In addition, the entry of supplies in the market, especially through acquisitions and mergers or joint ventures with the existing retailers, has made it difficult for new entrants to tap market share in the industry (DePamphili 2013). With the possibility of new sports betting restrictions emerging around the world, there will be a greater emphasis on risk management and responsibility as the industry seeks more growth and profitability. . All clubs must play with no live audience, and some have found creative ways of fans still being able to support their favourite teams. Exceptional organizations are led by a purpose. We will focus on the global influence exerted by the world's superpowers. The global sportswear market currently has many vital companies. Like so many other industries and activities, sport suffered devastating impacts from the COVID-19 pandemic. Due to varying update cycles, statistics can display more up-to-date 44% of the activewear buyers prefer shopping in-store. February 18, 2022 Introduction Sportswear, otherwise known as activewear, is used for sporting events and exercise. "The Global Sports Retail Industry." Cookie Policy | RTO No. So, competitive sports and all the business around it, creates roughly US$250 billion in turnover each year. The book offers a vision that will broaden you and be a lifelong career asset. Media revenue from sports is projected to increase from $14.6 billion in 2014 to $20.6 billion in 2019, a growth rate of 7.2% and the importance of media and . The global sports market reached a value of nearly $488.5 billion in 2018, having grown at a compound annual growth rate (CAGR) of 4.3% since 2014, and is expected to grow at a CAGR of 5.9% to. A. human beings around the world are shaped by the media. South America has some of the most rapidly developing economies in the world. 12-17. The USA will continue to grow at a rate of 6%, while South America is also expected to experience growth at a rate of 5.3%. The chapter on sports and the media is based on the assumption that. Without a doubt, the sentiment in the sports industry was that the 2019 FIFA Womens World Cup last year was a watershed moment for womens sport. China and India are among two of the biggest emerging national markets, presenting a lot of opportunities for business expansion across the industry. It is no wonder that more and more organisations within the sportsindustry are moving to automated reporting through natural language generation. However, in some nations such as those using strict Islamic laws, including Saudi Arabia, as well as those with strict cultural laws like North Korea, some sports and sportswear are not allowed, especially those though to expose certain parts of the bod. Retrieved from https://ivypanda.com/essays/the-global-sports-retail-industry/. For example, U.S. sales were projected to grow . Its value is many thousands more than its cost. Randers, J, 2012, 2052: A Global Forecast for the Next Forty Years, Green Publishing, Vermont: Chelsea. Thus, retailers face the risk of frequent decreases in demands. In particular, the force field analysis model yields information that has two effects (Cartwright 2009). It aims at analyzing the forces for and against industrial or corporate change in order to provide corporate leaders with information needed to make effective decisions. For instance, the politics of control of the industry is evident. Available at: World Health Organization (WHO (2020). The decision was made 122 days prior to the grand opening ceremony, which was to be held at the newly built National Stadium in Japans capital. Therefore, the overall threat of new entrants is low. This is particularly true in global football. For instance, the economy of the south east Asian region has improved by more than 3%, while that of the near and middle east nations has achieved a growth rate of more than 4% per annum (World Bank 2013). The estimates on how big the sports industry is, varies by source, but it's commonly considered to be more than $500 billion, with . The rapid rate of growth in this industry is due to a number of factors. 50, pp. 3, p. 102. Therefore, a match with closed gates, the cancellation of major international competitions, and numerous calendar changes all translates to players having few to none matches to play, spectators having no major sports to watch, and financial losses adding up. The world of sports has also been radically . Instead of a simple win/loss bet against a spread, prop bets allow for much more variety. We utilize security vendors that protect and The global athletic footwear market was valued at USD 99. Table 1 provides a breakdown of global sports market size by key segments in 2014. Sports brands are now recognising esports streamers as influencers and celebrities in their own regard, with huge brand deals being signed by streamers. Surprisingly, the football leagues of Belarus, Burundi, Nicaragua and Tajikistan have never been more popular, where football kicked on without any interruption, despite coronavirus risks. Last year marked a major milestone year for the esports industry. This has given consumers a wide range of choice, enhancing their power in the control of the industry. Other Industry Indicators: Global: Sport: Jun 2022: Top Brands Sponsoring Soccer - As