Strategizing A Game Plan For The Sports Industry In 2021 : Part 1
Why Sports TV Ratings Will Likely Still Suffer
New research from eMarketer estimates the cable, satellite and telecom TV industry is on track to lose a record number of subscribers. Approximately 6 million U.S. households will cut the cord with pay TV, bringing the total number of cord-cutter households to 31.2 million.
As demand for traditional TV plummets, streaming has become the new norm with 68% of view time spent online, according to Forbes. The shift in format is quickly transforming the way live sports audiences engage. The same research indicates 40% of fans have adopted ad-supported streaming or social media platforms to watch live sports. This comes at a bad time as cable sports ratings have struggled to recover since the initial lockdowns last year.
Expanding Sport Franchise Revenue Streams
Data Analytics
A key growth opportunity for teams is data monetization particularly in the field of fan engagement. Data-driven platforms opens doors to fan sentiment, behavior, improved fan experience and new revenue streams. Franchises have the opportunity to blend sensory, analytic, and engagement tools to gauge their audiences digitally. Various app-based activities such as real-time match insights, live-game sweepstake simulations or hyper-personalized gamification (mini-games and scoreboards) bring fans closer to the experience while the team generates millions of new data points.
These “fantivities” build the cornerstone of how a team can improve fan appeal. Sports organizations can detect patterns in digital engagement, and leverage them to make better business decisions, map a fan’s broader behavior outside the stadium and help expand sponsorship opportunities.
Challenges
While new technology unlocks new opportunity, it comes at a price. A combination of large infrastructure investments and qualified internal team is often the prerequisite to successful rollouts.
Another challenge is the lingering question of who really owns the data? The team? The league? The Developers? Data privacy regulations need to be understood, communicated and followed.
Possible Solution
Our fan engagement platform and app tingit is centred around custom-branded engagement activities for all things sports (second-screen content, virtual stores, gamification). Plug and play within 10 minutes of set-up time, and visualize real-time data being captured from your own TingDash control center. Tingtech abides by the strictest GDPR regulations by placing the control of data sharing in the hands of users by providing transparency and rewards in exchange for their information.
About tingtech, LLC
Tingtech is a multifaceted mobile app development company offering expertise in distributed ledger technologies and data-over-sound solutions. Our hyper-personalized branded tools leverage innovative technologies to craft mesmerizing brand experiences for you.
Visit us: https://tingtech.io
