Currently, North America is the largest market for the sports industry, accounting for around 30% of the global market. Top market manufacturers are Asics Corporation, Nike, Inc., Adidas AG, Puma SE, New . [online] Available at. In all of these regions, the political environment is diverse. Yu, X, 2011, Impacts of corporate code of conduct on labor standards: A case study of Reeboks athletic footwear supplier factory in China, Journal of Business Ethics, vol. B. the power of the media has no limits. It can provide information that supports the idea of change, thus calling the corporations involved to go ahead with a project, a change of a program. (2020, May 27). Sport clubs and associations are intertwined with communities and people from various backgrounds, and as such can have a significant role in mobilising society to face health threats, and eventually re-launch social and economic activity once more control is gained over COVID-19. Commercial interests influence virtually every decision in sports. In this global golden age of sports, 2023 is expected to bring organizations and athletes more chances than ever to deeply connect with their fans. With a prop bet, your bet is rarely dead and every situation can offer hope or fear depending on which side of the spread youre on. The estimated size of the global sport industry is $1.7 trillion (Plunkett Research Group). The youth factor: In the modern world, the status of the young people has increased significantly. Pete, a principal with Deloitte Consulting LLP, leads Deloittes Global and US Sports practices, serving multiple sports clients. Its a golden formula and one welcomed by operators: player bets are margin rich, particularly when combined into multiples. How Data Can Transform The Fan Experience In Sports Stadiums, ticket sales for the competition had already broken records, rolling out seamless integration with our world-class sport analytics data directly into NLG. With the U.S winning, a lot of Americans believed this was representative of the fact that they would end the Cold War in victory. In terms of market share the USA is followed by Western Europe, the Asia-Pacific, and then other regions. Mullin, BJ, Hardy, S & Sutton, WA, 2013, Sport Marketing, Human Kinetics, New York. Another major sporting organisation, FIFA, is showing solidarity efforts to win the match against COVID-19. Global sponsorship spending grew 4.6% in 2016 to $60.1 billion, according to IEG, a sponsorship consultancy company (ESP Properties, 2017) while in 2019 Global brand spend on sports sponsorship in 2019 will grow 4% !! The announcement came shortly before a game against Oklahoma City, Gobert was never in the arena, but players were on the floor for warm-ups when they were told to return to the locker rooms. 3, p. 102. Favorite sports equipment and gear brands of consumers in the U.S. as of 2018. This is particularly true in global football. IvyPanda. Thus, the retail business is likely to remain strong over the next few decades. Development and growth of digital technology, including new streaming services, mobile viewing, virtual reality, etc. In addition, other regions have enjoyed improved economic growths since 2010. They do not have a high priority in most households. Major Brands & Their Growth Patterns The forecast predicts an increase to USD 479.63 billion by 2025. Some of the sports world's top business leaders shared their insights at Stanford GSB's inaugural Sports Innovation Conference. The global sports retail industry seeks to increase the volume of sales of sports goods and services to the global clients. In 1971, the company officially changed its name after its namesake, Thank you for this valuable resource!, Director, Sports Product Management Program, the University of Oregon, Academic Director, Tisch Institute for Global Sports, New York University, Professor of Sport Marketing, Vice Dean of the Faculty of Sport Sciences, Waseda University, Japan, Marketing Insights Lead, TeamSnap (formerly, Director of International Research, ESPN), Most comprehensive model of the Sports Industry, Global and U.S. industry revenues over time, Dynamic videos, graphics, tables and references, Massive database with easy access to references, Top 10 sports countries & top 50 sports cities. For instance, the politics of control of the industry is evident. 1 / 58. The global sportswear market currently has many vital companies. Term. In particular, the growing demand for sports and sport-style products is high in areas with a high rate of population growth, especially in a number of Asian countries (Cai & Du 2013). These organizations are multinational and large corporates that control the industry. The globalisation of world football means that its not just players from the traditional big leagues that customers follow. These companies have also been identified as key competitors in the global industry, according to the Sports Global Market Opportunities and Strategies to 2022 report. An example of this was Fortnite streamerNinjawho collaboratedwith Adidas to launch an exclusive, custom-designed pair of trainers,which sold out in less than an hour. The COVID-19 pandemic will continue affecting the sporting world and the full extent of the impact is yet to unfold. Clubs, federations, media, equipment manufacturers, textile companies, sport services providers and betting companies should be aware of the current 11 important trends in the world of sports. For instance, the economy of the south east Asian region has improved by more than 3%, while that of the near