Economic Strategies for Revenue Generation in Sports Industry

Sports occupy a significant position in ensuring good health that in turn affect productivity. The United Nations in its “millennium development goals” is committed to achieving good health.  Health is represented in three of eight MDG’s and makes an acknowledged contribution to achievement of all other goals ranging from halving extreme poverty rates to halting the spread of HIV /AIDS and providing universal primary education. The momentum thus built by MDG’s was carried on as an agenda for 17 sustainable goals over next 15 years from 2015.  The national sport in India is a new sunshine industry with larger bearing on the efficiency. The sports industry globally and specifically in India is getting very competitive. The paper attempts to highlight different revenue generation strategies which are generally used and may be used to further enhance the economic feasibility of sports industry. Considering greater competition, sports organisation both public and private are under pressure to create and enhance revenue that is permanent and sustainable in nature. For success of any sports, economic and business strategies like revenue generation, branding, advertisement, Marketing, right talent hunt and adoption of latest technology play a critical role. The foremost urgency is to generate revenue as many such activities fail to make an impact without proper resources. Hence this Paper attempts to focus the key issues and problems related to revenue generating strategies in sports.