The pandemic conditions have cleared the market for prepared competitors: the number of rivals gradually decreased. On the other hand, preparing a startup, especially a sports one, demands more effort, money, and time. The requirements of contractors have become stricter, and prices have jumped.
Nevertheless, innovations are coming to the aid of investors. Today, business people can embed many technologies in existing startups or build new ones on them. These innovations can be applied as a critical selling point of a project or to simplify operations and be a competitive advantage.
There are many different areas in which sports tech startups operate. These three stand out as the key ones.
Esports
Esports is one of the fastest-growing niches, attracting an audience. Let age doesn’t put off potential investors, as it doesn’t have much of an impact on payment capacity. Plus, according to Statista research, the number of 18-35 and 35-45 fans only differs by 2%.
Merchandise and event tickets are selling out at an insane rate, and cyber-athletes are making good money on donations during streams. In addition, betting is quite common among fans, and many picks up a bookmaker based on ratings like the one presented at bookmaker-ratings.com.
The main developments in Esports are aimed at helping cyber-athletes and other employees in the industry. For example, the popular idea is to develop apps and platforms to support young players. At the beginning of their careers, cyber-athletes are looking for managers, teams, sponsors and trying different ways to get noticed. Tech startups can help them achieve their goals on the way to success.
Integration into the meta-universe and the use of virtual/ augmented reality
Even though sports continue to generate enormous profits, many countries still cannot fully let fans into the stadiums and maximize the cash flow. Additionally, the pandemic has never been and will never be 100% clear in the coming years. Increasing the risk to people might mean more prevention and more losses for sport globally.
Therefore, the business should think ahead and prepare technologies that they can popularise regardless of the world situation. Facebook is preparing everyone because meta universes will be a second home, which means that sports and major tournaments could be held there soon.
It is worth exploring the potential of both augmented reality, which influential corporations like Apple and Google are developing, and virtual reality too. The second option involves complete immersion but limits the user’s movements and is still too cumbersome. Most high-quality VR sets assume a connection through wires rather than air.
The possibilities are limited only by the developer’s imagination and the outputs of the target device for which the application will be made.
Health and well-being
Self-being is an integral part of every person’s life, not only for athletes. Support in the fight for one’s health is a massive industry in which it would seem difficult to come up with something new.
However, we should not forget that technology also follows trends, just like fashion. Everyone was hitting the gym yesterday looking for a calorie-counting app. Today, it’s a lockdown, and there’s no way to manage without a stress-relieving solution. And tomorrow, there’s a need to lose weight, and the tops will include recommendations for personal training, trackers, and super apps in which developers can combine it all.
Follow the trends closely, predict them, and use technology to add weight to your startup solution.
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