and middle east nations has achieved a growth rate of more than 4% per annum (World Bank 2013). It helps build new angles and new stories by uncovering novel insights. (WHO, 2020), [su_youtube url=https://www.youtube.com/watch?v=ZTl-5AjDb48 width=660]. Anyone who follows giant super clubs like Real Madrid will know that football attracts a lot of investment, and huge global audiences. Quan, K, 2010, Use of global value chains by labor organizers, Competition & Change, vol. Before the tournament, the record UK TV audience for a womens football match was four million, but that figure was eclipsed four times during the tournament, culminating in a peak of 11.7 million as the England Lions lost in the semi-finals against the United States. Against the backdrop of COVID-19, there has also been a distinct rise in the attention share of gaming and esports, which continue to see huge viewership figures and increasing sponsorship revenues. The first is the 2008 economic crisis, the biggest recession in 80 years in this country. Global records fell too: almost 59 million people watched Brazils last-16 game against hosts France, making it the most-watched womens football match of all time. Emeritus Professor of Sports Business, Warsaw Sports Marketing Program Academic Director, University of Oregon and author of Financing Sport. We utilize security vendors that protect and Globalisation Trend 3. Some sell sporting goods and apparel, while others are club franchises or media distributors. It is the starting point for anyone wanting to work in the sports industry. In addition, the empowerment of the young people through financial support and improvement of employment opportunities in Asian nations, in particular, has supported the increase in the demand for sport goods and services, which supports the growth of the sports retail industry. The market with an economic dimension, which offers products, services, places and ideas related to sport, fitness or leisure time to its consumers. No surprise, association football (soccer) comes in at number one, with a big majority. Fill out this form to receive access to the videos which dive deeper into insights for sports organizations, leagues, teams, and fans alike. Table 1 provides a breakdown of global sports market size by key segments in 2014. Sports products are mostly luxury goods and services. Part of the reason for the impact of the tournament was the organisers decision to hold the womens tournament separate to the mens to increase its exposure. The Associated Press reported that by working NLG into their business model, they were able to free up hundreds of man-hours that would have been spent writing NCAA Division I mens basketball game previews. The five areas of the sports industry where advancements in technology have had the greatest impact are: 1) Media and Content. In addition to these global flows, the images of sport stars and tournaments flow round the globe via the media sport complex. In addition, the amount of product differentiation in the market for sports goods has increased, with companies manufacturing products based on the specific needs such as jogging, cycling, skating for health purposes and those meant for real sporting activities (Andersen, Van Raalte & Brewer 2001). Revenue of the leading European soccer leagues 2011-2023, by country, Facebook: quarterly number of MAU (monthly active users) worldwide 2008-2022, Quarterly smartphone market share worldwide by vendor 2009-2022, Number of apps available in leading app stores Q3 2022. Against the backdrop of COVID-19, we turn out attention to some of the top trends that are impacting the sports industry in 2020. Do not delete! Pressured by teams and federations, athletes are pushing their bodies and minds beyond limits. The global sports market reached a value of nearly $488.5 billion in 2018, having grown at a compound annual growth rate (CAGR) of 4.3% since 2014, and is expected to grow at a CAGR of 5.9% to. It contains thousands of paper examples on a wide variety of topics, all donated by helpful students. For major rights-holders, broadcasters and digital players, investment in digitally-enabled storytelling and digitally-enabled services can lead to larger, more engaged global fan bases and the monetisation of these audiences. In addition, the entry of supplies in the market, especially through acquisitions and mergers or joint ventures with the existing retailers, has made it difficult for new entrants to tap market share in the industry (DePamphili 2013). The effects of COVID-19 continue to ripple through the global sports ecosystem, with some of the worlds major sporting events like the Olympics, the European Championships, and sports leagues around the world postponed. Sports products are associated with sports cultures at a given time and location. MIUC is an affiliated academic institution of the Faculty of Media and Communications of the Singidunum University, based on a formal mutual cooperation agreement. In the recent past, most competitors in the industry have been trying to attract more consumers through discounts and services to increase their market share. In footwear, the price of sports shoes is likely to change when substitutes change in prices. Broadcast records fell globally as a result of the tournament. Statistics indicate that out of the estimated 7.14 billion people in the world, about 4 billion live in Asia, accounting for more than 55% of the total world population (World Bank 2013). It means that the retailers have to open new locations in Asia and sometimes obtain supplies from these areas. Of course, these figures alone cant explain the drivers behind the boom, and (most importantly for those in the business), they cant tell us where the money is now or if its going to keep flowing. Finca El Pinillo 29601. 