Sports and Business The Complicacies and the Benefits

Abstract Sports play an important part in people’s lives, whether they take active part in it or merely enjoy watching it on TV. Tracing the events in the life of famous sportsmen, the audience cannot help noticing certain peculiar issues. Considering them the specifics of the profession, people seldom ask themselves a question, what the reason for such differences between athletes and other people are.Advertising We will write a custom essay sample on Sports and Business: The Complicacies and the Benefits specifically for you for only $16.05 $11/page Learn More As an example, the tendency for the sportsmen’s salaries to increase despite the crisis and the economic complicacies has been spotted. Causing people to demand the explanation, such issues are the result of multiple factors which require thorough research. Among other issues which many people cannot find the reasonable explanation for is the interconnection between the media covera ge and the sports. On the one hand, it is obvious that sports do not need any advertising companies; yet on the other hand there must be certain reasons for sportsmen to take part in commercials. Taking a closer look at the sports statistics, it would be possible to provide some explanations for these phenomena. Sports and Business: The Complicacies and the Benefits Sports and Money: Despite the Crisis It is a well-known fact that professional athletes are paid sufficient amounts of money; the phenomenon, probably, roots in the popularity which sportsmen get as mass media boosts their images. However, what is most surprising is the fact that the wages of sportsmen, namely athletes, did not drop, but even rose as the global crisis hit the world. Already discussed in a number of articles, the issue seems increasingly controversal as the research digs deeper into its roots. If tracing the history of the pro athletes’ salaries, it becomes absolutely obvious that the salary rates are growing with each year passing, completely independent from the outer factors, such as inflation, financial and economic crises, etc. Not to make unsubstantiated statements, it would be a good idea to drive several examples of the way the wages of professional sportsmen have been boosted.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Thus, according to the records made by Quirk (1992), it can be considered that the tendency for increase of sportsmen’s salaries could be traced even ten years ago. Taking into account that the wages of the world famous athletes changed in the period from 1983 top 1991 (which made $1,035 000 to 3,167 000), and comparing it to the present rates of sportsmen’s salary, ($20 000 000 scored by Manchester United in 2006, according to Stewart (2007, p. 10)) it can be considered that the tendency for sportsmen wages to increase despite the economica l environment has been preserved. Such tendency can be explained by a variety of factors. One if the most plausible ideas is the growing popularity of sports in the world. Watching the sports competitions either on TV, or in the stadium, people refund the money invested in the game and thus increase the sports rates, which inevitably leads to the increase in salaries. Since people watch sports even in crisis times, the situation becomes completely clear. The Price of Being Popular: Sports and Sponsorship It goes without saying that the impact of advertising in the present times has reached its peak. With help of well-thought campaign the most disastrous project can be promoted as the most winning one. In spite of the fact that the laws of life do not work well within the sports field, the issue of advertisement plays an important part in the modern sportsmen career. Among the most widespread ways of advertising certain kind of sports the following tools are the most efficient ones: media coverage and corporate sponsorship. When combined, they work with double effect, which leads to complete sports triumph and world fame. It must be taken into account that the commercial success which the abovementioned methods provide sportsmen with is only one side of the coin. Another aspect which is no less important than popularity is money: But commercial success isn’t just about popularity. For a sport to capture its fair share or more of this market’s revenues, it must translate its popularity into cash. (Back 1)Advertising We will write a custom essay sample on Sports and Business: The Complicacies and the Benefits specifically for you for only $16.05 $11/page Learn More Thus, advertising themselves with help of media cover and corporate sponsorship, sportsmen pursue two key goals, which are popularity and the financial success. Because of the importance and the interconnections between the two, the abovementioned methods hav e proved to be the stroke of luck for athletes. It must be admitted that the audience’s interest as an integral component of athletes’ success, fueled by a creatively composed advertisement increases times, which leads to another increase of sportsmen’s salary. Reference List Back, T. V., Blatter, P., Bughin, J. R. (2004) Playing to Win in the Business of Sports. The McKinsey Quarterly: The Online Journal of McKinsey Co. Retrieved from: https://www.mckinsey.com/featured-insights Quirk, J., Fort, R. (1992) Why Do Pro Athletes Make so Much Money? Pay Dirt:Â  The Businesses of Professional Team Sport. Princeton, NJ: Princeton University Press. Stewart, B. (2007) Sport Funding and Finance. Oxford: Linacre House. This essay on Sports and Business: The Complicacies and the Benefits was written and submitted by user Crystal Carson to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.