectonrelatedsocietalissues,includingthepotentialforcorruption,illegalbetting,issueswithaddiction,andfinancialcrime®AstheUSmarketmaturesandevolves,activelyfosteringahealthycustomerbaseandaresponsibleindustryshouldbeencouraged.Howareothercountries,weresportsbettinghasbeenaroundmuchlonger,dealingwiththeseissues?Recenteffortshavencentratedonadvertising,especiallyadstargetedtominorsandyoungergamblers.Somecountriesareaddingadditionalrestrictionstorrentlawsandregulationsthatdictatewhenandwheresportsbettingadvertisingcanbeseen.Italybannedallgamblingadsin2018aspartofits"DignityDecree."9Belgiumisworkingtowardbanningalmostallgamblingadvertisements.10IntheUnitedKingdom,theCommitteeforAdvertisingPracticeshasputforwardnewrulesthatprohibitanysportsbettingadvertisingwitha"strongappeartoyoungpeople,evenifmeantforadults.11InAustralia,asof2023,allsportsbettingadvertisingwillhavetousearotatinglistofsevenverycandidtaglinestodiscourageproblemgamblers.12TheUnitedStatescouldpotentiallyadoptsomeoftheseadvertisingpracticesinthefuture.Currently,statesandtheindustryaredrivingawideassortmentofriskmitigationeffortsaroundpubliceducation,employeetraining,advertisingrestriction,availabilityofproblemgamblingresources,andcollaborationandresearch.'3Willevenbroaderapproachesbetaken?Forexample,amicrobettingoperatorrecentlybannedtheuseofcreditcardsonitsproductsandsetadepositlimitforcustomersages21to25.14Promotionalindumentshavebeenbarredinsomeuntries,andthereisaproposalinSwedentoexpanddatasharingtobetteridentifyproblemgamblers.'5Itisimportanttomanagepotentialrisksinthisspace,andtheUnitedStatesmaybeabletolearnfromuntrieswithmoreexperience.Withncemsoveranenomicdownturnin2023andagreaterfocusonprofitability,bettingoperatorsshouldnotlosesightofprotectingandsupportingtheircustomers.Howcanbettingoperatorsworkproactivelytobestensurethelong-termhealthofbothpeopleandtheindustry?Strategicquestionstoconsider: Whatisthebestmodeltodelivertherightbalanceofeconomicopportunityandadequatensumerprotection? Howcanoperatorsbestfocusoncustomeracquisitionandretentionwhilefacingthepotentialfortighterregulationsaroundmarketingandadvertising? Willincreasedadvertisingcurbsbeeffectiveindiscouragingunderageandproblemgamblers? Willtherebeanincreaseincollaborationbetweencountriesandtheestablishmentofglobalstandardstoaddresssocietalissues?Privateequityandsports:TeamingforthelongtermPrivateequity(PE)hastakenanincreasinglyactiveroleinsportsoverthepastfewyearswithfirmsestablishingfundsandnewentitiesbeingcreatedtoinvestsolelyinsports.Theyarebuyingsharesofteams,leagues,andbroadcastrights.NearlyUS$60billioninprivateequitywasinvestedinsportsin2021andmorethanUS$30billionin2022throughAugust.'6InEurope,therulesarefairlyrelaxedforPEinvolvement.IntheUnitedStates,theNFLdoesn'tcurrentlyallowPEfirmstoinvest,buttheNBA,MLB,NationalHockeyLeague(NHL),andMLShaveencouragedit,withguardrails.Thesecanincludesettingminimuminvestmentlevels,controllingtheindividualandtotalpercentagesthatPEfirmsandotherinstitutionalinvestorscanown,andlimitingthenumberofteamsasinglefirmcaninvestin.17Sowhyalltheinterest?PEfirmsseegrowththroughtheincreasingvalueofmediarights,newsportsbettingmarkets,andforsomeleagues,possibleglobalexpansion.18Finally,PEfirmswantreliablerevenuestreamsandsolidreturnoninvestmentandintheUnitedStates,majorsportsleaguesgenerallyhaveahigherrateofreturnthantheS&P500,withsomeleaguessignificantlyhigher.19NotablerecentdealsinEuropeanftballshowjusthowdeepPEinvolvementhasbecome.ChelseaFtballClubwasacquiredbyansortium,ledbyToddBoehly,chairmanandCEOofEldridge,andClearlakeCapital,forUS$5.3billion.20RedBirdCapitalPartnerspurchasedACMilanfor1.2billion.21Inadistinctivedeal,CVCCapitalpaid2billionforashareofthemediarightsrevenueofLaLigaforthenext50years.22Andtheactionisn'tjustinblockbusterdeals:SomePEfirmsseemoreupsideinsmallerteamsandleagues,likesecond-andthird-divisionEuropeanfootballteams,Indiancricketteams,andrugbyteamsandcompetitions.23PE,sentrenchmentinthesportinglandscapebringspotentialissuestowatchoutforalongwithnewareasofopportunity.Someofthesedealshavesparkedpushback.24Fansmayworrythatinvestorsuldputprofitabovewinning,andathletesmayaskwhetherinvestorshavetheirbestinterestsatheart.Ifeconomictimesgettoughforteamsandleagues,willinvestorstrytoexertmorecontroltoprotecttheirinvestment,tothedetrimentofcompetitiveness?Therearealsoriskstyinginvestmenttoon-fieldperformance.Forexample,investorsinsend-tierEuropeanfootballclubsmayuntonreapingsignificantfinancialbenefitsfromgettingpromotedtotopleagues.Foropportunities,expecttoseemoreattentionpaidtosupportingareasforthesportsindustrydigitalexperiences,athleteperformance,dataandanalytics,andsportsbetting.Alsoexpecttoseeanevenwidervarietyofinstitutionalinvestorsgettinginvolvedinsports,includingsovereignwealthfunds.25Strategicquestionstoconsider: Whathappenswhenthemarketbecomessaturatedandtherearefewer"easy"dealstomake? Whataretheconsequencesforsportsorganizations,players,andfansofasmallerpoolofinternnectedglobalowners?,WillPEinterestdrivemoreleaguestolookatexpansion?,Howwillorganizationsrespondtotheexpectationsthatcomewithoutsideinvestment?Thenextwinforwomen,sprofessionalsportsWomen'sprofessionalsportshadarecord-breakingyearin2022.ThelevelsOfinterest,attendance,viewership,mediaverage,andinvestmenthaveneverbeenhigher.Attendancererdswerebrokenaroundtheworld.Morethan90,000attendedamatchbetweenBarcelonaandRealMadridintheUEFAWomen'sChampionsLeague126TheWomen'sRugbyWorldCupsetarecordinNewZealand,sellingoutEdenParkforitsopener.27The2022Women'sEuropeanChampionshipreportedmorethan360milliontotalviewersforitstournament.23IntheUnitedStates,theNationalWomen'sSoccerLeague(NWSL)hadalmost1millionviewersforitsfirstchampionshipgameinprimetime,andtheWomen'sNationalBasketballAssociation(WNBA)sawitsregular-seasonviewershiphititshighestpointin14years.29Women'sprofessionalsportsarepositionedtoadvancefurtherin2023.TicketsalesfortheFIFAWomen'sWorldCup,scheduledtoplayoutinAustraliaandNewZealandinJulyandAugust,arealreadysurpassingexpectations.30ThelaunchofthenewUEFAWomen'sNationsLeagueaftertheWorldCupwillOfferachanceforevenmoreexposure.31Yet,despiteallthislaudablemomentum,women'sprofessionalsportsstillgetsignificantlylessattention,investment,andsponsorshipthanmen'ssports.Whatwillittaketodrivewomen'sleaguestothenextlevel?Howcanthecycleofinvestment,promotion,excitement,andengagementgetsupercharged?Overthenextfewyears,somecriticalareascanhelpcatalyzefurthergrowth.ThemediarightsdealsfortheNWSLandWNBAareexpiringsoontheNWSLin2023andtheWNBAin2025.Bothleaguesarelkingforsignificantincreasesandwilllooktoacombinationoflinearandstreamingproviderstomaximizetheirreachanddiscoverability.32Thesedealsshouldprovidepropervaluations,favorablebroadcastingwindows,strongproduction,andsubstantialmarketingtohelpdriveawareness.TheleaguescouldlearnfromFIFA'srecentchallengeswithmediampaniesunderbiddingrightsfortheWomen'sWorldCup.33Women'sleagueshavemanyotheropportunitiesbeyondmediarightstodrivefuturesuccess.Althoughinnovativeapproachesarebeingtakentosponsorwomen'ssports,mainstreamawarenessofsponsorsisstilllow.AsurveyofUSsportsfansrevealedthat74%couldn'tnameanysponsorofwomen'ssportsleagues.34TherearesimilargapsreportedintheUnitedKingdom.35Additionally,thesmartexpansionofleaguescouldhelpgrowtalentpoolsandtapnewmarkets.AssportsbettingmaturesintheUnitedStates,operatorsldprovidemorebettingoptionsforwomen'sleagues,potentiallydrivingincreasedinterest.Finally,therearemorefemaleinvestorsandformerathletesgettinginvolvedinownership.Theresultcouldbeachancetodothingsdifferentlywithathleterepresentation,fanandmmunityengagement,andinvestment.36Strategicquestionstoconsider:,Whatarethebestwaysforwomen'sleaguestoseizeuponcurrentmomentumtogrowbeyondcorefanbases? Withmediarightsinplay,whatisthebestmixofentertainmentchannelsthatwilldrivethemostawarenessandengagement? Howcantheexcitementandattentionfromnationalteameventstranslatetomoreconsistentsupportforprofessionaldomesticleaguesandclubs? Howcanmoreglobalcollaborationbetweenwomen'sprofessionalteamsandorganizationshelp?NewpossibilitiesfromtheprofessionalizationofcollegeathleticsOverthepastfewyears,therehavebeendramaticshiftsandanoverallreshapingoftheUScollegeathleticslandscape.Manyofthesechangeshavebeensparkedbyacceleratingrevenuegrowthincollegefootball.Since2021,athleteshavebeenallowedtoprofitfromtheirname,image,andlikeness(NIL),andsomehavesecureddealsinexcessofUS$1million.37Therealignmentofathleticnferences,highlightedbyTexasandOklahoma'simpendingmovetotheSoutheasternConference(SEC)in2025andUSCandUCLA'sproposedmovetotheBig10in2024,hasdisruptedhistoricalprecedents.TheCollegeFootballPlayoffplanstoexpandto12teamsstartingwiththe2024-25season.38MoremoneywillflowintoconferencesthroughnewsportsrightsdealsfortheBig10(sevenyears,appro