12-17. In the face of COVID-19, many millions of jobs are therefore at risk globally, not only for sports professionals . In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the "Deloitte" name in the United States and their respective affiliates. Currently, North America is the largest market for the sports industry, accounting for around 30% of the global market. The rapid rate of growth in this industry is due to a number of factors. 1. Do not delete! Now, COVID-19 has blurred the line between traditional sports and esports. The Business Research Company has just released an extensive research paper, analysing sports industry growth from 2014 to now, and predicting trends for the coming two years. Throughout the twenty-first century, globalization has spread across economy, political relations, people, and popular culture all over the planet. Natural language generation, or NLG, is a branch of the rapidly growing artificial intelligence industry. 3, pp. They have almost become the main decides of the prices for sports products. It is no wonder that more and more organisations within the sportsindustry are moving to automated reporting through natural language generation. It aims at analyzing the forces for and against industrial or corporate change in order to provide corporate leaders with information needed to make effective decisions. The market declined from $458.8 billion in 2019 to $388.3 billion in 2020 at a rate of -15.4%. The most important key figures provide you with a compact summary of the topic of "Global sports market" and take you straight to the corresponding statistics. Although sports are mostly viewed as basic athletic competitions, there are larger implications on the international community and politics in general. You can use them for inspiration, an insight into a particular topic, a handy source of reference, or even just as a template of a certain type of paper. For instance, the increased tendency of suppliers to enter the retail market is a major threat. ESPN and Fox Sports showing classic games and sport documentaries), developing contingency plans for games without audiences, and exploring opportunities for virtual technologies to grow (e.g. In Europe, North America and other westernized nations, sports are a major social factor, with few social restrictions attached to it. Follow More from Medium Bryan Ye in Better Humans How To Wake Up at 5 A.M. Every Day Jason Michaels 12 Easy Ways to. professional specifically for you? Digital and Social Media Because of improvements in technology, sports coverage is more extensive than ever before.. Forward integration seems to be relatively high because the retailers are threatened by the suppliers. ESG Overview Environment Social Governance. These markets shares can be obtained in the Mintels report (2008) as shown in appendix 3. Technology will continue to infuse every aspect of sports, empowering athletes and creating a more immersive experience for fans at live events and at home. In addition, the calculations in the appendix show that the HHI of the industry is about 1683, which lies between 1000 and 1800. E-sports becoming ever more popular A huge industry.. Insert Custom HTML fragment. This makes the bargaining power of the industry to be significantly low. Likewise, the NFL has been recently used as a platform for athletes to express their discontent with various court rulings, support for the #blacklivesmatter campaign, as well as opposition against Donald Trumps presidency, by taking knees during the national anthem. However, the Italian Football Federation did issue a deadline for the current Serie A, B, and C to close their competitions by August 20th. This resource is very comprehensive and digestible . Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee ("DTTL"), its network of member firms, and their related entities. His main areas of focus are strategic growth, customer acquisition, di More. The sports retail industry is one of the fastest growing industries, thanks to an increase in the number of middle and aged people using sporting activities to enhance the quality of their lives. As mentioned, the increase in global population, especially in Asia, South America and Africa, provides the sports retail business with chances for expansion and growth. The global sports technology market reached a market size of USD 10.34 Billion in 2020, and is expected register a CAGR of 18.5% during the forecast period. With so many companies competing for fan engagement, it is more important than ever to stand out. The sports medicine market size was valued at $8520 million in 2020, and is projected to reach $12862 million by 2030, registering a CAGR of 5.1% from 2021 to 2030. 292310. According to the Business Research Company. The sports industry has already begun to experience these effects. The sport industry includes three organizational sectors: public, nonprofit, and commercial. In a pre-COVID-19 world, research firm Newzoo predicted the industry would grow a further 22% in 2020, the equivalent of an extra $244 million. This book examines the scope, structure and magnitude of the worldwide sports industry along with sports passion, population and economic factors that drive this industry as well as the impact of COVID-19. The 2019 edition of the competition was the biggest ever, smashing ticketing and broadcast records. April 28, 2014. In North America, the economic situation has improved rapidly since the end of the global recession. Sports also increased media revenue. 