The year 2020 has been the difference between a financial losing year and a profitable one. The pandemic has hit the game of tennis more than others. Tennis requires a lot of international travel for players, staff and court designers. Unlike other sports, tennis players are independent contractors without financial backing and team during tough times. Tennis established a Player Relief Fund to distribute more than $6 million to help 800 struggling professionals.
Even when Covid-19 made most of the top players opt out of tours, they are still racking in more than $340 million in earnings. Most of tennis biggest names are going to skip the U.S. Open but they are nonchalant about their rankings when they fail to compete in top opens. Why? They are making more money off the court than when you step on the grass or clay courts.
The U.S. Open awards $44 Million to the winner in which more than 300 players will be vying for. The male and female singles champions will win $3 million each.
Most endorsement contracts in Tennis are mounted on low guarantees with bonuses for performances in tournaments and world rankings. A Grand Slam win can trigger as much as a seven-figure bonus. In contradiction to the reductions when players don’t meet minimum play requirements due to injury — or the rare case of a pandemic. The biggest stars still get huge guarantees and are largely immune to the reductions – that is the difference between low, mid and top-level professional players of Tennis.
More than 78% of fans at the 2019 U.S. Open were Bachelor’s degree holders and whose average household income were about $216,000 – these statistics make it possible for marketers to push the sports towards a compelling demography.
This article was written by Alex Ndace; he tweets via @AlexNdace