Global sports IP revenues reach US$174 billion

Global sports IP revenues reached US$174 billion in 2025, according to the 2026 Sports IP Revenue League published by Two Circles. Built from publicly disclosed data across more than 500 sports organisations worldwide, the report shows a market growing at six percent annually since 2015 and on course to exceed US$260 billion by 2033, nearly twice the pace of global GDP.

The top 50 are leading the market

The largest sports organisations are pulling ahead. The top 50 properties account for 54% of all industry revenue, averaging US$2 billion apiece. The 304 generating more than US$100 million annually account for more than 95% of total industry revenues. 

Gareth Balch, CEO & Co-Founder, Two Circles, said: "These are significant numbers, but what's driving them matters more than the headline. A six percent CAGR outpacing GDP isn't an accident, it reflects a structural shift in how the best operators in sport know fans best. Fan attention is the underlying asset, and the organisations compounding that advantage are the ones pulling ahead."

The US leads 

US properties account for 56% of global sports IP revenues, the first time the figure has crossed 50%. Models where revenue is pooled and distributed centrally across clubs and franchises allow US properties to generate significantly higher revenues than international peers, particularly across broadcast and sponsorship. On a per-property basis, the gap to international competitors has widened consistently over the past decade. The NFL and NBA rank first and second globally.

Revenue is diversifying

The highest-climbing properties in this year's league have built revenue lines well beyond media, sponsorship and tickets. The Hong Kong Jockey Club (3rd) and Churchill Downs (8th) have significant betting and gaming exposure; the US Polo Association (9th) has scaled through licensing and consumer products. Amazon, Apple and Google all made significant plays in the sports rights landscape in 2025, reflecting how streaming and tech platforms are changing the way sports rights are bought and sold. The direction of travel is clear: sport is attracting a broader base of commercial investment than at any point in its history.

The report can be downloaded here.