Trade Watch V9 No1 2015

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