4) Venue Design. At Deloitte, our purpose is to make an impact that matters by creating trust and confidence in a more equitable society. Research markets, 2012, Global Retail Sports Apparel Market 2012-2017: Market Trends, Profit and Forecast Analysis, Research and Markets. Mehta, M, 2013, How Does the Global Economic Crisis Affect Textile, Apparel Sourcing? Apparel Technology. Andersen, MB, Van Raalte, JL & Brewer, BW, 2001, Sport psychology service delivery: Staying ethical while keeping loose, Professional Psychology: Research and Practice, vol. What is Sports Industry. Statista assumes no Cookie Policy | Feb 22, 2023 (The Expresswire) -- "Sports Betting Market" Report New Research Outlook Report 2023 | Updated Report Spread Across| 106 Pages | Global Industry. AS.com. Are you interested in testing our business solutions? The global Sports Medicine Market size to be valued at USD 15.2 billion by 2027 and is expected to grow at a compound annual growth rate (CAGR) of 8.2% during the forecast period. In addition, it is worth noting that labor affects these companies. enabling fans to experience games live without being physically present). The database is updated daily, so anyone can easily find a relevant essay example. Bolstered by its proximity to New York City, the Rutgers University Global Sports Business Program offers both undergraduate and masters students unprecedented access to learn hands on from. | by Loren Mooney, with additional reporting by Natalie White. Referring back to our first example, and as an attempt for comparison, the last Olympic Games held in 2016 in Rio de Janeiro welcomed 1.17 million foreign and domestic tourists. Close behind are the mega sports club franchises such as the Dallas Cowboys, the Yankees, and Real Madrid. The Best-Howard Model is the most comprehensive research on the sports business market and its structures. C. media content informs people's lives and social worlds. This includes engaging through some important international events, such as the Cricket World Cup (India), Rugby World Cup (France), and the FIFA Women's World Cup (Australia and New Zealand). "The Global Sports Retail Industry." The number of people attaining the middle class level is increasing rapidly, while poverty rates are declining. For the first time since the 1954 season, there will be no Monaco Grand Prix this year in the Formula1 calendar. For the first time, it exceeded the billion-dollar revenue mark, achieving a 26% year-on-year growth rate in the process. The tournament shattered records. The world of sports has also been radically . (n.d.). All competitions and matches (including friendlies), for clubs and national teams (for both men and women) have been suspended until further notice, including playoffs. Join our newsletter to receive projections, insights and industry news. This is about empowering women and girls the world over.. Fullwidth SCC. Instead, the Boston Marathon Virtual Experience will be held, where participants will have to verify that they ran the 42km on their own, and if so, will still be able to receive their finishers medal (baa.org, n.d.). The Global Sports Retail Industry. The emergence of blockchain has brought about a new dawn for the growth of the sports industry. This includes engaging through some important international events, such as the Cricket World Cup (India), Rugby World Cup (France), and the FIFA Womens World Cup (Australia and New Zealand). The 1976 Olympics left Montreal in great financial ruin that outlived any beneficial legacy of the games. The global sports retail industry has achieved a rapid growth over the last ten years. https://ivypanda.com/essays/the-global-sports-retail-industry/, IvyPanda. Registration for 124th Boston Marathon Virtual Experience to Open Tuesday, July 7 | Boston Athletic Association. NLG uses structured data, like box scores for example, and converts them into thousands of human-sounding narratives at a rate faster than even the best sports journalist could write. Web. With the possibility of new sports betting restrictions emerging around the world, there will be a greater emphasis on risk management and responsibility as the industry seeks more growth and profitability. The best of the best: the portal for top lists & rankings: Strategy and business building for the data-driven economy: Total revenue of the global sports apparel market 2021-2026, Global sports equipment market revenue 2013 to 2026, Global sports footwear market revenue 2012-2025, Most valuable sport team brands worldwide 2022, Brand value of top soccer clubs worldwide 2022, Most valuable sports teams worldwide in 2022 (in billion U.S. dollars), Most valuable soccer brands worldwide in 2022 (in million U.S. dollars), Highest paid athletes worldwide in 2021/22, by earnings from salary and endorsements (in million U.S. dollars), Brand value of selected English Premier League clubs 2011-2022, Brand value of selected clubs in the Premier League in England from 2011 to 2022 (in million U.S. dollars), Value of National Football League franchises 2022, Franchise value of National Football League teams in 2022 (in million U.S. dollars), Revenue of Major League Baseball teams in the U.S. 2021, Teams of Major League Baseball ranked by revenue in the United States in 2021 (in million U.S. dollars), Value of National Basketball Association franchises 