of May 2022: Other Industry Indicators: Global: Sport: In particular, the growing demand for sports and sport-style products is high in areas with a high rate of population growth, especially in a number of Asian countries (Cai & Du 2013). The global sports technology market accounted for USD 12.17 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 19.6% from 2022 to 2030. The purpose of this paper is to develop a comprehensive report based on the industrial analysis of the global sports retail business. No surprise, association football (soccer) comes in at number one, with a big majority. This box/component contains code In particular, a few key trends are expected to drive growth forward, and present new opportunities to businesses: Torrens University Australia Limited ABN 99 154 937 005, CRICOS Provider Code: 03389E. By some measures, the global sports industry today is generating revenues in excess of $80 billion per year and has been growing at a faster pace than nearly all other major industries in the world. This also took place in Europe and Asia, which affected the industrial growth rates. Sportswear Industry Statistics - Editor's Picks: The sportswear market will be worth over $379 billion in 2022. Which brand would you consider your favorite for sports equipment and gear? Global records fell too: almost 59 million people watched Brazils last-16 game against hosts France, making it the most-watched womens football match of all time. (WHO, 2020), [su_youtube url=https://www.youtube.com/watch?v=ZTl-5AjDb48 width=660]. The spectator sports sector is expected to be the fastest-growing sector of the two, at a future growth rate of 5.9%. They compete among themselves to increase their market shares. The forecast predicts an increase to USD 479.63 billion by 2025. APAC will account for over half (57%) of global esports viewership in 2019, up from 51% in 2017, per Newzoo. Instead, the Boston Marathon Virtual Experience will be held, where participants will have to verify that they ran the 42km on their own, and if so, will still be able to receive their finishers medal (baa.org, n.d.). It reduces violence and promotes community cohesion, as well as having direct economic benefits. They have almost become the main decides of the prices for sports products. There have been multiple issues in the past such as worker rights and child labor laws. For their research, they broke the industry down into two main sectors, according to type of engagement: Of these, the participatory sector has the biggest share of the sports market at approximately 56%. World Bank, 2013, Global Economic Growth Will Accelerate in 2014, WB publications, New York. 61 billion in 2020, and it is projected to register a CAGR of 4. NFL players also chose to raise awareness for various organizations this year, through the My Cause, My Cleats campaign. In this respect, social media platforms present new and unique . For instance, the increased tendency of suppliers to enter the retail market is a major threat. Back that up with continued data-driven insights that tell the reader something new, and fans will stay longer and keep coming back. The rise of womens sports is much more than that. 2020. Just under half of this turnover is generated by the spectator sports sector. The buyer power, new entrants, competition rivalry, supplier power and threats of substitutes provide evidence of the industrys state at a given time. Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. https://en.as.com/en/2020/07/29/football/1596021734_286713.html, https://www.sbnation.com/nba/21270660/nba-return-to-play-plan-format-july-disney-orlando#:~:text=Where%20will%20the%20teams%20play, https://www.fifa.com/who-we-are/news/five-steps-to-kicking-out-coronavirus#five-key-steps-to-tackle-the-coronavirus-overview-graphic-x2012, https://howmuch.net/articles/sports-leagues-by-revenue, https://www.insurancejournal.com/news/international/2020/04/13/564598.htm, https://www.olympicchannel.com/en/stories/news/detail/tokyo-olympic-games-postponed-ioc/, https://sportsvenuebusiness.com/index.php/2020/03/19/coronavirus-economic-impact-on-the-sports-industry/, https://epsi.eu/news/position-paper-on-the-impact-of-the-covid-19-crisis-on-the-sport-sector/, https://www.uefa.com/insideuefa/about-uefa/news/025c-0f8e776686e3-9f77b5a55c0e-1000chronology-uefa-response-to-covid-19-pandemic/, https://www.youtube.com/watch?v=ZTl-5AjDb48, https://www.baa.org/registration-124th-boston-marathon-virtual-experience-open-tuesday-july-7, Investment Seminar To Resume In The New Semester. Studies like these tend to be used to argue that local government's should subsidize the construction of stadiums and give sports team's tax breaks (pdf). This contributes to the overall growth of the economies where the outlets are based. Close behind are the mega sports club franchises such as the Dallas Cowboys, the Yankees, and Real Madrid. Sports businesses and sport-adjacent businesses are looking to grow efficiencies wherever they can, and the realm of sports content creation is no exception. In a bid to distance yourself from the noise, data can be a massive differentiator. Tune in to the audiobook version of our 2023 sports outlook. 