Alright, folks, buckle up because we're diving deep into the heart of the sponsorship game in 2024. Last week, Kore Software dropped their latest State of the Industry report, and let me tell you, it's a doozy. This bad boy's packed with insights gleaned from analyzing thousands of deals, scouring millions of social media posts, and picking the brains of execs from over 60 brands and rights holders. So, let's cut to the chase and break down the top five takeaways, shall we?
Closing the Alignment Gap: It's like this, sponsors and rights holders are kinda like a couple in need of some serious couples therapy. According to Kore's findings, there's a bit of a communication breakdown going on. Brands feel like their partners ain't quite hearing their needs, while rights holders reckon they ain't getting enough guidance from the folks cutting the checks. It's a classic case of "he said, she said," but here's the kicker—both sides wanna keep the flame alive. So, maybe it's time they sat down, had a heart-to-heart, and figured out how to sync up their goals and objectives for the long haul.
All Eyes on Women's Sport: Move over, fellas, 'cause the ladies are stealing the spotlight. Women's sports ain't just a growth opportunity anymore; it's the hottest ticket in town. Kore's survey says over half of brands are eyeing up sponsorships in women's sports properties. That's right, the gals are taking center stage, and businesses are lining up to get in on the action. So, if you're looking for the next big thing, you might wanna hitch your wagon to the women's sports train—it's leaving the station, and it's bound for glory.
Tech Takes Center Stage (in North America, Anyway): Now, when it comes to sponsorship spending, tech's the new MVP—but there's a catch. While half of the rights holders are eyeing up partnerships with tech firms, it seems like the US of A is hogging all the action. Kore's analytics show a spike in tech sponsorships across the big five leagues in North America, while the rest of the world's kinda left twiddling their thumbs. Looks like the Silicon Valley boys are calling the shots for now, but who knows? Maybe the rest of the world will catch up sooner rather than later.
Digital Gold Rush: Forget billboards and VIP tickets—these days, it's all about the digital space. Social and digital activations are the new kids on the block, driving nearly ten percent of sponsorship revenue. Major League Soccer's leading the charge, with over two-thirds of sponsorship deals including digital goodies. But it ain't just about likes and retweets; it's about cold, hard cash. By tracking the value of digital activations, leagues and teams can flex their muscles come contract negotiation time.
Nike and Adidas Still Rule the Roost: Last but not least, let's talk about the big dogs of the sponsorship world—Nike and Adidas. These cats ain't just kings of the kit supply; they're ruling the social media game too. With endorsements up the wazoo and partnerships with top teams and athletes, they're soaking up all the love on social. But watch out, 'cause there's a new player in town—EA Sports. Thanks to some savvy moves in the soccer world, they're climbing the ranks faster than a cheetah on Red Bull. So, keep your eyes peeled, folks, 'cause the sponsorship game's only just heating up.
And there you have it, folks—the state of the sponsorship industry in 2024, straight from the horse's mouth. It's a wild ride out there, but with these insights in your back pocket, you'll be ready to tackle whatever the sponsorship gods throw your way. Until next time, stay sharp and keep hustlin'.
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Want take a look at the report ? Here it is : https://koresoftware.com/insights/white-paper-2023-24-kore-state-of-the-industry/
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