TSMA Yearbook 2018

34 2018 Yearbook Expanding Sports Economy Leads to a New Era of Opportunities in Developing Sports Business Ecosystem Sports and recreation generate a total market value of about 1.5 trillion US dollars each year globally, with the U.S. market taking the lead, according to Plunkett Research. Governments around the world are embracing sports and recreational industry as a major driver in economic development, as manifested in the improvement of citizens’ sports environment, enhanced quality of life, promoting general public athletics, and reinvigorated sports industry. In addition, governments are actively competing to host major sporting events, which can drastically improve nation’s image and give tremendous momentum to its sports and recreational industry, while bringing in long-term and sustainable economic benefits. With rise in socio-economic status, public awareness in staying healthy, as well as simply seeking better quality of life, our citizens are increasingly spending more time and money on sports and recreational activities. This in turn drives the demand for sports services, triggering Mr. Jang-Hwa Leu, Director General, Industrial Development Bureau, Ministry of Economic Affairs