Trade Watch V9 No1 2015

EXPORT SUCCESS

Continued from Page 9

It is the production of world-class events in the Caribbean that will support the development of the sports tourism sector. The precedent has been set with the CPL and the goal should be to continue developing this product to further stimulate regional expenditure and to attract greater international investment to support the local economies. The CPL has already seen investment from Hollywood stars Gerard Butler and Mark Wahlberg, who have stakes in the Jamaica Tallawahs and the Barbados Tridents teams respectively. Long-term Caribbean investor, owner and founder of the Virgin Group Sir Richard Branson has invested in the Antigua Hawksbills and is a tournament sponsor. Such celebrity endorsements, combined with the opportunity for the CPL to be seen by as many as 80 million via ESPN, give rise to endless possibilities when it comes to boosting sports tourism, international business, attracting foreign direct investment into the Caribbean, and the exportation of our goods and services. Increased media exposure of sporting events is critical to raise the profile of sports. Live coverage will always be preferred by viewers, and thus the time zone difference presents a challenge for the target markets that are most interested in the main international sporting events. For example, UK fans are sleeping whilst sport in the Caribbean is being played. Still, an increasing number of sports fans want to experience live events. The media have the ability to create national and international icons of professional athletes, which engenders greater demand, as fans want to see their sporting idols in the flesh. Such celebrity status translates into an immense opportunity for the CPL as well as other sports. Carole Beckford, publicist for Usain Bolt, noted that at least 450 elite Caribbean athletes are featured on television year-round— from Jamaica’s Bolt to the US Virgin Islands’ basketball superstar Tim Duncan. It is estimated that 12 million international sports tourism trips are made each year, a niche which represents 14% of the global travel and tourism market which is expected to grow around 6%

annually over the next four years. Sporting events are being made more appealing to attend, with producers listening to the needs of their audience and providing greater levels of comfort. CPL T20 has been truly cemented as a Caribbean family event, with grandparents, parents, children and women (24% of the audience) attending the matches. O’Donohoe noted that no costs were spared to ensure the overall experience was positive, with spectacular firework displays and entertainment to support the cricket. The CPL’s scheduling during the height of Carnival season enables other events, such as festivals and concerts, to be created around it, further enticing visitors to the region. Sporting events bundled with the entire creative sector makes a very attractive destination. The CPL is now tasked to build its brand to capture the minds of tourists and those interested in the Caribbean. The CPL has the potential to grow beyond the Caribbean shores. About 1200 cricket clubs have been identified in New York alone, indicating there is a strong interest in what many would consider non- traditional markets. The Indian Premiere League (IPL) was valued in 2010 at US $4.13 billion by the UK-based brand consultancy Brand Finance, and although we can’t compare the CPL to the IPL because of the sheer size difference, the global cricket market is huge and available for the Caribbean to seize a sizeable portion to significantly contribute to the region’s economies. With the support of the governments and tourism boards, the CPL can assist in putting the Caribbean in the homes of 80 million people worldwide, greatly increasing the potential for avid cricket fans travelling to the region or even vacationers who simply want to enjoy a different side of Caribbean life. After watching the scenes of jubilation, and the electrifying atmosphere witnessed in 2013, who wouldn’t want to come to the Caribbean and experience the music, the culture, the food, the Carnival, the people and, of course, the home of the best cricket in the world!

Reprinted for the Caribbean Export Outlook 2014-15

To read more articles from the Caribbean Export Outlook click here

9 Tradewatch • The Official E-Newsletter of the Caribbean Export Development Agency • Vol.9 No. 1 January - March 2015