2) Fan Engagement. This includes engaging through some important international events, such as the Cricket World Cup (India), Rugby World Cup (France), and the FIFA Womens World Cup (Australia and New Zealand). In terms of market share the USA is followed by Western Europe, the Asia-Pacific, and then other regions. Looking back through history, sports have been a method for countries to try to express their dominance in the international community, as well as expand their influence. [1]. How will sports organizations respond to new types of investors and their expectations? 32, no. See how we connect, collaborate, and drive impact across various locations. Favorite sports equipment and gear brands of consumers in the U.S. as of 2018. Sports are a way for the toughest, most talented, fastest members of our society to claim superiority in various athletic competitions. This year will also see new media deals and more innovations from streaming providers as their influence grows. Here are the 15 biggest sports brands and their total brand value in US dollars, across all four categories (business, events, athletes, teams) ranked in Forbes Magazines 2019 Top 40 Most Valuable Sports Brands.. This year one fifth (20.5%) of internet users in the US are expected to have Twitter accounts. Jenisej Krnjaic, Lecturer and Sport Coordinator, Marbella International University Centre (MIUC) has kicked off its Spring 2023 semester with a warm, Investment plays a crucial role in securing our financial future and building wealth, yet many, Undergraduates and graduates study to increase their knowledge and competencies related to their particular field, Love was definitely in the air at MIUC on Valentine's Day! Media organisations, rights holders and sports businesses have had to react and adapt quickly with new programming schedules for traditional broadcast and OTT, virtual live entertainment and a plethora of different types of sporting content to fill the void and stay in touch with sports fans. The Best-Howard model brings clarity and structure to a complex, far-reaching industry. In general, 2023 will be about making the most of these near-term opportunities while managing associated risks with the longer term in mind. student. Suppliers seem to be fighting each other at the retail level. According to the Business Research Company, the fast growth of the global sports industry from 2014 to 2018 can be attributed to two main factors: the fast growth of emerging markets, and rapid urbanisation. NBA players like Thon Maker were affected, and came out in the media in opposition of Donald Trump. United Nations, 2014, World Urbanization Prospects: The 2013 Revision, UN Publications, New York. During the rise of the Nazi regime in Germany, Germany hosted the 1936 Summer Olympics. Which brand would you consider your favorite for sportswear? You can use them for inspiration, an insight into a particular topic, a handy source of reference, or even just as a template of a certain type of paper. Over the years though, sports have come to gain large popularity and have ultimately started affecting countries' policy decisions. Its equally important that player prop markets are offered on an increasingly long tail of leagues across the world. The sports medicine market size was valued at $8520 million in 2020, and is projected to reach $12862 million by 2030, registering a CAGR of 5.1% from 2021 to 2030. +++ DO NOT USE THIS FRAGMENT WITHOUT EXPLICIT APPROVAL FROM THE CREATIVE Moreover, the suppliers use marketing strategies such as advertising, promotion, corporate social responsibility and sponsorship for sports clubs and fitness welfares, achieving the overall control of the industry. In this case, substitutes include products from local companies, which is common in various parts of the world. On a mission to democratize financial services with our deep learning technology. While womens sport continues to face certain challenges, including smaller prize money, lower broadcast viewing figures and lower sports venue attendance, the momentum around womens sports is growing, opening up opportunities for the creation of new revenue streams through professional leagues, sponsorship, and increased ticket sales. This number has. "The Global Sports Retail Industry." Learn more in: Concurrence of Sports and Entertainment Industries: Super Bowl. Who We Are News Five steps to kicking out coronavirus FIFA.com. Click the card to flip . In the face of COVID-19, many millions of jobs are therefore at risk globally, not only for sports professionals . Top market manufacturers are Asics Corporation, Nike, Inc., Adidas AG, Puma SE, New . MCG registered a record attendance for Womens Cricket as 86,174 people showed up to watch Australia take on India in the final of the Womens T20 World Cup. Other sport leagues are still waiting for consensus from their governing bodies. Sports also increased media revenue. 6, pp418. 3) Athlete Performance. The German Bundesliga was the first of the major football leagues to restart after the pandemic suspension and has finished its fixtures in late June. For instance, studies have shown that there is an increase in the demand for sports goods or sport-style products in various parts of the world, especially Asia. This was largely to show off the new technology that German scientists had been developing and it was the first Olympics to ever be broadcasted on television. Download the full reportto learn more about the impacts of sports industry trends, key actions to take, and critical questions to ask. The NBAs July return at Disney World, explained. Need a custom Assessment sample written from scratch by The Best-Howard model accurately captures the current sports industry, which has developed in complex ways due to the development of information technology and the entry of various industries. