Hirav Shah is a Well Known Sports Astrologer & Strategist. He has been instrumental in guiding numerous sports leagues and sportsmen, leading them to success and prosperity. In this article,Hirav Shah throws light on how the Indian Sports Industry is diversifying and the economical benefits due to diversification.
Sports is regarded as one of the largest industries worldwide in terms of generating employment and revenue. Sports is a multi-billion dollar global industry propelled by enormous consumer demand.
Traditionally, in India, sports was never really recognized as an economic sector, mainly due to the fact that, there had been little or no comprehensive study done on the industry’s size, potential, and on the available opportunities that were on offer.
But today, ever since a decade or so, the sports industry in India is moving beyond cricket towards diversification into a variety of other sports resulting in the growth of viewership & participation, sports-related industries, sporting goods (in manufacturing and retail), sporting garments, the available opportunities in sporting management & sponsorship & sports tourism as well.
India has moved forward from a single sport nation to a multi-sport country, and is witnessing a boom, that is benefitting and will keep on benefitting the sports business & sports itself, through:
Massive initiatives such as the establishment of Indian Premier League (Cricket), Hockey India League, Indian Badminton League, Pro Kabaddi League, and Indian Super League (Football) are indeed changing the face and the identity of Indian sports. The sports industry has indeed grown extensively — from Rs. 43.7 billion in 2013 to Rs.65 billion in 2021 — mainly due to the emergence of new sporting leagues.
2. Sports Sponsorship
The ecosystem of sports sponsorship is growing & the Industry has crossed Rs 9000 crore by 2021.
According to a study, cricket dominated the sports advertising sector once more as the Indian Premier League and (IPL) and ICC World Cup gave a push in both, on-ground sponsorship and media spends. On-ground sponsorship grew by 25%, for the first time, crossing Rs 2000 crore mark. Overall industry upsurge was Rs 1347 crore of which Rs 800 crore was contributed by media spends alone growing at 18%.
Today, Sports Sponsorship pertaining to Kabaddi, Football, Badminton and Hockey is also growing by leaps and bounds.
3. Viewership, Engagement & Participation
In keeping with emerging trends, digital shot up by 84% from Rs 475 crore to Rs 875 crore. While TV continues to grow as the biggest medium for ad spends in sports, brands now also have a clear digital plan along with a presence on TV to build a rapport with their consumers by reaching out to them in more ways than one. Engagement and interactivity are important elements of consumer marketing, and digital technology can be leveraged well to give differentiated solutions to sports lovers. The year also saw fantasy sports applications growing fast as advertisers and this traction have been carried forward into 2021 also, with newer experiences for the Indian sports fan.
4. Goods and Apparel Industry
The sporting goods and apparel industry in India has been in existence for more than a century and has managed to flourish due to a skilled workforce. For example, the towels produced every year for the prestigious Wimbledon Grand Slam tennis tournament are produced in a factory in Gujarat, while footballs used in many of the international football tournaments across the globe are manufactured in the city of Jalandhar. Being labor-intensive in nature, the industry provides employment to more than 500,000 people. The nucleus of this industry in India, is in and around the states of Punjab and Uttar Pradesh; however there is tremendous potential for developing a sporting goods industry, like a proper industry and the time is not far when other cities like Mumbai, Kolkata, and Chennai will be explored. Numerous other cities will also be explored by 2023.
5. Sports Tourism & Sports Medicine
The sectors of sports tourism and sports medicine also have massive business potential in India. Mega sporting events in the past, such as the Hockey World Cup and the 19th Commonwealth Games (both held in New Delhi in 2010), along with the ICC Cricket World Cup held in 2011, brought a number of tourists and sports enthusiasts. Simultaneously, there has also been a marked rise in the number of tour operators and agents specializing in servicing the requirements of this particular tourist segment. Even mainstream tour operators have set up separate divisions to tap the potential of sports tourism. An alien concept in India about a decade ago, sports tourism has evolved rapidly over the past five years, though it remains a niche segment. Sports tourism is a well-organized sector and major revenue churner in several nations around the world like the U.K., Germany, Singapore, South Africa, and Malaysia, while in India it is slowly picking up speed. According to industry experts, the segment is expected to have a growth rate of 10-20 percent in 2021-2022.
In recent times, a lot of sporting activity – in the form professional hockey, kabaddi, badminton, tennis, football, and cricket leagues – has come up in India, which requires a proper medical support system. There is also the question of whether Indian sports medicine is prepared to handle such on and off the field incidents. Although the sports medicine segment in India remains in its developing stages, it took a step forward with the development of the Sports Injury Center at Safdarjung Hospital, which not only boasts world-class facilities and doctors, it can even provide treatment to international athletes at a very competitive rate. This in turn is likely to increase and enhance the sports tourism sector of India.
All in all, the sports industry in India has tremendous business potential, especially in the fields of marketing, management/sponsorship, exporting of goods or apparel, and sports medicine and tourism. Therefore, the time is ripe to facilitate investment mobility so that corporate houses that are already engaging in sports can upgrade to for-profit sporting ventures, while business houses that are not involved in sports so far may consider this sector as an ideal avenue for CSR activities.
Sports can certainly be the next big thing for the Indian economy, looking at the way the sector has been diversifying, Quotes Hirav Shah, India’s Top Sports Astrologer & Astro-Strategist.
Why to Ask Sports Astrologer
Hirav Shah is a brand in the field of Sports Astrology. He does deduce and strategise the chances of potential success of a particular team or player or even a league or a sports-based business setup. With years of experience and knowledge in astrology, with a terrific business acumen, visionary opinion and strategy, Hirav Shah can help you take on challenges with confidence and certainty.
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