Money Games: Profiting from the Convergence of Sports and Entertainment

Money Games: Profiting from the Convergence of Sports and Entertainment

Money Games: Profiting from the Convergence of Sports and Entertainment

Money Games: Profiting from the Convergence of Sports and Entertainment

Synopsis

The businesses behind Dubai Sports City, the branding of David Beckham, and the presence and popularity of fantasy sports leagues on the internet are unmistakable indicators that the sports and the entertainment industries are quickly becoming one and the same. But, you needn't travel far or be a hard core sports fan to appreciate this fact. Whether you play Madden NFL on the Wii, use Nike+ along with your iPod to monitor your workouts, or channel surf and take note of the number of athlete-driven commercials, evidence of this transformation is ubiquitous in today's sports viewing and consuming experience.

In recent years, the rapid convergence of sports and entertainment has been key to the sports business industry's continued growth and financial success. Money Games not only analyzes how industry stakeholders have monetized this convergence, but also provides readers with answers to this core question: how can the sports business continue to profit from the blurring of sports and entertainment? Author David M. Carter considers a wide array of implications for television content, video gaming, athlete branding, the Internet, mobile technology, gambling, sports-anchored real estate development, venue technology, and corporate marketing- in short, those areas where business opportunities exist now that sports and entertainment have become one.

Money Games is a must-read for professionals and future leaders of the sports and entertainment industries, and sports fans will also find an intriguing story about the evolution of the games that they cherish and follow.

Excerpt

Sports and entertainment have been converging since the dawn of capitalism, if not before—businesspeople were just slow to notice and identify the monetizing opportunities this trend offered, although they are now making up for lost time. Convergence can be defined as “the process of coming together, or the state of having come together, toward a common point.” “Common points” can vary, depending on which forces have been converging and what the goals and expectations of such converging entities are, but in the case of the convergence of sports and entertainment, the “common points” or, perhaps more accurately, the desired outcomes, are to build brands and generate revenue and, by extension, increase value for myriad stakeholders in the process. While the story of this convergence can be told from multiple vantage points, this book tackles it from a “sports-moving-into-entertainment” perspective.

Historically, the convergence of sports and entertainment has been relatively contained, primarily taking place in and around sports venues. Today such convergence, like the rest of business, is borderless—both literally and figuratively. Though consumers continue to experience the entertainment aspects of this merging while enjoying sports on location, they increasingly experience it as they relax in the comfort of their own homes watching sports on TV. When traveling for work or pleasure they check their laptops for streaming content of their favorite teams, and while at the office or running errands they frequently check their smartphones for scores and statistics.

The convergence of sports and entertainment is pervasive, and it continues to create business challenges while simultaneously providing significant opportunities for those hoping to make money from it. Although it is often easy to confuse savvy cross-promotion or other tactical marketing initiatives—such as cross-branding—with convergence, the former tends to be less symbiotic and, more often than not, represents short-term, opportunistic marketing and . . .

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