America loves sports. From slow-paced putting greens to the rush of players hurtling down a rink on a breakaway, there's something for everyone in the major leagues.
A recent Statista poll found that 40% of Americans consider themselves occasional fans of at least one sport, while 24% consider themselves avid fans. Broadcast channels like ESPN help keep millions up to date with the latest news, while apps like theScore or FanDuel allow sports fans to prepare their sports updates or dive into fantasy leagues.
While most major leagues, like the NFL and MLB, are private organizations that aren't responsible for revenue disclosure, it's clear by looking at individual franchises that major leagues don't just win championships. home-based, they are also multi-billion dollar business ventures.
In 2019, the total revenue of the 32 NFL affiliated teams was $15.26 billion. The MLB brought in $10.7 billion, the NBA just under $9 billion, and the NHL just over $5 billion.
For comparison, the English Premier League is the most profitable football league in the world. In the same year. They grossed £2.46 billion, the equivalent of $3.2 billion, although they were more popular among fans around the world.
Getting a franchise tag with one of the top sports leagues in the United States is a difficult task that requires more than the basics of sports communication . While David Beckham is currently trying to make waves with a new MLS franchise in Miami, it took him over 13 years to accomplish this feat.
Not only are there long waiting lists that involve adding a new team to a major league, but there are also insane fines. In the 1920s, it cost around $100 to start a new franchise in the NFL or MLB. Today, it can cost around $1 billion.
Those interested must assemble a team of top investors who can attract big-name sponsors to move into stadiums, such as Allegiant Stadium (new in Las Vegas) or Fed-Ex Stadium in Washington DC.
Those looking to capitalize on an expansion team, common in developing leagues like the NHL and MLS, will have to wait more than a decade as leagues restructure in preparation for new teams (see Beckham's Inter Miami team above).
To reach the top of a league, every team must innovate through technology through mobile apps and stadiums. For example, nearly half of all MLB franchises are worth $1.5 billion or more. The Yankees top the list, drawing on New York City broadcast deals as well as their fan experience at famed Yankee Stadium.
As sports betting becomes more common in stadiums, MLB will likely look for a way to partner with reputable companies. Right now, Online MLB Betting Offers are becoming increasingly popular with fans of America's favorite pastime, but they may soon be a stopover in person.
In addition to offering in-person experiences like sports betting, franchises also keep their stadiums up-to-date with cutting-edge ticketing and mapping technology that makes navigation easy, as well as top restaurants and photo experiences that add novelty item for those who are not diehard sports fans.
In addition to providing a seamless viewing experience for viewers, winning championships and finding unique ways to brand a team helping franchises grow in value . In other words, if a team can't win, then they have to find a way to stay relevant to the mainstream.
In Wisconsin, the NFL team the Green Bay Packers is often the first thing the average American thinks of when hearing about the state. In fact, the Packers have a ten-year waiting list just for season tickets.
The easiest way to make a franchise memorable is to be the dominant team in the league like the Chicago Bulls did in the 80s-90s or the Colorado Avalanche in the late 90s. Today, Boston basketball fans cling to the Celtics' 70s run and continue to pour money into their franchise despite more than a few lackluster decades since. The NFL's New England Patriots franchise will likely do the same for years to come.
