76031

Global sports and entertainment consultancy IMG has released its Events & Partnerships Trends Report 2024 in which it identifies six significant trends that are expected to shape sponsorships and live sport and entertainment in the coming year.

Introducing the study, Robbie Henchman, IMG’s President, Global Partnerships - Events, Media, and On Location, explains that the report “leverages our unique position at the intersection of live experiences, sports and entertainment (to) provide invaluable insights for brands and the broader events sector.

“At IMG, we are proud to champion many of the six trends highlighted in this report”, going on to explain “(we) begin with the significant rise in event tourism, examining the factors driving its growth.

“Next, we … delve into consumer expectations regarding sustainability initiatives at events,

highlighting what brands need to deliver (and) examine the ongoing surge in the popularity of women’s sports.

“Additionally, we … investigate how content is increasingly capturing the interests of Gen Z, the integration of AI in live sporting events, and the burgeoning appeal of ‘sportainment’ in crossover events.”

The six areas that the Events & Partnerships Trends Report 2024 considers are as follows:

1. Event Tourism on the Upswing
Covering how live events have become a driver of domestic and international, the study notes that “the right partnerships can add value for global rightsholders, cities and fans.”

Using Taylor Swift’s current The Eras tour as an example, it explains that “when people travel, they like to travel with purpose” it advises that “despite geopolitical unrest and other cooling factors, international travel is surging after Covid-19 … with Asia driving the rise year-on-year, with travel volumes approaching pre-pandemic 2019 levels.”

While 2023 only saw an overall 0.5% increase in sponsorship spend across all sectors and lower deal volume, several sectors are displaying encouraging signs.

The clothing and accessories sector increased spending by more than 27%, while the travel and tourism industry also saw a 25.6% increase in spending year-on-year.

The 35-44 age group is leading the charge in live events travel, with 48% having travelled internationally for an event.

74% of 22 to 54-year-olds discover new events via social media and influencers, far outpacing the traditional world of mouth (which is still high at 51%).

The Report adds “just as cities vie to host the Olympic and Paralympic Games, countries have realised other types of strong IP can attract international audiences and boost economic impact.

“Rightsholders, host cities and fans should consider an event ticket as more than a seat: it’s an end-to-end travel experience that starts with travel and hotels, and extends to local restaurants and attractions.

“Partnerships can add value for rightsholders and fans by enhancing the ticketholder’s experience at various touch points on their journey, from purchase to transport and ancillary experiences such as meet and greets after the event itself.

2. Consumers expect brands and events to lead on sustainability initiatives
Citing Mintel figures which show that a majority of consumers globally now believe their country is suffering from climate change, the report notes that consumers don’t trust retailers’ sustainability claims, and suspect companies of greenwashing

It also references Deloitte findings that UK consumers are far more likely to care about sustainable packaging, for example, than carbon footprint data.

All reports pointed towards the notion that consumers want brands to ‘walk the talk’ when it comes to sustainability - acting transparently and innovatively to guide the public on various concepts and helping accelerate the adoption of sustainable practices. Whether it’s building confidence in electric vehicles (EVs) or other sustainability outreach, the market is ready for comprehensive educational campaigns to increase public awareness.

3. Women's Sports Sees a Rapidly Growing Fanbase
As investment and viewership increase, the report advises that fans of women’s sport respond positively to sponsorship partners.

It states “women’s sports are on the rise and resonate strongly with younger audiences. The total number of Gen Z women who consider themselves to be sports fans is up 15 points from last year.

“This is part of a growing trend of younger audiences (millennials and particularly Gen-Z) supporting greater diversity and inclusion in sports. 43% of fans want sponsors to commit to equal support of both men’s and women’s sport.”

4. Leveraging Live Sports Event Content to Engage with Gen Z
The report states “rightsholders can better reach and engage younger sports fans with an understanding of the shifting rules of engagement”, suggesting that “rightsholders need to suspend conventional wisdom to embrace the new reality: that storytelling is cross-platform, and no longer linear or following established structures. Integrating content into live events is key to unlocking Gen Z’s audience engagement.

“Live sports events are immersive, communal experiences. If rightsholders want to boost attendance and promote their property reach, they need to rethink the nature of live sports events content – how it’s packaged, presented, and transmitted.

