Caribbean sport industry has massive potential

By Carole Beckford November 11, 2020

The value of the sport industry globally is estimated at US $488.5 billion. The breakdown per region globally is also estimated to look like

 · Europe, Middle East & Africa 48 per cent

· North America 38 per cent

· Asia and the Pacific 13 per cent

· Caribbean and Latin America 6 per cent

 This odd number makes it up to 105 per cent (for the Math experts), but this is what I will be using as my guide for this conversation.

 We want to look at the Caribbean Sport Industry, one which, over the years, has made a considerable impact on the field of play, but has not in any way scratched the surface of its potential of its economic earnings.

 The key success factors for sport as an economic driver, looks at

 · Events

o Tickets

o Media Rights

o Sponsorship

· Apparel and Equipment

· Fitness and Training

· Venues, Food & Beverage, Betting

 In the region, cricket has been the most consistent to fulfill any of the above economic activities listed above. With 10 international cricket venues across the region, Cricket West Indies (formerly West Indies Cricket Board) has hosted other cricketing nations across the region.

 TV Rights are considerable for incoming tours from India, Australia and England for the most part. While the revised Super50 and 4-day Championship have been able to attract a sizeable amount. With the standard expenses of CWI estimated to be about $45million annually, the rights deals use that as a base to negotiate from. The figures have really never been made public, but we guess the incoming India tours attract the highest amount. Ticketing and Sponsorship are next in line and then a gear deal.

 The region has an impressive list of elite athletes in several sporting disciplines. These range from cricket, track & field, netball, basketball, swimming, volleyball, football among others. The brands in the region should be prepared to invest.

 The world recognizes our athletes and we should too. There are a host of products and services that can be aligned with the overall performances (on and off the field). Agents and Managers should collaborate to seek the support as they package our athletes who represent the region consistently.

Two important calls

1. Sport Ministers should meet before the end of the first quarter 2021 and devise a policy plan to upgrade its policy guidelines, while seeking to look at overall preparation for International competitions in Football, Netball, Tack and Field, Cricket and the other major sporting event

2. I am challenging the agents and managers based in the Caribbean to assemble and discuss the packaging methodologies for the current elite athletes and teams, while looking at the athletes they are preparing for the future

 Well maybe three, I am calling out to the major Caribbean Brands to have their marketing teams re-consider investment opportunities for elite teams and athletes.

 On another matter

 A 2018 Inter-American Development Bank (IDB) report says the Latin America and the Caribbean lags in sport spending. The report stated that “the region could get a development boost from sport activities that improve the region’s social and health benefits.” The report also warned that the programs must be “properly designed and monitored.’

The report also showed that the region needs to spend more on sport, “not just to produce better athletes, but also to foster happier, less violent and healthier societies. To gain the social benefits, there is need for better sport programs and evaluate those that already exist.”

 The full report is available here https://www.iadb.org/en/news/idb-report-underscores-social-benefits-sports-development-warns-against-program-design-flaws

https://www.iadb.org/en/news/idb-report-underscores-social-benefits-sports-development-warns-against-program-design-flaws

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