Artificial intelligence has emerged as one of the key compelling trends influencing the continued growth of the sponsorship industry, according to members of the European Sponsorship Association (ESA).
AI is the most notable new entry at No.3 in the 2024 Sponsorship Trends Research: New Horizons report, the results of which were drawn from an annual survey of ESA members to assess the state of the industry.
For the third consecutive year, ESG (Environmental/Social/Governance) was named as the top sponsorship trend. It was followed by Cause/CSR, with both being prominent trends since 2021.
Sophie Morris, who was elected as the new chair of the ESA in September, said: “The ESA Annual Trends report is our yearly check on what will drive growth for the industry and it’s no surprise to see ESG remain in the top position and by a very large margin.
“Environmental sustainability is still the dominant element but the wider topics within ESG are becoming more important. A big change from previous years is the supercharging of Cause/CSR into a standalone trend and the perhaps inevitable rise of AI as a trend to watch out for, particularly amongst agency members.”
Sam Booth, director of sustainability at sports and live entertainment company AEG Europe, added: “Sustainability continues to hold prominence in the long list of issues facing companies as we move into 2024. And no wonder.
“With each passing year the effects of the climate crisis become more pronounced, international governments become more focused and consumers more concerned. Those who continue to perform well in this subject will ensure they’re future-fit and will become increasingly attractive to fans and brands alike.”
In March, research from the ESA and Nielsen Sports found that the total value of Europe’s sponsorship market increased by 4.3 per cent over the prior year from €27.85bn ($30.29bn) to €29.05bn, with the sports sector achieving a record high of €20.69bn.
The total volume remained more than €1bn lower than pre-pandemic levels in 2018 and 2019. A record of €30.69bn was measured in 2019.
The report demonstrated the sponsorship market’s continued post-pandemic recovery in 2022, with the sports sector achieving a record high-water mark of €20.69bn, compared to €19.8bn in 2021 and €20.26bn in 2019.