It’s the second year of the pandemic and the associations and clubs industry has a unique opportunity to re-validate and reconstructs its business models to bring a new outlook. The new success models would require that associations develop and maintain seamless connectivity with their members, and keep realigning their key strategies with their demands and expectations. From a Sonicorn standpoint, below are the highlights of some industry trends that association industry should boldly consider to thrive in the coming years:

• Companies would experience frantic consumer shifts so they have consistently engaged themselves in exploring new innovative methods to sustain year-around fan engagement. Redefine relationships with members and fans. Surely there will be a development and growth of digital technology, including OTT platforms, pay per views subscriptions, new streaming services, mobile viewing, augmented reality, virtual reality, etc.

• Digital leaps are no more thought of the past, rather digital concepts will reshape, re-strategize, and grow business models to drive new revenue streams to make sure companies stay on top. As digital betting and gambling are advancing at phenomenal speed, means the association betting industry is set to grow.

• Leverage digital business transformations to develop smart supply chains that enhance membership experience in activities and participation. Integration of 5G and Cloud Computing will have a crucial role in the association industry.

• As fans are now everywhere – not limited to geographies, so associations must explore methods of global reach as every entity in this industry is fully connected – be it media, rights holders, event organizers, sponsors, fans all have turned global.

• Traditional associations have to watch out for the competition from the new industry players like e-sports – a videogame that is played competitively by multiple players in front of an audience.

• AI Technologies will have a huge impact on associations. Combined with sensors and data analytics, the AI will immensely enhance customer participation in all areas ranging from betting to the excitement a real-time game analysis will be up for grabs.
• Blockchain is not just about cryptocurrency, it is a technology that eliminates the unnecessary profit-cuts and involvement of middlemen. With its strengths, essential parts of an association’s wealth like betting, direct investment, ticket-selling, and intellectual properties cannot be faked, forged, or counterfeit.

• Emergence of ecosystems where the companies will unite to work for bringing in innovations and concepts of mutual dependence for survival.