Sports business in Africa is reaching new heights, thanks to a paradigm shift in cultures and a growing global appetite for sports. Historically, the West has dominated all aspects of the sports business, including advertising, television rights, sports event syndication, merchandise, and more.
The Best-Howard model estimates that the sports business generates $2.65 trillion in revenue, with nearly everyone connected to sports in some way. For instance, global expenditure on sports health—which encompasses sports medicine, nutrition, and sports therapy—exceeded $130 billion in 2023.
Statista has forecasted that global sports business revenue will continue to rise. The industry is expected to grow at a compound annual growth rate of 9.13% between 2022 and 2028, with revenue surpassing $403 billion in 2022. By 2028, the global sports market is projected to exceed $680 billion. This vast industry includes anyone involved in creating, organising, or managing sporting events.
This scenario presents a tremendous opportunity for Africa to shine on the global sports business stage. The continent’s economic growth and rising interest in sports are leading to a significant increase in foreign and private investment in African sports businesses. Over the past twenty years, Africa’s sports economy has grown at an average rate of 5% per year, attracting further investment. This influx of funding for athlete training programmes, infrastructure development, and event-hosting capabilities has the potential to elevate African sports to new heights.
African sports enterprises are well-positioned to capitalise on the global trend of increasing sports consumption. With a youthful and enthusiastic population, Africa offers a substantial market for sports-related goods and services. By leveraging its unique cultural heritage and talented athletes, the continent can create distinctive sporting experiences that resonate with audiences worldwide.
By building on its inherent advantages and investing in sports infrastructure, Africa has the potential to become a major player in the global sports market.