“Influencer or talent-led content can help to engage younger audiences and provide relevance that will funnel them into fandom.”

5. The Rise of AI in Live Sports Events
The report advises “on the production side, AI has the potential to unlock greater fan experiences and push the boundaries of what sports marketing can achieve.

“Fans are especially well-primed for AI partnerships in sports.

“While 86% of them are aware of the technology, only 69% of them have used an AI tool in the last month, meaning they’re a target audience for growth. If sports properties provide fans with their first VR experience, it will likely be one they’ll remember forever.

Sports audiences are both intrigued and concerned about AI. While over half (52%) of them are excited by the emerging technology, 90% of respondents are also worried about its impact on society.

6. The Ever-Growing Allure of 'Sportainment' Crossover Events
The report goes on to say, how crossover partnerships within music, fashion and art can positively impact sports viewership and engagement.”

Referencing Taylor Swift as “the best case study in successful sports and entertainment synergy”, the report circles back to the huge impact of Swift’s The Eras tour as identified in its  first trend (Event Tourism on the Upswing), adding her relationship with American gridiron player Travis Kelce and its positive effect on the NFL.

It notes “when Swift and Kelce went public with their romance, Kelce found himself the subject of intense discussion online.

“Swift’s devoted fanbase has meant a meteoric rise in public popularity for Kelce."

The report also makes mention of the US Open of Surfing (of which IMG is the owner and producer) and how it seized the opportunity for the event’s crossover potential between sport and entertainment.

It explains “recognised as the largest action sports and lifestyle festival globally, the US Open of Surfing features some of the world’s premier athletes in surfing, skateboarding, BMX and FMX.

“But the festival also combines music, film, and art, delivering an unparalleled experience for spectators of all ages.

“Bridging the gap between action sports and lifestyle, hosting music acts at the US Open of Surfing brings fans from around the world to the beaches of Huntington Beach, as well as reaching fans who tune in from home around the world.”

Click here to view the report.

Main image: Taylor Swift’s current The Eras tour is cited as a major example of event tourism.

Related Articles

5th June 2024 - Strategic Membership Solutions flags the High-Value Sponsorship Trends in 2024

27th May 2024 - dentsu Sports Analytics and Fonto launch new sponsorship tool

25th May 2024 - Nine media report indicates influence sought by Gina Rinehart for sport sponsorship

26th March 2024 - NAB data reveals Taylor Swift’s The Eras Tour delivered $300 million for city economies

1st March 2024 - Secret Sounds Connect study unveils cultural zeitgeist of Gen Z in 2024

12th February 2024 - Global sport sponsorship market set to grow by US$22.6 billion in years to 2027

26th January 2024 - World Athletics and Sony sign new sponsorship agreement

20th October 2023 - Considering constitutional changes media reports focus on Swimming Australia’s loss of sponsorship

19th August 2023 - Women’s sport to benefit from new $200 million Federal Government fund

2nd August 2023 - AFLW secures extended sponsorship from resources giant BHP

7th July 2023 - 90% of Gen Z sports fans consume content through social media

31st May 2023 - Climate Council reveals code to eliminate fossil fuel sponsorships from the arts and sport

23rd May 2023 - Gen Z consumers shaping the fitness industry

28th April 2023 - YouGov Sport reveals innovative sponsorship prospecting tool

12th April 2023 - Strategic Membership Solutions shares how to avoid common sponsorship mistakes

21st October 2022 - Sponsorship’s new paradigm

22nd April 2022 - Global Esports Federation announces IMG as its Strategic Partner

8th February 2019 - Sport Australia’s Kate Palmer says now is the time to stop talking about ‘women’s sport’

10th November 2017 - IMG confirm cancellation of Manly’s Australian Open of Surfing

17th June 2016 - Tough Mudder looks to Asian and Middle East expansion with IMG partnership

4th June 2015 - IMG acquires Taste Festivals operator Brand Events Australia

---

Support our industry news service
We hope that you value the news that we publish so while you're here can we ask for your support?

As an independent publisher, we need reader support for our industry news gathering so ask that - if you don't already do so - you back us by subscribing to the printed Australasian Leisure Management magazine and/or our online news.

Click here to view our subscription options.