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Sports Industry of Korea Broke 41 Trillion Won Mark in Annual Sales in 2014
Sports Industry
Sports Industry of Korea Broke 41 Trillion Won Mark in Annual Sales in 2014
  • By Jung Min-hee
  • January 21, 2016, 03:00
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The operating profits of the Korean sports industry are equivalent to 8.4 percent of sales.
The operating profits of the Korean sports industry are equivalent to 8.4 percent of sales.

 

The Ministry of Culture, Sports and Tourism announced that the sports industry of Korea recorded 41.37 trillion won (US$34.11 billion) in sales in 2014, divided into 40.637 trillion won in the domestic market and 733 billion won in exports. The operating profits totaled 3.455 trillion won, equivalent to 8.4 percent of the sales.

By industry segment, the sales of sports and recreation education institutions increased 14.8 percent from a year ago, and those of sports goods manufacturers showed a year-on-year growth of 4.3 percent. Sports goods rental businesses and distributors posted a 2.3 percent increase, whereas entertainment sports businesses recorded a decline of 0.4 percent.

The fourth group’s sales amounted to 23.777 trillion won, 57.5 percent of the total. It was followed by the third group (9.208 trillion won, 22.3 percent), the second (6.824 trillion won, 16.5 percent) and the first (1.561 trillion won, 3.8 percent).

In 2014, a total of 71,140 firms were engaged in sports businesses in Korea, 523 more than a year earlier. 33,873 (47.6 percent) were in the fourth group while 21,955 (30.9 percent) were in the first. The number of employees in the industry increased by approximately 9,000 to 274,000 or so.