Known to be one of the most dynamic and fastest growing economies in ASEAN, The Philippines now boasts an ever-expanding young labor force and growing middle class. But something else has been thriving in the country in recent years — its sports and esports industries. Accompanied by The Philippines’ large and young population, the country as a whole is now seen as one of the most ideal markets for sports and esports. However, its youth isn't the only catalyst for the sports and esports markets growing bigger by the day — it also lies in the fact that the young growing population in The Philippines is also more likely to play, consume, interact, and engage with these activities and its affiliated elements.
The emerging sport in The Philippines
Of all the emerging sports in Asia, basketball is undoubtedly the fast-growing and most watched — as a matter of fact, it is the fastest-growing sport in the world, leaving no country, including The Philippines, unaffected by its popularity. Whether it is due to the NBA’s attempts at expanding its international presence paying off or because The Philippines was the only Asian country to win a FIBA Basketball World Cup back in 1978, basketball remains undefeated in terms of popularity amongst all other sports in the country. And there is no doubt that its popularity will continue to grow.
What does this mean for businesses?
As with most markets that continue to grow bigger, it is only natural for companies and organizations to enter the market due to the assumption that doing so will open doors to lucrative opportunities. Using the esports market as an example, the acceleration brought forth by the pandemic led to the widespread acceptance of esports as both an entertainment and a competitive sport. Today, The Philippines esports market is home to over 45 million active gamers, and some of the largest global corporations in the country are looking to get their foot into the market to take advantage of this growth.
Similarly, the same can be said about basketball in the Philippines and the various opportunities that businesses in the industry will be presented with. With NBA’s Asia Managing Director Ramez Sheikh stating that 55% of The Philippines are NBA fans, and the fact that The Philippines is one of the biggest markets of the NBA outside of the United States, it is only a matter of time before organizations tap onto its popularity and the sports fanatics and leverage it to reinvent themselves. From basketball accessories and gear to basketball equipment, global businesses have several conduits to harness the power of the basketball craze to expand their reach and gain profits.
Basics of shipping basketball equipment to The Philippines
¹ Business.Inquirer.Net. November 2022.
² Philstar Global. November 2022.