Sport is a booming industry, not just in India, but also on a global platform. Enormous consumer demand has increased the revenue generated by this industry in the past few years. A recent report estimated that the sports sponsorship and advertising sector surged up to a figure of USD 1.14 billion and grew by a substantial 12% in 2018, signifying a tremendous growth in the Indian sports industry.
With an increase in the demand and investment in the industry, the government and national federations in India have been trying to revamp the present functioning to attract more investments. There has been a rampant increase in the role of private bodies, aimed to match international standards and to ensure stability in upcoming ventures. This has created opportunities for both domestic and international companies, whether involved directly in sporting activities or the broader framework of associated services.
Various initiatives for sports other than cricket, like the establishment of Indian Super League, Premier Badminton League, Ultimate Table Tennis, Pro Kabaddi League, to name a few, are indeed changing the outlook of sports in India. With the success of the FIFA U-17 World Cup and the Khelo India School Games, among other national leagues and tournaments, the lineup has helped in revolutionizing the sports industry in India and created a larger potential for hosting similar events. It has opened avenues for further investment from domestic, as well as international markets and involves allied services including sports tourism and export of sports goods, which shall further strengthen India’s standing in the global market.
The above-mentioned developments and the potential in the industry brings with it, vast opportunity and challenges to professionalize and commercialize sport and along with it the need for professional expertise in the fields of science, management, media and law relating to the business of sport.