Influence of the Fan Economy on the Operation of Sports Events in the Age of Social Networks

In today’s globalized and digitalized era, sporting events have become important platforms for economic activities and cultural exchange. With the resurgence of the fan economy in 2018, its development trend has gained market recognition. While various industries are competing to attract fans for economic benefits, the sports industry faces challenges such as insufficient public sports consumption and low per capita spending on sports. As the upstream sector of the sports industry, sporting events are undoubtedly the driving force behind its growth. Despite issues such as underdeveloped industrial chains and the need to increase sports consumption, the sporting event market shows great potential, supported by favourable factors such as national policies, rapid economic growth, technological advancements, and legal improvements. This paper analyses the current state of sporting events in China and identifies the key issue as "foot traffic," or the problem of "fans." The quantity and quality of fans are the foundation of any sporting event. Therefore, keeping up with the times and vigorously developing the sports fan economy is crucial for expanding the influence of sporting events. Through a three-step model of "attracting fans," "retaining fans," and "monetizing fans," this paper aims to enhance the impact of the fan economy on sporting events, strengthen fan monetization capabilities, and promote the healthy and prosperous development of the sports industry, providing practical insights for its growth.