Innovation and creativity play a significant role in the world of sports. Each sporting field involves inventors and creators who work behind the scenes to push the boundaries and create new opportunities for the athletes to perform better. In sports, Intellectual Property (IP) portfolio management services are always in action. For instance, Patents encourage technological advances that improve the sporting equipment. Trademarks, brand entities, and industrial designs contribute to the unique identity of teams and events. Copyrights generate the revenues required for supporters and broadcasters to invest in the expensive costs of broadcasting sports events across the world. Additionally, Intellectual Property Rights (IPR) form the basis of licensing and merchandising agreements that further help in earning revenue to support developments in the sports industry.
INVENTIONS AND PATENTS
Technological advancements have always played an essential role in the sports landscape; however, the advent of digital technologies has fuelled technology, more than ever before. Patent protected innovative technologies are now taking the sports industry to another level. These advances are changing the sports experience from the training field, to the sports stadium, all the way to our living room. Sports equipment installed with sensors and communication technologies is presently boundless. These smart innovations allow athletes and trainers at all levels to evaluate their performance and identify areas which require further improvement. Sports shoes and protective gear like helmets are made up of durable and light-weight innovative composite materials, which reduce the risk of injury for athletes and make sports safer. Furthermore, millions are invested in the sports stadium to make sure that fans access both physical and digital experiences. High-end Wi-Fi networks ensure a hassle-free fan experience and advanced broadcasting facilities; enable fans in distant places to get close to sporting action. Sports associates often collaborate with tech companies to ensure that sports content is shareable via social media, accessible on multiple devices, and interactive.
INDUSTRIAL DESIGNS
In the field of technological developments and improvements, using new materials, patterns, designs, and ornaments are not far behind. The impact of Industrial Designs in the sports industry is far-reaching as they contribute to the unique identity of sports teams and their equipment. Designs play a critical role in adding commercial value to a sports product or event by making it more attractive and marketable. Industrial Design Protection safeguards the investments of new designs made in the sports industry.
BRANDING AND TRADEMARKS
Staging a sports event is an expensive affair. Efficient and strategic use of Trademarks enables the sports associations and businesses involved to build a strong reputation and generate ample revenue to cover up the costs of organizing such events. Trademark Rights support sports sponsorship deals, which can be extremely profitable. By perceiving global appeal and power of trademark as an advertising platform, companies in numerous sectors are turning to sports to build awareness of their items among purchasers, drive sales, and emerge in a swarmed and highly-competitive market. Nowadays, many sports associations also use their trademark and IP Rights to leverage the value of their brand’s entity by licensing them to third parties.
BROADCASTING AND COPYRIGHTS
Sports associations are highly dependent on broadcasters and supporters to transmit coverage of their events, connect with their fans all around the world, and attract sponsors. Copyrights support the connection between sports, television, and other media. While sports games do not usually qualify for Copyright Protection in general, media companies pay millions for obtaining the exclusive rights of broadcasting sports events live. Therefore, the largest source of revenue for most sports organizations now comes from the sale of broadcasting and media rights. The funds generated off-set the financing costs involved in organizing major sports events, and also contribute to the development costs.
CONCLUSION
In the sports industry, the strategic use of Intellectual Property Rights has significant potential, which can lead to economic development in many ways. From generating income from the sale of sports equipment to boosting international trade, IP rights can productively enhance a country’s reputation. Staging sports events at both national and international levels can enrich the social and cultural fabric of all countries. However, it is a matter of fact that yes; the business of sports requires a strong legal framework to support IP rights for managing the operational and logistical issues associated with organizing such sports events. Therefore, all countries should integrate Intellectual Property and sports-related objectives into their nation’s development strategies to drive social and economic progress.