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According to comprehensive new market research from Verified Market Research, the global market for Online Live Video Streaming of Sports was valued at $18.1 billion in 2020, and is projected to reach $87.3 billion by 2028. Growth is predicted to be more than 21 percent per year.
Key Takeaways from Research on Live Sports Streaming
- Football leads the way among live sports streaming, earning nearly twice as much traffic as basketball, which is second, and more than three times as much as professional baseball.
- Users consume live streaming sports content mostly on their TV, and growth for live streaming sports on TV devices is expected to soar as more people “cut the cord” from traditional cable networks.
- The largest market is North America, followed by Asia/Pacific. Europe is a close third.
High-quality broadband internet access is the fuel behind the surge in online live video streaming of sporting events. There has also been a spike in use of connected devices that cross channels, like mobile phones, set top boxes, and home internet hubs.
The direct-to-consumer offerings from professional leagues, like NFL Sunday Ticket and MLB.TV, is also helping to grow the consumption and demand for live streaming sports.
What Live Sports Video Streaming Means To the Gaming Industry
The study from Verified Market Research predicts that the increasing number of partnerships, mergers, and acquisitions in the gaming and technology industries will increase the availability of live streaming sports content. Several sportsbooks, like Caesars and BetMGM, offer live streaming sports action from within their mobile apps.
The NFL, NBA, NHL, and MLB, as well as the Premier League and other football leagues in Europe and Asia, are embracing relationships with gaming companies. Nearly every professional sport has an “official betting partner,” with odds being incorporated into the league content.
Similarly, broadcast companies are forging partnerships with sportsbook apps and casinos, and some of them are even owned or sponsored by gaming companies. As a result, there is a strong increase in demand for up-to-date odds and results of sporting events. Live sports streaming consumption has increased by 31% in the U.S. since 2019, charged also by the pent up demand caused by the pandemic, which paused many sports.
Gamblers and sports fans can expect sporting leagues and gaming companies to offer more ways to get live streaming sports on more devices and in more places. Several sporting venues are hosting retail sportsbooks that serve as restaurant/lounges with multiple TVs streaming game action from around the globe, something that horse racing tracks had been doing for years.
Fans can also anticipate that the sports broadcast and gaming industries will see some sort of consolidation in the future. There are currently dozens of sportsbooks competing in the market place, as more states, like Arizona and Connecticut join the party with legal sports betting. It’s unlikely that all of those sportsbooks will survive, and some will be purchased by larger companies. Also, sports media companies will continue to merge and morph, as the market struggles to figure out the best way to deliver live sports content to consumers.
