Sports industry slows, growing at 9.5% CAGR: Report

As per the report of sports related employment agency Sporzo and FICCI, the industry grew at a CAGR of 14% till 2020.

The company’s report states that cricket accounts for about 70% of this figure. Gate fee or revenue generated from ticket sales has also seen an increase in India over the years, which is estimated to be around Rs. 5 billion by FY2020, with cricket being a major driver of about 75% of the total contribution.

But while consumer interest in sports in India is at an all-time high, the report said the sports industry will grow at a CAGR of 9.5% from FY 2020-24 to 9.5 per cent. The industry in India has since seen a decline of ₹150 billion in FY2011 due to Covid-related restrictions.

The recovery is projected to be V-shaped in the years to come, as evidenced by the success of IPL 2020. Tennis player Leander Paes, who is also Sporzo’s strategic advisor, said India’s performance in the Olympics has put the Games at the center of many sports. discussions. “Results like these are a big boost to showing that sport is a great career option – whether as a pro athlete or as a professional in the sport. It is not just about winning medals. It is about creating jobs and opportunities in our country.”

The report said that the sports market in India was 0.1% of the country’s GDP in FY20. Between FY 2016 and FY 2020, the industry has grown nearly 1.4 times in line with the CAGR of the Indian television advertising industry. The report also mentions the potential for further expansion as the industry’s contribution to India’s GDP is less than the global average of 0.5%.

One of the key factors driving the growth of the country’s league ecosystem across various sports, is the increase in consumption on TV and digital platforms, and an increase in government and private initiatives as additional key drivers.

The founder of the company G. Srinivasan said, the study highlights some of the key sectors in the Indian sports market, which are expected to see growth over the next decade.

“Empowering and empowering the community with the right information and tools to not only follow their passion but to be ready for the job we hope to achieve.”

Amit Bhalla, Co-Chairman, Sports and Youth Affairs Committee, Federation of Indian Chambers of Commerce and Industry (FICCI), said that the sports sector is poised for incredible growth and with that comes the need for the right kind of talent and skills. fuel this growth. “Such benchmarking sets the tone for the year ahead where we all need to focus on bridging the skill gap and developing new job opportunities in sports.”