Innovation And Entrepreneurship In The Sports Industry And IPR Aids The Process

Rayavarapu Navya Tanuja, BA LLB, IFHE Hyderabad

Introduction

Sports industry is a very large industry involving in production, facilitation, organizing and even managing sports related events. It also involves all business organizations involved in production of activities related to sports like clothing, equipment etc or even companies organizing sporting events or providing services related to sports.

The global sports market is segmented -

1) By Type: Spectator Sports, Participatory Sports 2) By Revenue Source: Media/Broadcasting Rights, Merchandising, Tickets, Sponsorship and endorsements 3) By Ownership: Chained, Standalone

The global sports market grew from $ 354.96 billion in 2021 to $ 496.52 billion in 2022 at a compound annual growth rate (CAGR) of 39.9%.

In India sports industry is still in the nascent stage which is booming and has seen steady growth particularly over the past decade. The sports industry in India – comprising broadcasting/ media rights, sportswear, sports nutrition, sports equipment etc, is likely to see a rise of up to five times to reach a value of $ 100 billion by 2027 from $ 27 billion in 2020.1 The market size of the sports industry across India is about 95 billion Indian rupees in 2021. A majority of this is being led by the Indian Premier League (IPL), with over nine million viewers which has commercialized and scaled successfully.