Sports Industry Revenue Hits Record 85 Trillion Won Last Year... Five Consecutive Years of Growth

Number of Employees Reaches 489,000, Up 6.7% Year-on-Year
Government Allocates Record-High 288.3 Billion Won in Financial Support This Year

As of 2024, South Korea's sports industry revenue reached 84.7 trillion won, marking a 4.5% increase compared to the previous year's 81 trillion won. The industry, which had contracted during the COVID-19 pandemic, has now recorded its highest-ever figures, continuing its growth for five consecutive years since 2020. The number of employees increased by 6.7% year-on-year to 489,000, and the number of businesses rose by 4.4% to 131,764.

[Source= Ministry of Culture, Sports and Tourism]

On January 8, the Ministry of Culture, Sports and Tourism announced these key findings from the 2024 Sports Industry Survey.

By sector, the sports goods industry saw the highest growth rate, with sales rising by 6.4%. The sports services sector grew by 3.6%, while the sports facilities sector grew by 2.6%.

Within the goods sector, non-store retail (online sales) of sports-related products showed the most notable growth, increasing by 15.8%. This was followed by retail of sports and game equipment (up 8.0%) and sports apparel retail (up 7.4%), driving growth in the distribution sector. In manufacturing, sports apparel manufacturing posted a 7.2% increase in sales, sports footwear manufacturing rose by 6.4%, and sports and game equipment manufacturing grew by 6.0%.

In the services sector, sports agent businesses (athlete managers) recorded the highest growth rate at 48.3%. This was followed by sports event businesses (such as professional baseball and soccer teams) at 28.2%, sports travel agencies (including overseas golf trips) at 13.1%, and other sports education institutions (such as yoga and Pilates) at 11.2%.

In the facilities sector, other sports facility operations (such as tennis courts and table tennis centers) grew by 18.0%. This was followed by swimming pool operations (13.9%), comprehensive sports facility operations (13.0%), bowling alley operations (10.2%), and golf practice range operations (8.5%) in terms of sales growth.

The Ministry of Culture, Sports and Tourism has allocated a record-high financial support budget of 288.3 billion won this year to ease funding shortages in the industry and boost investment. This includes 248 billion won in loans and 40.3 billion won in funds. In particular, the ministry plans to foster technology companies by establishing a new sports tech fund within the sports industry fund, with 7 billion won in government investment. The research and development (R&D) budget has also been significantly increased from 800 million won last year to 6.5 billion won this year to support artificial intelligence (AI) and digital transformation in the sports sector.

A policy official from the ministry stated, "South Korea's sports industry has grown for five consecutive years since 2020, reaching its highest-ever scale." The official added, "In 2024, the number of professional baseball spectators surpassed 10 million for the first time in history, and last year it exceeded 12 million, reflecting the expanding culture of attending professional sports events." The official continued, "Since July last year, swimming pool and gym fees have been included in income tax deductions, which is expected to further expand public participation in sports and accelerate related industry growth. We will continue to strengthen financial and technological support and advance tailored support systems for sports companies at each stage of their growth."

Meanwhile, the Sports Industry Survey is a national-approved statistical survey that has been conducted since 2010 to assess the scale and business conditions of the sports industry. This year’s survey was conducted through a combination of in-person visits, fax, and email, targeting a sample of 14,000 companies out of 131,764 nationwide.