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the "Deloitte" name in the United States and their respective affiliates. October 29, 2018. This assessment on The Global Sports Retail Industry was written and submitted by your fellow In addition, the amount of product differentiation in the market for sports goods has increased, with companies manufacturing products based on the specific needs such as jogging, cycling, skating for health purposes and those meant for real sporting activities (Andersen, Van Raalte & Brewer 2001). Player prop bets are quickly becoming one of the most popular forms of betting on sporting events. The analysis provides a critical market guide to executives and students alike and is at once informative, comprehensive, and digestible. 1. In truth however, Qatar's sports-washing agenda is already working. Economic recession: Although the world economy has achieved a relatively good rate of recovery from the 2007-2010 economic recession, the effects of the phenomenon is still affecting most countries. This is about empowering women and girls the world over.. Currently, North America is the largest market for the sports industry, accounting for around 30% of the global market. Some new-found fan-bases now offer the option for enthusiastic football supporters to pay for their faces to appear on mannequins within the ground, and the money is to be donated to the fight against COVID-19. Furthermore, the sport industry is now finding new ways to engage consumers (e.g. The safe re-opening of sporting events and tournaments following this crisis should focus on maximizing the benefits that sport and physical activity can bring. Also, small sports clubs and associations are the bedrock of affordable sport activities for most European citizens, but many of these small clubs are now facing bankruptcy. The youth factor: In the modern world, the status of the young people has increased significantly. The interconnected web of media and corporate interests Therefore, for new entrants in the market to succeed, they must impress consumers that their products are quality. IvyPanda. . Personal Career Opportunities: Military Officer, Financial Analyst and Marketing Manager, Usha Martin's Vertical Integration and Internationalization. Five Key Trends That Are Driving the Business of Sports. The global Sports Medicine Market size to be valued at USD 15.2 billion by 2027 and is expected to grow at a compound annual growth rate (CAGR) of 8.2% during the forecast period. D. most people define the media as unimportant in their lives. An exception is the Wimbledon tennis tournament which has insurance in the case of a pandemic. The high rate of competition between retailers in the industry based on production of goods meant to meet the specific demands for various social groups has enhanced the power of buyers in the industry. The rise of women's sports is much more than that. In addition, the empowerment of the young people through financial support and improvement of employment opportunities in Asian nations, in particular, has supported the increase in the demand for sport goods and services, which supports the growth of the sports retail industry. Digital technology is unlocking unprecedented opportunities for growth in the sports industry, offering the potential to draw fans closer through innovative and customized experiences. Nielsen Sports Having been founded in 1964, Nike serves to "bring inspiration and innovation to every athlete in the world." [1]. April 28, 2014. 513-529. This message will not be visible when page is activated. Unlike the best sports journalist, NLG can only create stories based on pre-defined criteria. Digital and Social Media Because of improvements in technology, sports coverage is more extensive than ever before.. According to PR Newswire, the market value of the global sports industry is growing at a compounded annual growth rate of 8.1% per year and will reach US$253.465 billion by 2024. Players demand these markets, live data feeds from suppliers can drive accurate prices in-play, and operators can deliver them on all the big games. They include jogger pants, yoga pants, tank tops, hoodies, and sports bras. Clubs, federations, media, equipment manufacturers, textile companies, sport services providers and betting companies should be aware of the current 11 important trends in the world of sports. It is the branch of medicine that deals with physical fitness and treatment and . 26, pp. With so many companies competing for fan engagement, it is more important than ever to stand out. For major rights-holders, broadcasters and digital players, investment in digitally-enabled storytelling and digitally-enabled services can lead to larger, more engaged global fan bases and the monetisation of these audiences. Are you interested in testing our business solutions? 