Sports Professor Discusses How Franchises Will Open New Revenue Opportunities
From game highlights and player highlights to behind-the-scenes footage, social media users are actively following sports teams on TikTok. According to Morning Consult data, 46% of self-identified TikTok users said they “often” or “sometimes” use social media to stay updated with game highlights. In comparison, 42% said they use it for player highlights. Meanwhile, 43% of TikTokers said they use social media at least sometimes for sports news, and about 3 in 10 (31%) users watch behind-the-scenes content via social media.
Patrick Rishe, Director of Sports Business, Washington University, focuses on the success of Formula 1 racing and its growth and following on social media. According to Gadgets Africa, a luckily-timed series on Netflix, Drive to Survive, gained popularity during the lockdown. The industry saw significant growth in following from YouTube to TikTok. F1 is building an audience with content and reaching younger audiences. Rishe believes we’ll start “seeing trends in other sports. Use[ing] media to connect with younger fans.”
F1’s success is its variety of content. F1 is sharing stories on and off the track. “Formula 1 is very different than what’s happening with Nascar. Nascar is experiencing stagnation,” noted Rishe. Leveraging social media to build audience growth means embracing an all-encompassing content strategy. By adopting the F1 content strategy, other teams could experience the same growth.
Thanks to social media, fans enjoy access to the sport from social media. “Everyone is their own media outlet,” said host Katie Steinberg. However, professionals have to toe the line between access, posting responsibly, and honing their craft. Rishe said it’s a good thing and requires discipline and control.”
Rishe and Steinberg’s conversation continues to explore other sports trends like alternative revenue streams and sports labor. The two discuss betting and the new technology that identifies issues with gambling. Their conversation also turns to minimum wage pay for 60% of professional sports players and how union movements may impact sports labor.
More Stories Like This:
Creating the Expectations for an eSports Stadium
How a Motion Analytics Company is Applying AI to Improve Your Putting in Golf
Investing for Success: Expert Advice on Business Management and Wealth Building
Starting a business from scratch can be a challenging but rewarding experience. To manage your business successfully, it’s essential to begin by developing a comprehensive business management plan. This plan should include your goals, target audience, products or services, marketing and sales strategies, and financial projections. It should serve as a roadmap for your […]
Teach For America Reinvention: Culture Transformation and Educator Recruitment
Teach For America (TFA) started with an idea in 1989 by Wendy Kopp. The TFA formally launched in 1990 with a mission to provide all children in America with an excellent education. More than thirty-three years later, TFA is continually improving itself by expanding its network and resources with initiatives like TFA’s Reinvention Lab. […]
‘Everything Everywhere All At Once’ Reminds Scientists and Metaphysicians That Researching the Multiverse Has Important Thematic Fundamentals
The multiverse theory has been the subject of scientific research and philosophical debate for decades. It is a theory that suggests the existence of multiple universes beyond our own, each with its own unique physical laws and properties. Along with the recent phase of the Marvel Cinematic Universe, 2023’s Best Picture-winning film Everything Everywhere All […]