Sports and Entertainment Marketing in the Age of COVID-19
Whether or not you are a sports fan, you encounter sports marketing on a regular basis even if you might not realize it. The massive sports market is what drives everything from sports teams, live sporting events, fitness and recreation centers, athletic apparel, and more. In 2018, the North American sports market was worth over $71 billion, and is projected to be worth $83.1 billion by 2023. Sports marketing falls under the even bigger umbrella of entertainment and media marketing, which is valued at over $720 billion dollars in 2020.
Everything we enjoy about sports and entertainment is being challenged by the unprecedented COVID-19 pandemic. These industries are losing revenue fast, with ESPN reporting that sports leagues will lose $12 billion due to COVID-19 cancellations. To stay afloat, sports and entertainment marketing industries now must come up with new ways to be managed.
Sports Return…with “Fans”
Sports teams have made the difficult decision to resume their sporting events without the live presence of the very people who make sports worth playing—the fans. Some sports organizations have found workarounds for this that still engage the fans. In Germany, soccer fans can purchase a cardboard cutout likeness of themselves for around $20 and have them “sit” in the stands. This way, they can take the perfect picture and still experience the possibility of being seen by their favorite players and showing up on TV.
Bringing the Stadium to Your Home—and the Palm of Your Hand
With millions of sports fans confined to their homes during quarantine, online sports (or “eSports”) has seen a huge boom. The streaming platform Twitch reported a 75% increase to 2 billion hours of gameplay in March 2020. Major sports leagues and sports media have jumped on the eSports bandwagon, with star athletes like NASCAR racer Dale Earnhardt Jr. competing in online races. Even the Phoenix Suns and Dallas Mavericks played out their originally scheduled NBA game on Twitch. Music and movie stars have made appearances on streaming platforms too, joining pro athletes for a massive Call of Duty game for charity. This is allowing fans to interact with their favorite celebrities on a new, more personal level.
A New Normal Going Forward
The devastation of COVID-19 has brought everyone together regardless of income, celebrity status, or walk of life. Marketing industries are now personally connected with their consumers to an unprecedented degree as we embrace the value of community during this difficult time. The changes these industries are making to adapt to this new normal don’t just have financial stability and revenue in mind—it is a chance to appeal to consumers in a way that celebrates their worth and the resilience of the human spirit in times of trouble.