While there has been a steady buzz of activity in the sports business landscape across Asia over the last decade, Singapore has always stood out as a key market to watch. Having developed a fully-integrated sports, entertainment, and lifestyle ecosystem already, Singapore is making smart moves to secure its sporting future.
In this article, AST details how the Singapore government has rolled out impactful sports-related initiatives, brought world-class sporting events to the city, and encouraged global sports organizations to set up operations. Emerging as the leading hub for Asia’s sports businesses – Singapore offers great opportunities for international IPs and brands to enter the market and offers innovative solutions to monetize its emerging sports ecosystem.
1. Singapore government’s active push for sports
Singapore has a long-term vision of leveraging sports to drive economic growth and actively promoting sports as early as 1973 when the Singapore Sports Council (SSC) was founded. It was rebranded as SportsSG (Sports Singapore) in 2014.
The government’s major contributions include building world-class infrastructure such as the multi-billion-dollar Singapore Sports Hub, the Marina Bay Street Circuit, investing in and launching sports-related social and education initiatives, and facilitating the bid of major world-class sporting events.
To strengthen Singapore’s sports economy and encourage Singaporeans to “Live Better Through Sports”, SportsSG is launching diverse initiatives under the “Vision 2030” plan, such as “The Super Sports Club”, “SportCares” and “Bring Sports Back”.
While “Para Sport Academy” will involve 500 participants from different disability groups across 10 different sports, making sports even more inclusive and accessible for Singaporeans.
The Singapore government is also actively prioritizing sustainability in sports with the implementation of “The Sport Green Plan” in support of the “Singapore Green Plan 2030”.
To promote sports on a grassroots level, SportsSG partners with the Ministry of Education to host events such as the National School Games and the Singapore Youth Festival performances. They also teamed up with the Football Association, LaLiga & Borussia Dortmund to launch ‘Unleash the Roar!’; aimed at building a structured football development system and nurturing young football players.
There is also the “Singapore Sports School”, a specialized independent boarding school and a statutory board under the purview of the Ministry of Culture, Community, and Youth of the Government of Singapore that offers education programs for aspiring young athletes.
As the Singapore government continues its commitment to building a comprehensive sports ecosystem, it is creating more opportunities for businesses to collaborate with the Singapore government to grow the sports ecosystem.
2. A premium destination for top-tier sporting events
Actively hosting top-tier sporting events has been building real momentum, bringing in huge economic benefits and moving Singapore up the entire sports value-chain.
According to Statista, the sporting events segment is expected to bring in US$70.20m by 2027, which is more than double compared to pre-pandemic levels.
In AST’s previous article, we highlighted the growing popularity of motorsports in Asia and how the Singapore GP is a crucial factor; being one of the most significant events in Asia’s events calendar, as well as the F1 calendar.
Since 2008, the Singapore Grand Prix has generated around US$130 million in annual incremental spending from tourists attending the race. More than 550,000 unique international visitors came to Singapore for F1. A whopping 302,000 people attended the 2022 Singapore GP weekend – marking the highest attendance ever since the inaugural race in 2008.
The race also brings global branding benefits to Singapore. According to McKinsey, the 2019 Singapore Grand Prix generated a media value of around $70 to $75 million.
In addition, the race acts as a strong driving force for global Meetings, Incentives, Conferences and Exhibitions (MICE) events. Around the F1 weekend this year, 25 MICE events were attended by close to 90,000 delegates ; Notable events included the All That Matters and token2049.
Other significant global sporting events in recent years include the annual HSBC Women’s World Championship (Golf), the International Champions Cup (Football), The Singapore Sevens (Rugby) and the WTA Championships 2014-2018 (Tennis). One Championship, a Singapore-based MMA promoter that is being broadcasted to more than 150 countries, also has a growing influence in the global MMA market.
With the return of the Singapore Ironman and the Singapore Marathon later this year, the Asia debut for SailGP in January 2023 (Loron Orris recently sat down with SailGP’s Chief Marketing Officer Erica Kerner at All That Matters to discuss their sustanibility vision) and the World Athletics Championships in 2025, the sporting events market outlook in Singapore looks brighter than ever.
The International Olympic Committee (IOC) and the National Olympic Committee (NOC) of Singapore are exploring the possibility of hosting the first Olympic virtual sports festival in 2023, which would reinforce Singapore as a pioneer in virtual sports as well.
AST spoke to Galastein Tan, Head of Partnerships – Major Events & Industry Development at Sport Singapore, who shared that SportsSG has been looking for innovative ways to reinvent sporting events: “In addition to hosting major sporting events, Singapore is working with international federations and event promoters to transform their events/IPs. For example, the hosting of the new WTT Grand Smash with a new sports presentation format for Table Tennis. Hosting of the Arena Games Triathlon by Super League Triathlon integrating ZWIFT’s immersive cycling and running platform and actual live sports – swimming in the Marina Bay Reservoir. Hosting a family-themed Singapore Rugby 7s to build the next generation of new fans aged 18-34 vs traditional rugby tournaments attracting above 35-year-old fans.”
There is lots of potential in Singapore’s sporting events market that is yet to be tapped for IPs, brands and sponsors, especially to partner with SportsSG: “The country aspires to seek long-term win-win partnerships to grow the event stature, and reach a new generation of fans. Ultimately, this will result in the event gaining real value over time.” said Tan.
“In addition to like-minded event partners, Singapore is also seeking more corporate sponsors and investors who believe in the value of major sports events for their brand and business. Win-win partnerships that can enable events to adopt innovations, widen their reach, improve fan and players engagement, and sponsors/investor ROI. Partnerships that will enable the community and us to Live Better Through Sport.”
Galastein Tan, Head of Partnerships – Major Events & Industry Development at Sport Singapore
3. Singapore is Asia’s regional hub for global sports businesses
Singapore’s growing capabilities and international recognition as a regional hub for sports and entertainment is attracting the biggest names in sports – expanding their businesses and setting up operations in Singapore to monetize on the large and growing Asian consumer/fan base.
Some of the leading organisations across many different segments of the sports and esports ecosystems include federations, leagues, teams, IPs, broadcasters, media companies, agencies, and more. For example FMA, Global Esports Federation, NBA, Premier League, LaLiga, Chelsea FC, Paris St-Germain, Borussia Dortmund, ESPN, Sky Sports, beIN Sports, ASM, Sportfive, IMG, Infront, World Sport Group, Octagon, Nielsen Sports, and recently The Raine Group.
AST’s Founding Partner Loron Orris recently interviewed Collin Neville, Partner at The Raine Group, who shared that the company has recently opened its Singapore office to capitalize on the huge potential in the Asia / Southeast Asia sports market.
Opportunities
Singapore is a business hub that provides a solid perspective of Asia from a global lens – with its accessibility to the continent mixed with a highly-qualified talent pool.
Different players in the greater sports ecosystem are already realizing the potential the region has to offer, they will need the right strategies and connections to capitalise on Asia’s lucrative sports market.
The AST team and its advisor network have been supporting a number of our clients to establish and grow their businesses in Singapore through a customized Asian approach.
AST brought Teleios’ next-gen simulators all the way from Dubai to Asia for the very first time , leveraging the return of the Singapore GP.
If you want to explore opportunities in the Singapore market, reach out to us.
