More than 75 percent of sports executives believe that women’s sports revenues will increase by over 15 percent in the next three to five years, according to the latest Global Sports Survey by global professional services firm PricewaterhouseCoopers (PwC).
The survey pinpoints the importance of media coverage in the process, with 50 percent of participants arguing that “widening media coverage would have the greatest impact on the growth of women’s sports.”
Increased media coverage, which should include increased visibility on and off the pitch, typically attracts more commercial partners and stimulates investments, and will therefore be key in ensuring the lasting growth of women’s sports. While media companies can take on this important role, longer-term commitments from brands and sponsors are also required, suggests the report.
2022 a pivotal year in women’s sport
The year 2022 was a pivotal moment for women’s sports, according to PwC analysts. The last 12 months were marked by increased investments, a number of successful major events – like the UEFA Women’s Euro 2022 and the Women’s Rugby World Cup – with increased viewership, and engagement across the sporting ecosystem. The U.S. government also passed an equal pay bill in December, requiring men and women representing their country in international competitions to be paid equally.
Mixed outlook for the future of sports audiences
Overall, survey respondents were optimistic about the future of the sports industry as it finally recovers from the impact of the Covid-19 pandemic. The perceived market growth outlook has improved from 5 percent last year to 6.5 percent. By revenue stream, optimism is particularly evident among respondents from media companies, sports agencies and investment companies.
By geography, executives in North America and the Middle East anticipate significant growth, primarily driven by the media rights market in the U.S. and significant investments in sports across the Middle East. The European market shows the most conservative outlook for the next three to five years, according to the survey data.
On a less positive note, inflation and the cost-of-living crisis occupy the highest position amongst the key threats to growth. These threats are expected to reduce the number of people who can afford tickets, subscriptions, betting and merchandise. Alongside inflation/cost-of-living and potential economic slowdown, which occupy the two top spots, geopolitical instability and tightening regulatory frameworks also preoccupy sports executives.
The survey was conducted by PwC’s Global Sports Network between September and November 2022 using an online questionnaire, distributed to sports industry leaders around the world. PwC received 507 responses from across 43 countries. The 52-page PwC’s Global Sports Survey (7th edition) is available for download from PwC’s website
