The sports streaming industry has grown significantly over the past decade resulting in a significant shift in the live streaming sector as well. As stated in a recent market report, the global online live sports streaming market was worth US $18.119 billion in 2020 and is expected to reach US $87.338 billion by 2028, growing at a CAGR of 21.26%.
This gives just a glimpse of how enormous the global sports streaming industry is and explains well why the live streaming platforms are getting inclined towards sports streaming. Live streaming and merchandising both have become prominent in the sports sector in recent years creating lucrative opportunities for the relevant business players. Wondering what exactly is the deal? Or, how big is the opportunity?
Read on, because in this blog we will walk you through it all.
The Rise of Livestream Shopping: Selling Sports Merchandise
Livestream shopping has gained traction over the past years to grow into a highly profitable industry . As stated in a recent market report, the livestream shopping market revenue in the U.S. itself is nearly worth US $20 billion and is projected to reach US $57 billion by 2025.
While in most of the global regions the livestream shopping model has originated from China’s US $327 billion livestream market as of 2021, its rising adoption in the sports sector has further catered to its growth. Let’s delve deeper into it to help you understand and utilize this opportunity better.
Global Growth of Livestream Shopping as an Industry or Trend
Live stream shopping has emerged as a highly lucrative industry as well as an widely adopted trend across the globe. While the popularity of livestream shopping has been hugely influenced by China’s livestream shopping industry with over 560 million viewers in 2020 itself, the live streaming market players have come up with new strategies to leverage this growth scope further.
In 2017, Amazon hosted its first Amazon Live Stream, in 2021 the American luxury department store Nordstrom announced the launch of its live shopping channel, Canadian retailer Aldo generated 17,000 pageviews and 308% engagement rate in its livestream shopping event in 2021, and the list goes on. And it’s no more limited in a few sectors but has been getting adopted in the sports streaming sector. For instance, sports and fashion retailer JD sports launched its live shopping service in 2021, French sporting goods retailer Decathlon has also started with live shopping on various platforms, and many more.
As revealed in a recent report, the global livestream shopping purchase increased by 76% on an average during the pre pandemic period to now, while Europe registered the highest growth of 86% in live shopping purchase during this period followed by 76% in the Middle East and 68% in North America. The livestream shopping trend is growing exponentially around the globe and is being adopted in diverse sectors including sports. In the next section, we will look into the greater details of why sports merchandising is a rising trend and more about sports livestream shopping.
Sports Merchandising – A Multi-Billion $ Industry!
A recent market report revealed that the global licensed sports merchandise market is expected to reach US $39.8 billion by 2027 from its benchmark of US $29.9 billion in 2021 while growing at a CAGR of 4.9% during the forecast period of 2022 to 2027.
Products like sports apparel, accessories, gear, games, footwear, and others are high on demand among the sports enthusiasts and online stores and the live shopping channels have a major contribution to the growing sales of the same. As stated in a recent Statista report, the sales generated from sports merchandising in the United States itself was worth US$ 53 billion in 2020 and is growing further where online sports merchandising plays a crucial role.
With the sports live streaming taking the limelight, online sports merchandising has become a highly potential sector worth exploring by the live streamers. Survey revealed that more than 60% of the sports fans are interested in paying for an all-sports OTT channel or live sports streaming, while 65% of the youngest sports fans prefer to watch sports live streams on their mobile devices. Not only the online viewership of the sports streaming is increasing at a rapid pace, but the online sports merchandising sector is becoming highly profitable across the continents.
As per a latest report, the global online sports merchandising sector is forecast to grow at 7.4% CAGR during the forecast period of 2022 to 2030 contributing to the forecasted revenue of over US $500 billion of the global merchandising sector by 2030. In a nutshell, online sports merchandising is a highly potential industry worth exploring. Wondering how to grab the upcoming opportunities? Read on.
Leverage Livestream Shopping and Sports Merchandising With Muvi Live
Now that you have a better understanding of the growing popularity of livestream shopping and online merchandising, you must be intrigued to know how you can use them for your own advantage or business profitability? Well, you can combine the potential of both sports livestream shopping and online merchandising to make the best out of them.
Muvi Live, a competitive live stream platform provider, offers a dedicated solution for sports live streaming as well as livestream shopping. Starting from hosting on-the-go live shopping events to analyzing the performance of the live shopping events, SEO optimizing them or improving the audience engagement – it offers an all-in-one solution for all.
And that’s not it! With Muvi Kart, you can launch your own branded online sports merchandising store just through a few button clicks and avail a range of solutions and perks like –
- Multiple monetization models
- Easy shipping rules implementation
- Ready-to-use competitive templates
- Dedicated inventory management solution
- Simple order history and status tracking
And many more.
Intrigued to try it firsthand? Then sign up to avail a free trial (no credit card needed). And we will set it up for you only if you like it!