3, pp. According to the Business Research Company, the fast growth of the global sports industry from 2014 to 2018 can be attributed to two main factors: the fast growth of emerging markets, and rapid urbanisation. Wimbledon Shows How Pandemic Insurance Could Become Vital for Sports, Other Events. As the Coronavirus spreads across the globe, to protect the health of athletes, spectators and all others involved, an increasing number of major sporting events and matches (whether at an international, regional and/or national level) have been postponed or cancelled. This book examines the scope, structure and magnitude of the worldwide sports industry along with sports passion, population and economic factors that drive this industry as well as the impact of COVID-19. The increasing viewership is what mainly contributed to the revenue growth - and it's not just because those viewers are generating revenue. The global COVID-19 pandemic has severely impacted the sports industry, with all sporting events and stadiums being put under lockdown. All of this means more opportunities for brands and sponsors to leverage esports (and streaming platforms such as Twitch, YouTube Gaming and Mixer) to build brand love, customer loyalty, and drive revenue. This text provides general information. It's often said that football is more than a sport - it's the world's game. This trend has allowed consumers to look for fashion that is mostly associated with sports. 1. Forward integration seems to be relatively high because the retailers are threatened by the suppliers. Quick reminder, Tokyo has invested US$ 26 billion in its preparations and without doubt hopes to get its return on investment. Meanwhile, North America is set to hit $300 million in esports revenue this year, while Europe is expected to reach $138 million, per PwC estimates. Term. Legal Warning | This makes the bargaining power of the industry to be significantly low. Most sport enthusiasts would agree that sports greatest strength is to bring together crowds, gather interest, create a sense community, and spark emotions. In addition, other regions have enjoyed improved economic growths since 2010. For the first time since the 1954 season, there will be no Monaco Grand Prix this year in the Formula1 calendar. IvyPanda, 27 May 2020, ivypanda.com/essays/the-global-sports-retail-industry/. I highly recommend it., The book takes an entirely new approach to the global sports industry but does not lack traditional concepts, making its scope universal. The Tokyo 2020 name will remain, with the hope that the Olympic flame resumes as our eternal symbol of continuity (Olympic Channel, n.d.). Something left unchanged by COVID-19 is that publishers continue to face challenges building audiences across almost every channel, whether thats through search engines, social media or influencer marketing. Please see www.deloitte.com/about to learn more about our global network of member firms. Statistics indicate that out of the estimated 7.14 billion people in the world, about 4 billion live in Asia, accounting for more than 55% of the total world population (World Bank 2013). Governments will need to consider how to best support sectors that are most affected by the pandemic, perhaps with liquidity injections, facilitated credit, subsidies and/or tax exemptions? The Berlin Olympics were also used to show the superiority of German athletes at the time, as they won the most medals, beating the second place United States by over 30. Cultivating a sustainable and prosperous future, Real-world client stories of purpose and impact, Key opportunities, trends, and challenges, Go straight to smart with daily updates on your mobile device, See what's happening this week and the impact on your business. The date for the new campaign is set for September 18th which gives clubs a two-and-a-half month pre-season. Clicking on the following button will update the content below. Mehta, M, 2013, How Does the Global Economic Crisis Affect Textile, Apparel Sourcing? Apparel Technology. Chronology: UEFA response to COVID-19 pandemic | Inside UEFA. https://ivypanda.com/essays/the-global-sports-retail-industry/, IvyPanda. Sports have also come to have political effects through the media, as it is a platform through which athletes can express their views to millions of people. STUDIO DEVELOPMENT TEAM +++, Telecommunications, Media & Entertainment. To illustrate, for the first time in the history of the modern Olympics, and as one of the worlds most-watched sporting broadcasts, this years Olympic and Paralympic Games in Tokyo have been moved to next year. With an increase in the number of young people taking part in the economic building such as employment and business, most nations have experienced in increase in the demand for products and services that support youth affairs. Both The Premier League and La Liga are scheduled to return on September 12th. With a high number of people losing job opportunities due to the impact of the recession, the number of people purchasing luxury sport goods declined significantly in most nations in Europe, Asia and North America. I wish I had this 30 years ago., Thank you for filling a great need in the sports industry. Sport coincides with community values and political agencies, as it attempts to define the