A trend that has been quietly on the rise is sports teams expanding their business. More team ownerships are taking the power of the team and expanding into other related business ventures.
Two great examples are right here in Boston. The Kraft family owns the New England Patriots. What they have done over the last few years is brilliant. Not only have they built a winning franchise, but they have built an entertainment complex that matches. Around the stadium they have built their version of Universal Walk or Downtown Disney. They call this shopping, food, and entertainment complex “Patriot Place”. But they have not stopped with just building the place. They needed to book and market the entertainment playing there. They created the Kraft Entertainment. Now that they have created this business, the marketing opportunities are endless.
Today, I read about the Boston Red Sox expanding their business. Fenway Sports Group has cut a deal to sell sponsorships in North America for the English Premier League. This is a good deal for both groups. Fenway Sports can use their brand and sports marketing power and tie-in with an international league with similar brand power.
Both of these are good examples of expanding the business without going into “left field”. So many times we see organizations trying to expand into a business that just doesn’t make sense.
All of us in the live event, entertainment, and sports business can expand our marketing business. With less shows traveling, venues can be a little quiet. Instead of management cutting marketing departments, why not use the marketing expertise to bring in new revenue. Why not use our marketing resources to expand into other event and entertainment projects?
Tags: Boston Red Sox, English Premier League, expanding business, Fenway Sports Group, Kraft Entertainment, Kraft Family, marketing opportunites, New England Patriots, Patriot Place, Robert Kraft
