Sports Industry a Thriving Business Business & Marketing Essay (Essay Sample)

Sports Industry as a Thriving Business
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Sports Industry as a Thriving Business
The sports industry has ceased from being an only entertainment industry. It has grown to become one of the greatest franchises in the world. As a business venture, it has created employment for thousands of individuals and earned billions of money to investors since the late 19th century (Fielding, Pitts, & Pedersen, 2010). These two factors have accelerated the industry’s consideration as a profitable and flourishing business. The turning point of the industry was the increase in per capita income, technological developments and urban population.
Growth in per capita income enhanced people’s expenditure on sports as a form of entertainment. On the other hand, technological evolution facilitated the growth of the industry. This development enabled the flow of sports information to the interested class of elites. In addition, technology facilitated efficient transport and communication to sports affiliates who were interested to travel or watch live performance through gadgets. Besides, the urban population has grown boosting the demand for sports and increasing the popularity of some sports varieties (Fielding et al., 2010). In line with this, modernization played a significant role in commercializing the industry. Through this process, athletic capability was nurtured, and sport products were repackaged to suit the n