IMG predicts "Web3 Shakedown" in 2024

Leading global sports and media agency, IMG has highlighted continued evolution of Web3 in its annual 'Digital Trends' report.

The sixth edition of the annual report has earmarked a number of key areas for sports rightsholders and brands to focus on in 2024, with Web3 and AI taking centre stage.

Summarising their predictions for Web3 in 2024, IMG anticipates that a persistent crypto winter will continue to manifest a 'survival of the fittest' in Web3, with only the strongest and most relevant projects and technologies able to thrive throughout next year.

IMG also outlines the unlikelihood of any major sports sponsorship deals with crypto-focused brands, pointing to a downturn in trust and adoption due to previous partnerships in the space defaulting. High profile examples of such deals could include IQONIQ, who had a number of high-profile partnerships with sports rightholders across F1, football and rugby union, and Digital Bits, who as recently as last season had partnerships terminated with AS Roma and Inter Milan.

The trend of smart stadiums featured prominently in the report, with sports clubs set to follow the likes of Tottenham Hotspur and San Fransisco 49ers in adopting smart technology in their stadia, "The value of smart stadia will come in many forms, including reduced overhead costs, improved revenue, and deeper fan connections. Not only will smart solutions help control the stadium’s infrastructure more effectively, regulating lighting, heating and cooling, but it will also help rightsholders unpackage their sponsorship proposition, enabling the creation of more targeted advertising for brands."

The IMG 'Digital Trends' 2024 report can be viewed in full here.