morals and ethics attributed not only to athletes, but the . In collaboration with the World Health Organisation (WHO), FIFA has created a Pass the message to kick out coronavirus campaign, launching awareness by requesting that everyone follows five key tactics that can help tackle the spread of the disease (FIFA.com, n.d.). (2020) 'The Global Sports Retail Industry'. Thank you for publishing this amazing book., This is an excellent framework of the global sports marketplace. However, the major factor contributing to the industrial growth and development at a faster rate is the dynamism in the demand for sports goods. ACME should not fall into the same trap and be aware of the norms in . [online] Available at: Insurance Journal. One of the most powerful uses of social media is the ability to quickly and efficiently communicate with people all over the world. Sports retail business is one of the most affected industries. Figure 1: Position of Asian population in the top 20 most populous nations in the world. Artificial Intelligence proceeds to perform an important role in the marketing of sports as its abilities remain to be improved and elevated. The Asia-Pacific and the Middle East are expected to be the fastest growing emerging markets in the next few years, with growth estimated at annual rates of 9.04% and 6.2% respectively. *, Favorite sports apparel brands of consumers in the U.S. 2018. It's a great time to be a sports fan. This explains the rising demand for sport-like goods in these areas. The global sports technology market reached a market size of USD 10.34 Billion in 2020, and is expected register a CAGR of 18.5% during the forecast period. Formula 1 drivers Charles Leclerc, Alex Albon, George Russell, Lando Norris, Nicholas Latifi and Antonio Giovinazzi were on the grid for the second instalment of the F1 Esports Virtual Grand Prix in April 2020. Join our newsletter to receive projections, insights and industry news. Do not delete! The revenue generated by media rights had the largest share of this sector in 2018 at 23.7%, and the merchandising market is expected to be the fastest growing into the future, at a rate of 7%. Force field analysis is an important tool in the process and technique of decision-making (Lewin 2000). In terms of earnings, below is an info graphic of the wealthiest sports leagues by annual revenue. The sports industry is one which experienced many unprecedented challenges throughout the course of 2020. In North American, South America, Asia and Europe, growth of the sports retail industry is favored by an increased rate of youth participation in various aspects of the economy. In footwear, the price of sports shoes is likely to change when substitutes change in prices. 2. Moreover, the sports industry generates as much as US$700 billion annually or a 1 per cent of global GDP when sporting goods, apparel, equipment, and health and fitness spending is included. What is Sports Industry. As shown above, the CR and HHI degrees are relatively high, with the number of major players in the industry remaining relatively low. In addition, despite few cases such as Greece, Italy and Spain, the European Union has achieved an improved growth rate in its economy, which is expected to reach 2.1% per annum (Smith & Stewart 2012). 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About the impacts of sports of Asian population in the top 20 most populous Nations in the face COVID-19! Crisis should focus on maximizing the benefits that sport and physical activity can.!, comprehensive, and drive impact across various locations to democratize financial services with our professional research global influences on sports industry. Based on pre-defined criteria is expected to have Twitter accounts return at Disney world, the price sports... The Marketing of sports and the media as unimportant in their lives local companies, which is in... Sportswear industry statistics - Editor & # x27 ; s Picks: the market! Is expected to be a lifelong career asset major milestone year for the toughest, most talented fastest! Most people define the media as unimportant in their lives to be the fastest-growing sector of Nazi! Mission to democratize financial services with our deep learning technology throughout the course 2020... Consumers to look for fashion that is mostly associated with sports can, and sports.! To USD 479.63 billion by 2025 across the world over this makes the bargaining power the. Only create stories based on the assumption that Thank you for Publishing this book.... & Entertainment become vital for sports products organizations respond to new types of investors and their expectations will broaden and! Of 4 up-to-date 44 % of the Nazi regime in Germany, Germany hosted the 1936 Olympics... Tool in the face of COVID-19, many millions of jobs are therefore at globally... Most powerful uses of social media Because of improvements in technology, sports coverage more... Actions to take, and critical questions to ask and activities, sport suffered devastating from... Large popularity and have ultimately started affecting countries & # x27 ; s a great time to fighting. World Bank, 2013, global economic growth will Accelerate in 2014 milestone...
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global influences on sports industry