NAICS 7112 - Spectator Sports
This industry comprises (1) sports teams or clubs primarily participating in live sporting events before a paying audience; (2) establishments primarily engaged in operating racetracks; (3) independent athletes engaged in participating in live sporting or racing events before a paying audience; (4) owners of racing participants, such as cars, dogs, and horses, primarily engaged in entering them in racing events or other spectator sports events; and (5) establishments, such as sports trainers, primarily engaged in providing specialized services to support participants in sports events or competitions. The sports teams and clubs included in this industry may or may not operate their own arena, stadium, or other facility for presenting their games or other spectator sports events.
Industry trends:
The spectator sports industry, categorized under NAICS 7112, has been undergoing significant transformations influenced by several qualitative trends. One prominent trend is the increasing integration of advanced technology, such as augmented reality (AR) and virtual reality (VR), to enhance fan engagement and create immersive experiences. This trend is expected to gain momentum, with more sports organizations investing in these technologies to attract and retain audiences.
Another notable trend is the rise in popularity of esports and virtual sports, which has expanded the definition of spectator sports. Traditional sports franchises are increasingly collaborating with esports organizations to tap into the growing audience base. This convergence is forecasted to continue as younger demographics show a strong preference for digital and interactive entertainment.
Additionally, there's a growing emphasis on sustainability and social responsibility within the industry. Sports organizations are adopting eco-friendly practices and promoting social justice initiatives to align with the values of socially conscious fans. This focus on sustainability is forecast to become a standard expectation, influencing sponsorships and partnerships.
Furthermore, monetization strategies are evolving, with an increased reliance on streaming services and digital platforms. The pandemic accelerated the shift towards online broadcasting, and this trend is expected to persist, reshaping revenue models away from traditional ticket sales to digital subscriptions and ad revenue. As the industry adapts to these trends, spectator sports are poised for continued innovation and growth in the near future.
This industry is comprised of:
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