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CEO North America > Technology > Why Space Sponsorship Might Be the Next Marketing Frontier

Why Space Sponsorship Might Be the Next Marketing Frontier

in Technology
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As a new era of space exploration and development unfolds — one with far more private-sector investment and leadership — the potential for rapid growth is promising. National security, deep space exploration, and a plethora of emerging commercial applications are driving up global space sector revenue, projected to reach $1.8 trillion by 2035 versus $600 billion in 2023.

Yet many new space companies find themselves grappling with the harsh realities of protracted development cycles and an austere fundraising environment. Consequently, nearly every publicly traded new space venture is operating at a loss, pouring considerable resources into the development of next-generation solutions but often missing growth targets. It is a phenomenon that is starting to eat into the flow of new capital. To help bridge the so-called “valley-of-death’’ that too often stands in the way of novel technologies progressing to commercial scale, space companies need to identify new revenue streams.

New revenue streams that the space industry can unlock

The space sector should consider taking a page out of the sports industry playbook, which mastered the art of corporate sponsorships, generating $90 billion in sponsorship revenue in 2024. This lucrative, high-margin revenue source remains largely untapped by space companies, presenting a significant opportunity for new funding models with minimal financial outlay.

How the space industry can replicate sports sponsorship success

But can the space industry truly attract the right sponsorship partners and replicate the sports experience? One thing space and sports have in common is their ability to attract viewers. The Apollo mission to the Moon in 1969 captured global attention like nothing before, with around 650 million people tuning into the live television broadcast of Neil Armstrong’s historic first steps on the Moon.

This monumental event unfolded in a pre-internet and social media era, underscoring the immense public fascination with space exploration. But as human spaceflight became less novel, the fascination with the space industry faded, as major programs faced delays, and the pioneering ambition of early missions gave way to seemingly “routine” low earth orbit missions to the International Space Station.

Space sponsorship — past success and the next big opportunity 

Commercial sponsorships in space are not entirely new. Pepsi shelled out $5 million in 1996 for a Russian cosmonaut to float a four-foot-tall replica of a Pepsi can during a spacewalk, and Pizza Hut paid $1 million to have its logo emblazoned on a Russian rocket. More recently, Intuitive Machines partnered with outdoor apparel company, Columbia, to promote the company’s active-gear insulation on IM’s two lunar lander missions.

These examples were primarily opportunistic in nature, with company sponsors approaching the space industry about a potential collaboration. This raises a compelling question: What value could be created if space companies develop strategies to proactively pursue sponsorships?

The size of the global sponsorship market has been driven historically by the number of “eyes” on a brand and the amount paid for that exposure. The relentless drive for brand visibility and differentiation has led marketing teams to forge partnerships with companies that offer large-scale consumer access, particularly in the realm of broad appeal sporting events. The growing interest in space and its natural alignment with high-performance markets present an expanding audience for marketers to pursue.

Over the prior decade, industry has matured, and marquee events have showcased the potential of space marketing to capture the imagination.

What the space industry could learn from successful sports sponsorships

Using sports sponsorship deals as a benchmark for what companies are willing to spend to access relevant audiences, we can estimate a rate of about 2.5 cents US to four cents per viewer. This could translate into a potential value of $25 million to $40 million from one sponsor for a single event that attracts one billion viewers to $50 million to $80 million with two billion viewers. That revenue could be multiplied by having more than one sponsor, which would be expected for big events like the first woman to walk on the Moon or eventually the first human to visit Mars.

If pursued systematically, mimicking sports, the market for space sponsorship could exceed $10 billion annually by 2030, even if the sector only captures close to 1% of related industry marketing spend. While $10 billion may not dramatically expand the overall space market, it could also generate an additional $9 billion in industry margin contribution, representing a nearly 15% increase in current margins.

Read the full article by Andrew Penn, Tony Simpson, Timothy Wickham, and Jolee Tung / OliverWyman

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