Field of Dreams: Edition 8

Greetings dear reader,

There was a time when we thought that the peak of human intelligence was discovering the evolution of Man.

That evolved man, with eons of hand work and advancements in technology, has arrived at forms of data that have made headway in an array of industries, especially sport!

The World Football Summit 2023 is a testimony to such advancements and their application.

In other news, the global sports tourism market is growing at a CAGR of 12.88% and is contributed to significantly, by an Indian festival.

Read on to find out all about it!

Team Tales

It is with immense pride that I would like to share that ITW has been shortlisted as a finalist for the Sports Business Awards 2023 in two categories!

Additionally, the champions at ITW Universe have stitched two partnerships for the upcoming ICC Cricket World Cup 2023 between Amul India and Cricket South Africa and Sri Lanka Cricket.

Proud to also share that ITW IO has enabled partnerships for the World Cup with Herbalife and Lendingkart!

Having recognised its potential early on, our very own vertical- ITW UXP has emerged as a new player in the game of sports travel and in extension- one that provides immersive travel experiences- to service the needs of travellers for sport and beyond!

In a first-of-its-kind partnership with Club Vistana Vacation , the airline’s royalty club, ITW UXP aims at boosting travel for sporting events and related experiences in the country and beyond.

Tech For Thought

Data will never be dated and no industry can avoid the immense power it brings. Such is the case of the ever-evolving sports technology industry as well!

Seeing as my interest lies in all things Blockchain, this year’s World Football Summit and its various panels caught my attention.

Held in Sevilla, Spain, the summit saw the attendance of a score of industry insiders, curious consultants and IT directors, all geared up for what was the most awaited panel- “Vision 2030: Sports Technologies of the Next Decade.”

Who knew that Football, as a sport, generates tens of billions of revenue per year but would’ve failed to do so without the pressing cruciality of data integrity?

Here’s where the hero- Blockchain- comes in!

Just as copies of ledgers and transactions are stored on multiple computers in the case of the BSV Blockchain , clubs use this technology to track important player data which is then stored across a distributed database as compared to a centralized one, so as to negate a central point of attack for hackers.

Like I said, data can never be dated and so, information saved on a blockchain is guaranteed to be accurate- which is the pinnacle of a good decision made in a football club!

Like with every penalty waiting to happen, the game doesn’t end there.

Arsenal going global and the English Premier League having twice as many fans in the United States than in its native- England, comes with a comprehensive plan of virtual experiences- says Olly Dale , Commercial Director at Arsenal FC.

For a sport like football, fan presence is essential. Most, if not all clubs, must have come to the common consensus that their teams have a strong global presence but may never see their fans attend a game at their stadium.

Keeping such fans engaged came with data being at the core of creating immersive experiences. The future of the same is covered by full-blown, 3D replicas of stadiums which will enable fans to tour them and attend games virtually.

Further, blockchain enabled platforms work to reward fans with tickets to exclusive events, financial benefits and more!

Market Mania

According to Technavio , the Sports Tourism Market size is set to grow by USD 559.75 billion from 2022 to 2027, growing at a CAGR of 12.88%.

The Indian Sports Tourism market seems to be ahead of the game and is valued close to $37 million with a projected compound annual growth rate of 14.8% from 2022 through 2023!

That’s how you can say that it is officially ICC World Cup season- a quadrennial phenomenon that fosters prosperity across industries!

Booking.com, the official accommodation partner for all World Cup related events, has seen a 15% year-on-year growth in flight searches between October 1 to November 20 to cricketing nations.

Cricket, truly, is a sport that brings about a sense of unity and is followed like religion. With the tournament’s return after 12 long years, local economies of the geographies where matches will be held, are to be significantly positively impacted.

With top cricketing nations like UK, Australia, New Zealand, Sri Lanka and the Netherlands visiting India, flight searches from these countries have also seen an increase in departures.

Because watching the top matches happening across the country is a dream for scores of people, travellers come for the events but stay for further explorations of the cities, thus boosting local economies.

On that note, Bringing to you Joe Namath’s wise words- “If you aren’t going all the way, why go at all?” with the hopes that in the process of reminding you all, I remind myself that in the rapidly evolving realm of the business of sport, perseverance is all it takes.

Until then,

Keep hustling…

Bhairav Shanth