Size and Scale of the Contemporary Global Sport Industry

Sports Economics Course
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Department of ABC, University – Whitewater
ABC 101: Course Name
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Sports Economics Course
Discussions on the history of any society, whether modern or ancient, is incomplete without focusing on the role of sports. For instance, the remnants of colosseums from the Roman Empire are relics that provide a vivid reminder of the role of sports in that society. Societies value sports because they bring people together, provide a sense of identity & belonging, and have extensive physical & mental health benefits (Zhang et al., 2018). In other words, sports are key in defining each society’s culture and traditions.
In the modern world, colosseums have since been replaced by stadiums, and sports have become an integral part of the economy. The core economic aspects of sports include running and funding sports entities (like clubs and organizations like FIFA and NBA) or athletes, sales of stadium tickets, transfer of players from one club to another, the sale of club merchandise, and running events like the Olympics. Many businesses started and grew exclusively out of sports. Nike and Adidas, for instance, lead the market in sports attire and accessories. Other areas covered by the sports industry include nutrition, fitness, psychological services, and even medical services like physiotherapy. Current estimates indicate that in 2022 the sports...