By Vasilia Polycarpou, The Sports Financial Literacy Academy
With athletes trying to make the most out of a relatively short-lived career in professional sports, they need to take advantage of how they engage with their fan base in order to build a strong connection through online social media platforms. Athletes of individual sports which are favoured by the general public can be considered as a safe bet for industries looking to invest in athletes.
The sports industry is significantly profitable, generating billions of dollars annually. Industries investing in solo-sport athletes seek stable, predictable returns on investment. These industries look for athletes who embody and promote values and images aligning with their own. Athletes aiming to stand out and attract potential investors should stay informed about dominant sports advertising trends. They must also understand which industries commonly invest in solo-sport athletes to capitalize on opportunities effectively.
The Healthcare Industry
A wide range of industries invest in solo-sport athletes, including one constantly evolving and previously overlooked: the healthcare industry. In the past, the healthcare industry mainly invested in athletes promoting pharmaceutical products, like nutritional supplements. An example of this is Swedish professional golfer Joakim Lagergren promoting vitamin supplements. Recently, however, the healthcare industry has shifted focus toward mental health awareness, with athletes sharing their mental health struggles to raise awareness and reduce stigma.
Athletes from all over the world, including Simone Biles and Naomi Osaka, have opened up about their mental health battles. Studies show that solo-sport athletes are more commonly affected by mental wellbeing issues. A prime example of an athlete-company partnership promoting mental health awareness is Naomi Osaka’s collaboration with Modern Health. Modern Health is a platform dedicated to increasing the accessibility of mental health services, with Osaka serving as a symbol for mental health awareness and social change in sports.
The Fashion Industry
Industries in fashion, especially luxury products, have traditionally selected successful professional athletes to promote and wear their brands. Luxury brands, like Golden Goose, teamed up with U.S. Skater Cory Juneau to create iconic skate footwear. The collaboration combined Juneau’s skating ambitions with the brand’s authentic design, making the footwear a success. Luxury watchmakers have also increased sales by sponsoring great athletes, including Roger Federer and Tiger Woods for Rolex. Rafael Nadal is another high-profile athlete sponsored by Richard Mille, boosting brand recognition. The sportswear industry is one of the largest investors in athletes, sponsoring countless athletes like Tiger Woods and Roger Federer. Nike is just one of the brands investing in high-profile athletes to increase their global visibility.
The Automotive Industry
The automotive industry often partners with solo-sport athlete brand ambassadors and sponsors to increase visibility and boost sales. Tennis superstar Maria Sharapova partnered with German automobile manufacturer Porsche, while Serena Williams became a brand ambassador for Lincoln Motors in 2018. Rafael Nadal built a strong relationship with South Korean automaker Kia Motors, becoming their global brand ambassador. Once the public associates an athlete with a car brand, credibility increases, which can positively impact sales.
Watching sports is often linked with enjoying your favorite drink, creating a unique opportunity for the beverage industry to invest in athletes. Red Bull sponsored a multi-discipline athlete roster in 2021, with 125 athletes across 18 disciplines and 49 countries. Sponsored athletes included Austrian tennis player Dominic Thiem and triathlete Richard Murray, aiming to connect their energy drink with endurance. Monster energy drink also signed F1 legend Lewis Hamilton and rally driver Ken Block as endorsers.
As more industries seek to invest in solo-sport athletes, athletes must target opportunities effectively to increase visibility and create additional income sources.
The Money Smart Athlete® Blog is established and run by the Sports Financial Literacy Academy® (SFLA). Through its education programs, the SFLA has the vision to financially educate and empower athletes of all ages to become better people, not just better athletes. For more information on our courses, our SFLA Approved Trainer Program®, and how they can benefit you and your clients, please get in touch with us at [email protected].