Which Pain Points will Sport Properties be facing in 2024?

The Main Pain Points, Sport Properties will be facing in 2024.

A few years back, I had the privilege of visiting the headquarters of one of the leading sports brands. After a captivating presentation, they graciously took me to their innovation center. My only question to the CEO after the tour was – if he can share one pain or challenge they face?

The CEO proudly proclaimed that “The brightest minds and most innovative talents in the world were gathered under their corporate roof, so all challenges are met”. 

I was too polite to call out his bullshit on the spot – Upon seeing the size of the team, and noting the insularity of it all, it struck me—the most innovative individuals in the world aren’t confined to a single corporate entity. True innovation thrives in the entrepreneurial ecosystems worldwide, those who continually push the boundaries of technology and creativity. Fast-forward just three years, and it was evident that the company had evolved its approach. The innovation team had transitioned from a sizable 200-person unit to a leaner, more agile group of twenty-five individuals, a testament to the belief that true innovation often flourishes through open collaboration and external partnerships called  – Open Innovation!

Like the DNA that unites all of us, brands, clubs, and federations often share similar struggles and fears. This common ground is key: just as our genetic makeup connects us, so do the challenges we face in our professional landscapes. You’re not alone in this journey. The needs and pains you’re experiencing are likely mirrored in organizations just like yours, creating a unique opportunity for shared understanding and collaboration. By acknowledging these common challenges and working together, we can forge a path to success. 

You are not alone:

For sports properties, the new season isn’t just about championship aspirations, it’s about navigating a minefield of tech and financial challenges. From dwindling attendance to the ever-evolving digital landscape, the game is changing, and staying ahead is a constant struggle.

After talking to many sports property leaders, here are 10 of the biggest pain points they are sharing: 

1. Monetizing the Masses: Matchday vs. Non-Matchday Revenue

Filling those seats is half the battle, but maximizing revenue on both matchday and non-matchday is the true test. Finding new tech platforms to leverage stadium space and fan engagement beyond game time is crucial.

2. Ticketing Tightrope: Balancing Access and Profit

Ticketing strategies are a delicate dance. How do you ensure affordability for fans while maximizing premium experiences and secondary market control? It’s a fine line between accessibility and profit.

3. Empty Seats, Empty Pockets: The Attendance Enigma

The allure of the home game is fading. How do you entice fans back to the stadium, compete with the comfort of the couch, and create an experience that’s worth leaving the house for?

4. Digital Dilemma: Winning the Gen Z Generation

The future of fandom is digital. Building a thriving online community, especially among Gen Z and Alpha, requires innovative thinking. Building a branded Casual gaming community, loyalty programs, and even Web3 exploration are on the table.

5. OTT Odyssey: Owning the Content, Owning the Revenue

I hear this question too often –  “How can we stop losing Money on OTT?” . Striking the right balance between free and premium content on streaming services is key to maximizing reach and revenue without alienating viewers.

6. Sponsorship Symphony: Playing on Emotions, Not Just Logos

Sponsorships are more than just logos on jerseys. How can you create deeper emotional connections with brands, activating partnerships in ways that resonate with fans and deliver tangible value?

7. Esports Enigma: Cracking the Code to Profitability

Esports offer immense potential, but turning viewership into dollars remains a challenge. Finding the right revenue streams and integrating them seamlessly with traditional sports is crucial.

8. Retail Revolution: Beyond the Souvenir Stand

Merchandise needs a makeover. Direct-to-consumer strategies, Can Barcelona sell Shirts Directly without NIKE.. ?  Can the Merchandising retail be disrupted?

9. Tech Tonic: Saving Money, Enhancing the Game

Technology isn’t just a cost, it’s an investment. From streamlining operations to personalizing the fan experience, the right tech solutions can save money and supercharge engagement.

10. Fanatical Focus: The Journey, Not Just the Destination

It’s all about the FAN journey, not just the final score. Leveraging technology to create a seamless and unforgettable fan experience, from pre-game to post-game, is the key to long-term loyalty and revenue growth.

In summary, to every sports leader out there grappling with challenges, know this: you’re not alone. We’re here to work hand in hand with you, delving deep into your specific issues. Our commitment is to walk alongside you, understanding every aspect of your journey, and offering tailored, effective solutions. 

Remember, together, you’re never facing these challenges solo.

Amir Raveh,
Founder and CEO
HYPE Sports Innovation

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