Here are specific facts on yesterday’s topic of music vs. sports brand deals by industry.
US Marketers spend 10x more on sports than music – 16.3B vs. 1.5B to be exact!
59% of Americans consider themselves sports fans, whereas 91% of Americans according to Nielsen listen to music for over 24 hours each week!
The structure in the big four sports leagues (NFL, NBA, MLB and NHL) as well as college sports in major conferences has made it easy for marketers to understand what their audience looks like across several dimensions. At the same time, it’s also relatively easy for marketers to make strategic plans to invest in sports because most can imagine what a campaign to reach sports fans will look like.
The music industry doesn’t have the same top-down, corporate structure that governs major sports. Sure, there are labels and agencies, but by and large, there’s no comprehensive structure standing ready to receive and fulfill a marketing RFP.
Demand for music is increasing, but alongside the music industry’s growth has come an increased decentralization.
Yesterday, I mentioned there is a valuable opportunity for an entrepreneur with the relationship clout in both industries to systemize the way the music industry and brands collaborate and create value for each other.
However, this article implies there is untapped potential for brands of all sizes to invest in music artists at great values, and I agree with it.