Live sports and entertainment are two of the sectors that have been hit hardest by the COVID-19 pandemic. With social distancing restrictions preventing fans from congregating in large groups, and travel restrictions preventing athletes and entertainers from crossing the continent, the logistical hurdles involved in live sports and entertainment remain high.
The shifting landscape in live sports and entertainment has caused major sectors in these industries to contract considerably, including the sponsorship space. According to a recent report published by IEG, as much as US $14 billion in sponsorship value has been lost due to the suspension of live sports and entertainment in 2020, which equates to approximately 50% of expected annual rights fees.
In response to these considerable losses in revenue, IEG suggests that a proactive approach to the sponsorship industry will be necessary for partners to regain their former sales numbers.
“This crisis can serve as a catalyst for much needed change in the way partnerships are decided upon, built and executed. The comeback can be greater than the setback, but it will take reinvention with creativity, courage and patience.”
With a particular focus on the live sports and entertainment industry, Loop Insights has created new revenue streams for leagues, teams, event hosts, and brands through its venue management platform. Our proprietary Wallet pass technology allows event hosts, brands, and sponsors to drive personalized marketing opportunities directly to fans and guests through their mobile devices.
Loop first demonstrated its Wallet pass technology as part of its venue management platform which was deployed to protect NCAA players, coaches, and staff at “Beach Bubble” in Fort Myers, Florida. Throughout the duration of the tournament, Loop onboarded above 500 guests, providing tournament hosts, sponsors, and brands with a direct line of communication that was leveraged to deliver real-time medical updates, personalized promotions, and targeted marketing opportunities. Loop’s venue management platform leverages the capabilities of the Wallet pass included in iOS and Android devices. On January 12th, Loop Insights entered into an LOI to acquire Passcreator, a leading European digital Wallet and mobile marketing company that has been critical in the development of Loop’s mobile Wallet technology. The acquisition will provide Loop complete control of its Wallet pass technology, while also providing Loop with existing revenue streams through Passcreator’s tier-1 clients including Mercedes and BMW.
On January 8th, Loop Insights was selected by bdG Sports once again to protect NCAA players, coaches, and staff at the Big West Conference Championships in Las Vegas, Nevada. Loop is currently working with bdG Sports to prepare its venue management platform for the tournament, which will include 19 men’s and women’s teams from the NCAA’s Big West Division.
The Big West Conference Championships will be the third NCAA event protected by Loop’s venue management platform, which was deployed with 100% success at both the Gulf Coast Showcase and the Vegas Main Event in 2020.
In pursuit of Loop’s goal to create new revenue opportunities for the live sports and entertainment industry, the company has appointed Danny M. Spataro as Sr. Director of Sales, Sports, and Entertainment. Danny’s forward-thinking approach and experience working with both NCAA and professional sports organizations will be integral to the company moving forward as we continue to expand our offerings.
“After building an extensive career in sponsorships, particularly in the sports industry, I was eager to bring my understanding of the complexities of the sales and activation cycles to the Loop Insights team. I look forward to establishing new sponsorships and sales opportunities for the Loop team while increasing both fan engagement and sponsor ROI through our Wallet pass and venue management platform.” – Danny Spataro, Sr. Director of Sales, Sports, and Entertainment
Moving forward into 2021, Loop Insights will continue to build on its most successful year to date, delivering its venue management platform to both collegiate and professional sports organizations in need of establishing new revenue streams. The three pillars of our venue management platform: venue-based tracing, personalized engagement, and retail insights, all provide new revenue streams for innovative businesses eager to adapt to the new economic landscape in sports and live entertainment.