The inflation-busting deals being secured by sports rights owners around the world are showing us the unwavering value of live sports. Despite profound advances in technology and entertainment over recent years, sport continues to thrill, delight and inspire billions of people around the world. But with the industry now contending with accelerating globalisation and increasing competition for audience, sporting bodies need to ensure they’re in the best position for continued growth and technological advancements offer them a sure way forward.

Many of the major sports’ leagues face flat-lining growth in their home markets where demographic expansion is slowing – in contrast to emerging markets such as China and India. With the industry now undergoing significant change, sports bodies must ensure they are well placed to defend their domestic markets and exploit new opportunities. Amid concerns over cord-cutting, the rise of time-shifted viewing and the unstoppable growth of digital and mobile platforms, the value of sports rights remains unquestioned. However the industry remains ripe for change.

The unique eccentricities of the sports industry seem to have held back progress as the broader business world has benefited from a wave of tech-enabled productivity gains. Those sports bodies that have adopted new software tools now understand the power of technology in preventing mismanagement, improving workflow and creating efficiencies. Many of the most professional sports organisations are now adopting the growth hacking tools of technology companies with sophisticated CRM tools to manage their community of followers and regular communications to engage fans and boost sales.

The world of sports media and broadcasting is now experiencing major seismic changes. Although sport dominates live “event” television and continues to drive tune-in, the emergence of video on social platforms cannot be ignored. With over 1.5bn monthly active users on Facebook and many millions more on other social channels around the world, there is an incredible opportunity for all manner of sports to reach a global audience of millions. The greatest beneficiaries of this vast digital audience are the smaller sports properties, whose avid fan bases are underserved by linear broadcast and cable TV. This will no doubt have a profound impact on women’s sports for example.

Social media is also advancing the experience for viewers of prime time sports fixtures, providing an additional and complementary experience outside of sports events. The NHL’s partnership with GoPro to provide hockey fans with a ‘behind-the-scenes’ look at the game is one of a growing number of examples of how social media is bringing fans closer to the action both on and off the pitch.

The sports betting industry has long been a key contributor to the sports industry and an important part of the sports experience for many fans. According to some reports, the global sports betting industry is worth over $3 trillion although much of this is currently illegal. Interestingly we are also now seeing greater flexibility from regulators and as a result new opportunities are emerging – the best known example being fantasy sports and the meteoric rise of DraftKings and FanDuel, both now thought to be worth over a billion dollars. The digitisation of the sports industry will generate an explosion of data which can be sliced and diced by fans.

The stars of sports look set to reap the rewards of this digital transformation. While the rising value of sports rights and globalisation of sports are already driving pay packages higher for athletes, it is the power and influence of leading athletes on digital platforms that will change industry dynamics forever. Football stars often have larger audiences than the clubs they play for and vastly outnumber the reach of traditional broadcasters. It was the sponsorship deals with athletes that made Beats headphones a global success story and led to the acquisition by Apple for $3bn. Many athletes are now looking beyond traditional endorsement deals and seeking exposure to the success of startups including New England Patriots’ Tom Brady who inked a deal with Under Armour that included equity, English Premier League footballers Cesc Fàbregas, Thierry Henry, Robin van Persie and NBA star Tony Parker are all investors in the mobile video platform Grabyo and here at CricHQ we had two former New Zealand captains, Stephen Fleming and Brendon McCullum as foundation investors with others making subsequent investments.

Even as political and economic uncertainties foster a more cautious investment climate in the broader technology industry, the passion of sports fans will endure. In a sector that is ripe for change and with major technology trends driving a more immersive sports experience, it brings great opportunity. With the next billion sports fans also now emerging in markets like China and India, it will be fascinating to see how this industry changes over the next decade.

Simon Baker is founder and CEO at CricHQ. CricHQ is a major force in the cricket world – it combines competition management and administration software with live scoring and statistics for cricket clubs. Its used by half of the national governing bodies for cricket globally and 350 associations.