1. Omar, please tell us a little bit more about yourself, your background and your role at N3XT Sports?
I am originally from Morocco and I have spent 11 years of my life living in Canada. I went to McGill University in Montréal where I got my degree in Management. I have over eight years of management consulting experience, including six years at EY Canada. I also have experience in the sports sector in Canada, Europe and Morocco. In my previous experience, I have worked with clients such as Paris 2024 and World Surf League. Now my role at N3XT Sports is as a Strategy & Digital Transformation Consultant.
I play football on a regular basis and I am a diehard FC Barcelona fan. I also love to watch Formula 1, tennis and occasionally the NFL and NBA.
2. What are some of the benchmark industries that sports should look at?
Part of the work we do at N3XT Sports with our clients is a benchmark analysis with other sports organizations but also we look at other industries outside of sports. Aside from the other entertainment sub sectors such as gaming and film, sports should look at the hospitality (especially lodging), luxury and retail industries.
These industries are particularly customer-centric, with a lot of different types of customers, with lots of data to gather and analyze and just like sports, offer a wide range of products and services. From the reasonably-priced ones to the premium or scarce and limited goods and experiences. For example premium seats, content, and unique and immersive experiences in sports can be compared to luxurious suites in hotels or limited editions of shoes.
3. What are some of the immediate challenges that need to be addressed by organizations in the industry?
One of the immediate challenges that sports organizations need to address is digital transformation. Within the digital transformation journey, we see how different sports organizations tackle different challenges– from not embarking into a digital transformation journey to having obsolete tools and a tech stack, not creating new digital assets and the lack of monetization.
Lacking a digital strategy is a very common challenge that we spotted before the global pandemic, and even though the COVID-19 has accelerated this trend, we are still seeing that some sports organizations haven’t started this must-do digital transformation process.
The other challenge we are spotting is related to lack of tools and tech stack. Because of COVID-19 many sports organizations decided to embark on their digital transformation process and have taken the first steps into it but a lot of them have the challenge of not having the right tools and tech stack necessary to provide the best experience to their ecosystem.
And last but not least, some forward-thinking sports organizations that have already started their digital transformation journey, are struggling to create new digital assets and monetize them. One of the benefits of such transformation is that new digital assets can be created in order to monetize them through a D2C approach or through a sponsorship package.
With a proper digital strategy in place, the right tools and tech stack, and knowing and understanding who your fans are and what they want, sports organizations can create new digital assets based on that information and monetize them.
“With a proper digital strategy in place, the right tools and tech stack, and knowing and understanding who your fans are and what they want, sports organizations can create new digital assets based on that information and monetize them.”
4. What are some of the learnings that the sports industry has learned from the COVID-19 situation?
I think there are two things that the sports industry has learned. The first learning has to do with data. We can’t stress enough the importance of data in sports, at all levels. In order to know the fans, and provide the most personalized and satisfying experience, organizations had to adapt and become more agile. By collecting data and generating insights, sports organizations improve their decision making processes.
The second one is that sports remains competitive despite the COVID-19 situation thanks to digitalization. Sports is a fun sector, with high demand that will always generate good content to turn it into something entertaining. When stadiums and arenas are closed or with a limited capacity, or even when we get back to ‘normal’, digital media and experiences elevate the game and the digital and phygital experience are here to stay
5. What are some of the future trends that we can expect in the sports industry?
While there are many trends on the horizon that will have a big impact on the sports industry, I think that digital and technology will play a key role in the development of the sports industry as a whole.
I think NFT purchasing will grow in the next few years, with digital player cards, short videos, and other types of digital assets. Platforms such as Sorare continue their development and are integrating the common knowledge. It will also be a potential opportunity for sponsors and other partners to get into this space.
The other trend that I think will be important is the fully connected stadiums and arenas. As fans return to venues, they will desire and expect a seamless and connected experience. Ordering food and beverages from their seats so they can pick it up during downtimes, cashless payments, beacon technologies, and unique and seamless experiences.