2017年-普华永道全球_PwC_Sports_Outlook_2017_15页_1mb

PwC Sports Outlook Summary (2017 Edition)

Core Content

The 2017 edition of PwC Sports Outlook provides an analysis of the North American sports market through 2021, focusing on four key segments: media rights, gate revenues, sponsorship, and merchandising. It outlines the current trends, growth projections, and challenges facing the industry, with an emphasis on financial and operational strategies for sports teams and leagues.

Key Segments and Growth Projections

Segment Overview

Year-on-Year Growth (2012–2017)

• Media rights: 5.5%, 19.0%, 11.7%, 12.7%, 3.8%, 5.6%
• Gate revenues: 8.4%, 1.8%, 3.0%, 3.8%, 2.7%, 2.1%
• Sponsorship: 4.9%, 5.7%, 5.4%, 5.3%, 2.2%, 5.7%
• Merchandising: 2.9%, 2.7%, 2.3%, 1.2%, 3.0%, 1.1%

Main Points and Key Insights

1. Market Growth and Trends

• The North American sports market is expected to grow at a compound annual growth rate (CAGR) of 3.1% through 2021.
• Media rights remain the largest segment and are projected to grow at 4.3% CAGR.
• Sponsorship is expected to close the market size gap to media rights by 2021, with a 4.0% CAGR.
• Gate revenues and merchandising are expected to grow at slower rates (2.3% and 1.6% respectively), reflecting market maturity and saturation.

2. Major League Team Deals

• Team values have increased significantly, with average club values growing between 2.5 and 5 times over the past 10 years and 10 to 20 times since 1990.
• Club sales typically occur in a seller's market, driven by limited club availability and high demand from investors.
• Deal volume tends to peak around new collective bargaining agreements (CBAs) and national media rights deals, with the lowest activity in the middle of deal cycles.
• Current deal cycles are near their bottom, with national media rights not expected to runoff until 2020.

3. Facility Capital Funding and Aging

• A 20-year building boom has led to over $55 billion in facility construction across professional sports and intercollegiate athletics.
• Public funding has declined over time, from over 50% in the early years to less than 25% in the most recent five years.
• New facility projects are expected to be more costly and require longer funding timelines, with public investment becoming increasingly challenging.
• Private funding is anticipated to play a larger role in future facility development.

4. Ticket Subscription Products

• Subscription-based ticketing is emerging as a new model to cater to consumer preferences for length of commitment.
• Over 72% of MLB clubs and more than 10 clubs across NFL, NBA, NHL, and MLS have launched short-term subscription products.
• These products offer monthly commitments, seat rights to all games, and digital-only access.
• They are positioned to complement season ticket plans, engage new consumers, and increase ticket volume for underutilized games.

5. Immersive Sports Media

• Immersive media is a growing area with the potential to expand the sports wallet for fans and advertisers.
• The market is expected to reach over $1 billion globally by 2025, though it remains nascent compared to other media segments.
• Digital platforms are becoming key in monetizing rights and driving consumer engagement, especially as linear broadcast declines.
• Dynamic pricing, personalized video, augmented reality, and real-time delivery are expected to be critical in enhancing fan experience and generating revenue.

Challenges and Opportunities

• Economic downturns and secondary market leakage pose risks to gate revenues.
• Limited public funding and increased capital requirements for facility upgrades may constrain long-term growth.
• Tax reform in the US could impact the financial viability of sports franchises, particularly in terms of debt and interest deductibility.
• Digital transformation and consumer behavior shifts will continue to reshape the industry, with immediate and long-term implications for revenue models.

Conclusion

The 2017 PwC Sports Outlook highlights the maturing nature of the North American sports market, with media rights and sponsorship driving growth, while gate and merchandising face more challenges. The transition to digital media and improved fan experiences are seen as key opportunities for future expansion. Facility development and club ownership dynamics will also continue to influence the market, especially with the increasing cost and longer timelines for public funding.