Apt time to invest in the growth story of African Sports
June 20, 2024
In this week’s View From Africa piece Cynthia Mumbo, CEO of SportsConnect Africa highlights the growing sports economy of Africa.
When it comes to sports, Africa is becoming a hotspot. With an average growth rate of 5% over the past 20 years, the sports economy is accelerating at a positive rate. On a global scale, sports account for about 1.2 trillion euros, or 2% of GDP, but only 0.5% of Africa’s GDP, although growth forecasts predict an 8% increase. Total revenue in the Sports market is projected to reach US$5.57m in 2022 and the total revenue is expected to show an annual growth rate (CAGR 2022-2027) of 9.75%, resulting in a projected market volume of US$8.87m by 2027.
With Morocco announced to be one of the co-hosts for the Men’s 2030 Football World Cup, there is an increased demand for international sporting competitions to be held in Africa. The Confederation of African Football (CAF) has reportedly given its agreement in principle for the next African Cup to be hosted in Morocco as well in July through August of 2025.
The fact that Africa is home to the world’s youngest population, with 70% of its people under the age of thirty, it has plenty to offer. Africa in 2023 hosted premier tournaments across sports like the Women’s T20 Cricket World Cup and the Netball World Cup, while Cape Town became the first African city to host a Formula E ePrix. In 2027, South Africa is set to host the ODI Cricket World Cup in partnership with Namibia and Zimbabwe. Other large sporting events in the pipeline include the long-awaited return of Formula 1 to the continent.
Furthermore, the NBA has announced talks to host a pre-season game in Africa, building on previous exhibition matches held on the continent in 2015, 2017, and 2018. The NBA also unveiled its Basketball Africa League (BAL), which acts as a feeder league to the NBA and was facilitated by an existing ecosystem of the sport across the continent. The NFL too was launched in 2022 and since then NFL Africa has established football infrastructure and has created new pathways for young African athletes to pursue their love of the game.
Plus, as more African mixed-martial arts fighters rise through the ranks, the UFC plans to hold its first African event, with Senegal as the leading candidate to host it. Additionally, international mass participation bodies like Iron Man and trail running’s UTMB World Series have hosted events on the continent for several years.
Therefore, the time is ripe for any brand and organisation to invest in the growth story of African sports. Africa boasts of a vibrant sporting media landscape, with domestic players like SuperSport and international broadcasters such as ESPN and Canal+ capable of bringing events hosted on the continent to both local and global screens.
Tune in to our event “Exploring Commercial Opportunities in Middle East and Africa” on 27th June from 11am to 1 pm to hear experts dive deep into this topic. Register by clicking here.