The sports industry is undergoing rapid transformation, with massive technological advancements and a positive shift in people’s approach towards sports. The year 2023 has been a significant year for the sports industry worldwide, and as 2024 approaches, here are several key industry trends that are likely to impact the sports sector, sports businesses, startups, players, and the sports community at large.

Over the last few years, the rise of OTT platforms for sports consumption, smart devices, and high-speed internet access have all contributed to a steady evolution in the sports broadcasting sector. Now we anticipate that artificial intelligence (AI), smart gadgets, and smart technologies are set to be the next big phenomenon in the sports sector in 2024. The need for player data tracking and performance analytics has been growing more than ever before. AI will be the driving force in tracking and analyzing player information and performance. In addition to improving performance metrics, combining AI technology with video broadcasting will ensure fan engagement by providing interactive elements for viewers. AI will play a big role in producing personalized, customized sports content such as player-specific highlights, match highlights, etc. Additionally, we can anticipate that breaking the geography for sports broadcasting and sports production, remote production technologies will emerge and thrive as the world moves to sports and sports data digitization and will be on the lookout for easy, accessible, and affordable solutions. From a fan engagement and viewership perspective, modern technologies such as AR/VR will take a front seat in reimagining the way sports are consumed. From personalized features to interactive community engagement plans, enhancing fan interaction and bringing the thrill of a stadium to a screen will be a key focus.

Furthermore, at the grassroots level, the awareness and need for sports digitization will lead to the emergence of more inclusive sports digitization solutions and also bring a structure to the talent discovery pathway, giving visibility to all athletes.

The year 2023 has come in as a huge boost for sports marketing and sports advertising, specifically in India with the ODI World Cup and several homegrown franchise-based tournaments for multiple sports taking the limelight in sports. The year 2024 will witness the emergence and opening up of newer markets and newer geographies for brands to tap into via sports. As the Middle Eastern and South Asian countries can be seen voicing global aspirations in sports and developing their domestic ecosystems and infrastructures, we can foresee the emergence of multiple domestic as well as international sports properties for brands to invest in that can potentially become something as mammoth as the EPL, IPL, or the NBA. As mentioned earlier, the advancements in fan engagement technologies will further attract brands to invest in sports and advertise via sports as it gets a more personalized reach to its target audiences.

On the ground level, the adaptation of sports technology and sports digitization domestically will bring new platforms for brands to reach out to the real people, the common people at a community level, and help brands achieve local awareness, and brand identity and build a positive brand image.

From the consumer perspective, there has been a definite shift in the sports content consumption pattern. It is not just the medium of sports content consumption that has changed majoritively from television screens to mobile phones but also the demand for sports content has evolved. The liking and demand for sports content and live sports content are at an all-time high with people tuning into not just international matches with key athletes involved but genuinely invested in the sports talent coming up from the grassroots. However, in 2024 we will see a significant difference in the content format. The viewers tuning in for 4 hours or 8 hours of a cricket match, much interested in the action, will opt for a shorter version of the entire content such as the match highlights, player highlights, etc, that provides a fast-paced summary of the game highlighting key moments in a crisp format. Similarly, consuming a 90-minute football match can become overwhelming for fans at large, as they have a more concise version of the match in the form of sports talk shows, panel discussions, etc. Additionally, the democratization of sports digitization is giving much-needed visibility to niche sports such as Pickleball, Handball Kho Kho, and many more. Thus, we can expect a significant change in consumer preferences from mainstream sports to niche sports.

The sports industry is growing exponentially across the world. The collective participation of various developing and under-developing countries and their aspirations for sports have brought the sports industry to the frontline of worldwide development. The year 2024 looks a promising, significant point presenting thrilling new opportunities that will shape the future of sports.