The rate of adoption of new technology in the world keeps advancing at tremendous speed and the sports industry is no exception, as it is undergoing a profound digital transformation both on and off the court. Fan behaviours are shifting rapidly and now they demand more interactive, personalized, and immersive experiences from their sports teams and leagues. At the same time, the traditional sports business model is plateauing; stadiums have limited capacity, broadcasting rights will hit a ceiling at some point in the near future and commercial partners are becoming more demanding to justify sponsorship deals.
These dynamics are leading the industry to evolve and lean into technology to drive growth. From NFT gating to Digital Twin technology, sports organizations are embracing new technologies to deepen fan engagement and create new revenue streams.
In this article, which we wrote in collaboration with two of our WFS Europe 23 partners, Zetly and Transmira, we explore the emerging trends in fan engagement and the innovative solutions that help clubs and organizations adapt to this evolving landscape, fostering stronger connections between fans and properties.
Enhancing the fan experience through technology
One of the latest trends is the adoption of digital Sports Wallets, which empower fans to collect, trade, and purchase exclusive digital assets associated with their favourite sports teams and events. These assets include NFT collectibles, or virtual tickets for live events, just to name a few. As we discussed in a few episodes of the World Football Summit podcast, NFTs are content, which drives discussion, greater engagement, and, ultimately, revenues. They key is to put the fan at the center of the sports business model.
Sport Wallets enable fans to have a personalized and immersive experience, while being a very convenient tool within the overall fan experience and all of this fosters a stronger bond between properties and fan groups.
Zetly, our WFS Europe 2023 conference partner, provides a unified platform that connects these assets with sports organizations, deepening fan engagement and generating new revenue opportunities.
Exploring Digital Twin Technology as a source of revenue for sports Business
Sports Wallets also act as gateways to other cutting-edge technologies in the sports industry, such as Digital Twins. Simply imagine being able to attend a game anywhere in the world by attending a virtual replica of the stadium where it will be played and experiencing the live-action and the entire fan experience almost like you were actually there.
By integrating Digital Twin technology with the concept of the Sports Wallet, fans can access and interact with digital models of stadiums, arenas, venues, and other facilities. Not only does this creates an immersive fan experience, but it also generates valuable data for clubs and other sports organizations to understand the different touch points within the overall fan experience.
Efficient e-commerce in the sports industry
Sports Wallets also serve as powerful tools for e-commerce in the sports industry. At Zetly, they understand the significance of seamless e-commerce in sports. Digital Sports Wallets enable fans to make direct purchases through the platform, creating a convenient and efficient buying experience that simplifies the process for fans, increasing the likelihood of transactions.
NFT collectibles and virtual tickets are some examples of what can be purchased through a Digital Sports Wallet.
Exclusivity and rewards for the loyal sports fan
One of the most exciting qualities of Sports Wallets is the ability to provide fans with valuable and engaging content and rewards. How? Imagine being able to track the different purchases that fans make from your sports property over the course of time, and, based on that analysis, offer them different sets of personalized offers and rewards. This is what Sports Wallets enable.
By offering these assets to fans, sports organizations can create a deeper connection with them and improve the overall lifetime value. Incentives could include attending a certain number of events, participating in social media campaigns and engaging with the team through the wallet. Then, examples of rewards include anything from merchandise discounts to VIP experiences, creating a sense of exclusivity and excitement for fans.
How does all of this come together?
Zetly, together with Transmira’s Omniscape, is working on a unique concept of monetization and fan engagement by integrating two platforms together and their marketplaces, enabling a fully photo-realistic Sport Metaverse in one single platform, which has a sports wallet at heart.
So, if your sports property is looking at new technology to find further avenues of growth beyond the traditional sports business model, make sure you get to know them at WFS Europe 2023 in Sevilla!
