Live Sports: A “Magic Serum” for Television, Yet Not All Stakeholders Benefit Equally

The Premier League has observed an increase in revenue from its international media rights for the upcoming cycle. Mark Shapiro, a prominent media industry executive in the United States, recently characterized live sports broadcasting as “on its own. It’s a unicorn… it is the magic serum,” when discussing its enduring appeal. While television viewership generally declines, live sport stands out as an exception, with the total value of media rights in this sector exceeding £47bn ($60bn) for the first time this year. This surge prompts questions regarding its underlying causes, whether certain sports are being marginalized, and if this growth is sustainable. BBC Sport investigates the dynamics involved. An analysis by SportBusiness, encompassing 30,000 deals, indicates that the overall value of sports rights has reached an unprecedented level. Researchers acknowledge that the 12% rise to £49.5bn this year is partly attributable to the Paris Olympics and the men’s European Championship football held this summer. However, the market has also benefited from landmark agreements and heightened competition. The Premier League announced this month that its total revenue from international media rights sales increased by 27% for the 2025-28 cycle, relative to the current period. A recent six-year agreement valued at £439m with Thailand, Cambodia, and Laos, which is double the worth of the