Global Sports Media Rights Revenue to reach $60bn by 2024
The global value of sports media rights is forecast to exceed $60bn in 2024 as new contracts for properties such as National Football League (NFL) and Indian Premier League finalise, in addition to the arrival of the 2024 Paris Olympic Games, according to SportsBusiness.
Last year, total sports media rights revenue reached $55.07bn (€52.37bn) but growth is forecast to be flat this year, rising by 0.3% to $55.24bn, before expanding to a market worth $60bn in 2024.
The US remains the biggest sports market in the world at nearly $25bn last year. Currently, 93% of the NFL’s media rights revenue stems from its domestic market. The UK, ranked as the second biggest sports rights market, generated near $5bn in 2022, yet only one-fifth of the US’ total. The Nordics ($1.28bn) became the fastest-growing region thanks to Viaplay’s new deals for the English Premier League, UEFA Champions League, domestic ice hockey, and football.
Major European markets including France, Spain, and Italy are forecast to experience stagnation this year, as pay-TV subscriber numbers decline amidst a lack of major sporting events. Germany, however, is expected to grow due to established and newcomers such as Amazon, Deutsche Telekom, and Dyn joining the sports streaming scene, according to the analysis.
Soccer topped the chart as the sport with the largest global media rights value, at $22bn in 2022, while American Football came second ($8.5bn). Golf had the highest growth rate (25%) in 2022, reaching $1.3bn.