...93% of 18-24 years audience now engage with sport on social media weekly
As the global spend on sports media rights is set to soar to $61 billion this year, advertisers are confronted with a fragmented media landscape, a report by WARC Media reveals. With 93% of individuals aged 18-24 engaging with sports content on social media weekly, the allure of live sports remains strong, but the distribution of rights across various platforms presents challenges for brand advertisers.
The report delves into the complexities of the evolving sports media landscape, where traditional broadcasters vie with over-the-top (OTT) platforms and social media channels for viewership. While major live sporting events continue to deliver mass audience reach, with over 115 million viewers tuning in to Super Bowl LVII, the fragmentation of consumption poses dilemmas for advertisers seeking to achieve widespread exposure.
Alex Brownsell, Head of Content at WARC Media, emphasizes the enduring appeal of sports as a provider of 'water cooler moments' but warns that fragmentation threatens its mass appeal. Despite the anticipated surge in live sports events in 2024, including the Olympics and UEFA Euro, linear TV ad spend is projected to decline in markets like the UK and Germany.
Major live sporting events continue to attract large audiences. Last year, more than 115 million people tuned in across Fox properties to witness the Kansas City Chiefs defeat the Philadelphia Eagles in Super Bowl LVII, making it the most watched US telecast in history.
TV companies are paying ever-increasing sums for sports rights. According to SportsBusiness, global spending on sports media rights is expected to reach $60.9 billion in 2024, an increase of 18.9% over pre-pandemic levels, with traditional broadcasters digging deeper to retain access to key sports assets.
The Olympics return in 2024, making it a big year for live sports. Broadcasters and streamers will be buoyed by the return of blue chip sports competitions this year, including the Paris 2024 Summer Games, UEFA Euro 2024, and the T20 Cricket World Cup.
The rise of social media as a primary channel for sports consumption is another key trend highlighted in the report, particularly among younger demographics. However, the shifting nature of fandom, where individuals are more interested in athletes' stories than specific teams or competitions, presents new challenges and opportunities for advertisers.
Streamers like Amazon and Netflix are also capitalizing on the demand for sports content, not only acquiring live rights but also producing behind-the-scenes documentaries.
“Sports is the one constant within media plans. Live sport is getting the eyeballs and sport content is getting the engagement. However, in some sports, local fans may need at least three separate subscriptions to watch a full season of games. It is imperative platforms keep a strong content plan in place to keep consumers engaged,” noted Adrian Sutherland, Vice President, Publicis Sports.
While sports remains a cornerstone of media plans, the fragmentation of distribution channels necessitates strategic adaptation by advertisers to effectively reach their target audiences in an ever-evolving landscape.
The sports media landscape is changing rapidly, and it's becoming more fragmented than ever. With global spending projected to exceed $61 billion in 2024, viewers now face challenges navigating the variety of platforms offering sports content. It’s not just about finding the games you love but also discovering ways to engage with them in real time. One way fans are connecting with sports more deeply is through platforms like 1xbet mobile. It’s an official site offering reviews on sports betting and casino options, which can add a new layer of excitement to your favorite matches. Staying informed and choosing reliable platforms is key when exploring these options. As the landscape grows, it’s worth exploring sites like this to see how they complement the viewing experience. Just remember to stay updated on trends and always prioritize safe, transparent services.
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