The Economy's Influence On The Sports Industry

As shocking as it may sound, sports could not exist without the presence of money. An income or revenue is as important as the sport itself. It’s common to see high paid athletes asking for huge contracts filled with multi-millions of dollars, while at the same time also seeing doctors who don’t get paid near that amount of money. What makes an athlete more important than a doctor. Shouldn’t doctors who treat people and save lives be getting paid the most in our society? In reality that isn’t the case. There are business corporations buying out sports teams, buying new or used stadiums, and in the end buying everything that has to do with sports. The question is why they do this, and it’s quite simple, sports are one of the most profitable
Economics is everywhere in the world, whether it be at a grocery store or be a successful business. Because of the strong economic impression of the overall industry, sports have become more of a business entity rather than an entertainment industry. It is true that the entertainment aspects of sports drive the economic desire of business to be involved with sports but, without an understanding of the economy’s influence, sports are merely entertainment and no business. There are several cases in which economics can contribute to the effect on the sports industry such as; the success of a sports team, the ticket price, the amount of money an athlete makes and lastly the amount of profit a team makes. The success of any person relies solely on the current economic market situations. The desire to be involved with a specific sport agency stimulates the demand for such a
This is because all the jobs it creates. According to the article Not Just a Game: The Impact of Sports on U.S. Economy. By Gwen Burrow from economicmodeling.com, sports “brings roughly $14.3 billion in earnings a year”, and that the industry also “contributes 456,000 jobs with an average salary of $39,000 per job”. As shown from the data, sports employs a lot of people. These jobs are under 15 different types of industries. These industries include: elementary and secondary schools, also known as private schools, colleges universities, and professional schools, fine art schools, sports and recreation instruction, exam preparation and tutoring, all other miscellaneous schools and instruction, sports teams and clubs, other spectator sports, agents and managers for artists, athletes, entertainers and other public figures, independent artists, writers, and performers, golf courses and country clubs, fitness and recreational sports centers, all other amusement and recreation industries, all other personal services, and civic and social organizations. If sports weren’t used as business tools, the amount of jobs lost from it would be