The World Cup begins today, and with it comes a lot of fanfare, fun activities, and most importantly business prospects.
With a potential global audience of about 3 billion people, the World Cup is by far the most popular sporting activity worldwide, offering diverse and profitable business opportunities for a number of sectors and for several local and international businesses.
The World Cup might be taking place miles away in Russia but its impact can be felt economically as several sectors locally are expected to benefit immensely from this month-long tournament.
Here are a few sure to reap the economic benefits:
Sports Betting: Over the last decade, betting has become increasingly popular in Nigeria. Internet proliferation and mobile phone usage expansion have further aided the rapid growth of this sector. In Nigeria alone, there are over 40 sports betting companies, most of which are turning in significant profits and running sustainable ventures. These businesses are expected to see a spike in demand for their services as those keen to make a fortune predicting results of games at the World Cup begin to place their bets.
Advertising: The World Cup is an event that many brands want to be associated. Many seek partnerships and leverage the competition to drive patronage and enhance brand awareness. Enhancing brand awareness however requires advertising and advertising agencies are positioned to reap the benefits of the heightened publicity during this period. Already, brands like Coca-Cola, Wema Bank, Pepsi, Star and many more have already pushed several campaigns regarding the World Cup and as such grown the revenue inflow for advertising and PR agencies.
Travel: The summer is just kicking in and what better way to begin than in Russia with the world, treating yourself to a spectacle of the World. Some travel agencies might have already ran ad campaigns with similar headlines or catch-phrases. The World Cup and Summer makes for a heavenly season for travel agencies as many would be flocking Russia. Travel agencies, positioned to deliver attractive packages on flights, hotels and tours stand to gain immensely during this period.
Hospitality: Nigerians love communal living. They enjoy time with friends and family and usually find opportunities to bond, one of which is a football game, or in this case, the entire World Cup season. Hotels, bars and lounges will sit a lot more guys and football fans this season.