Sport is not only a leisure activity and good for your personal health, but it has a big industrial impact. With its € 294bn contribution to EU gross value added and 4.5 million people employed, the sector is considered a significant driver of growth.
The sport industry, in its broad definition, is a real industry, which can be seen as a growth engine for the wider economy as it generates value added and jobs across a range of sectors, in manufacturing as well as in services, stimulating development and innovation. To underpin the role of the sport-related economy as an economic driver to help European industry recover, Antonio Tajani, Vice President of the European Commission responsible for Industry and Entrepreneurship, and Androulla Vassiliou, the European Commissioner responsible for sport, co-chaired on 21 January 2014 a meeting of stakeholders on the economic importance of sport industry. The meeting represented a platform bringing together representatives of all sport-related economic sectors, clusters, academia and sport associations.
Besides its enormous industrial impact tourism profits benefits from sport, as average, 12 to 15 million international trips are made worldwide each year for the main purpose of watching sport events.
The sport industry is also characterized by constant and rapid waves of innovation, often in close collaboration with other industries. As a result new innovative products are progressively spread in different markets and used for different purposes.