Media and technology are rapidly changing the sports industry, introducing a steady stream of profit from non-traditional sources: Livestreaming, gaming apps and social media.
Livestreaming provides free promotion and opens a lot of doors for revenue. He may not be tech savvy, but self-made billionaire and Cleveland Cavaliers chief owner Dan Gilbert said that his natural knack for professional balling tells him that livestreaming is good for business, as it offers free, effortless marketing that promises profit in the future. "The more media puts out your product for free, that's what you're trying to do," Gilbert said.
"Any content, let it get out there as long as there are some revenue streams you can perceive in the future," he added.
Sponsored gaming apps attract more fans. Gaming software like Uplause make the experience of watching sports more fun and addictive. They are designed to engross spectators to the team they are rooting for and the brands they represent even if the game is on a hiatus. These apps allow fans to interact with their team, idols and other fans through live engagement and digital participation.
According to SAP Global Senior Director Kaan Turnali, technology and media keep the fan experience alive during breaks in a sports game, and create opportunities to market sports brands through interactive methods.
"Mobile technologies, media connectivity and digital infrastructure improvements are all enhancing the sports fan experience, especially during lulls in the action on game day. Some of these technologies serve as fan engagement tools, creating brand new opportunities for interactive solutions during live events," Forbes said.
Social media fire up fans' passion. Facebook, Twitter and Instagram player and team accounts give fans privy to exclusive details about the leagues, teams and athletes that they follow, fostering a virtual community among individuals who share the same lust for the game.
Adweek writer Stuart Feil said, "this passion is what brands want to leverage."