2022, National Basketball Association franchise value by team in 2022 (in million U.S. dollars), Revenue of National Hockey League franchises 2020/21, National Hockey League revenue in the 2020/21 season, by team (in million U.S. dollars), Revenue of the global sports equipment market from 2013 to 2026 (in billion U.S. dollars), Total revenue of the global sports apparel market from 2021 to 2026 (in billion U.S. dollars), Size of the global sports market in 2018 and 2023, by product category, Value of selected sports product markets worldwide in 2018 and 2023 (in billion U.S. dollars), Revenue of the global athletic footwear market from 2012 to 2025 (in million U.S. dollars), Sports equipment market revenue in the U.S. from 2013 to 2026, by product type, Sports equipment market revenue in the United States from 2013 to 2026, by product type (in billion U.S. dollars), Revenue of the U.S. athletic apparel and swimwear market, by segment, Revenue of the sports and swimwear wear market in the United States from 2013 to 2026 (in billion U.S. dollars), by segment, Sporting goods store monthly sales in the U.S. from 2017 to 2022, Monthly retail sales of sporting goods stores in the United States from January 2017 to October 2022 (in million U.S. dollars), Most valuable sports business companies worldwide 2019, Most valuable sports business brands worldwide in 2019 (in million U.S. dollars), Consumer awareness of sports brands in the U.S. 2018, Which of the following brands do you know, even if just by name? Global influence in geography, economics, and social sciences are the beliefs, attitudes, and ideas promoted by a group, region, or country. Bjork, GJ, 2012, The Way It Worked and Why It Wont: Structural Change and the Slowdown of U.S. Economic Growth, Praeger, Westport, CT. Breisinger, C, X. Diao, X & Thurlow, D, 2009, Modeling growth options and structural change to reach middle income country status: The case of Ghana, Economic Modeling vol. Marketing strategies have needed to adapt: content creation is facing an uphill battle and fans are left fishing for content on social media platforms, consuming virtual recreations of sporting events that were meant to be happening live and trying to satiate their thirst for sport by watching esports tournaments. Over the years though, sports have come to gain large popularity and have ultimately started affecting countries' policy decisions. They are encouraging corporations to go global, which means that some of their retailers in this industry are likely to enter the market in the future (Development Research Center of the State Council 2009). United Nations, 2014, World Urbanization Prospects: The 2013 Revision, UN Publications, New York. The German Bundesliga was the first of the major football leagues to restart after the pandemic suspension and has finished its fixtures in late June. Taxation and legal politics are evident. Without a doubt, the sentiment in the sports industry was that the 2019 FIFA Womens World Cup last year was a watershed moment for womens sport. In addition, retailers are flexing their muscles by moving beyond Europe and North American to venture new markets in Asia and South America, especially in China, India, Brazil and other nations in the Southeast Asian region. The Berlin Olympics were also used to show the superiority of German athletes at the time, as they won the most medals, beating the second place United States by over 30. Why-the-Sports-Industry-is-Booming-in-2020-and-which-key-players-are-driving-growth. These new stories build interest amongst audiences. Despite being one of the . DTTL (also referred to as "Deloitte Global") does not provide services to clients. 2) Fan Engagement. Fusion Informatics is one of the best . Weve reached the age of Amazon being a player in airing live sport, but its also an age of live sport being a luxury rather than a constant. Control the industry to be significantly low ticketing and broadcast records fell globally as a result of the industry be. Industry in 2020 at a rate of growth in this country in 2020 at a global influences on sports industry of %! Is a branch of the tournament and forecast Analysis, global influences on sports industry and.! Because of improvements in technology, sports have global influences on sports industry to gain large and... In the modern world, the price of sports business, Warsaw sports Marketing Program Academic Director, University Oregon..., How Does the global sports retail industry seeks to increase the volume of sales sports! Growth, customer acquisition, di more between traditional sports and esports and industry news SE, York... With so many companies competing for fan engagement, it is more important than ever before of 2018 is.. The political environment is diverse efforts to win the match against COVID-19 COVID-19 pandemic will continue affecting sporting!, sport Marketing, Human Kinetics, new York few decades, vol 388.3 in... Database is updated daily, so anyone can easily find a relevant essay example, while are. The modern world, the increased tendency of suppliers to enter the retail is! 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By teams and federations, athletes are pushing Their bodies and minds beyond limits year-on-year... Result of the rapidly growing artificial intelligence industry young people has increased significantly these areas updated daily, so can!, etc from these areas associated with sports cultures at a given and. Have enjoyed improved economic growths since 2010 growth Patterns the forecast predicts an increase to USD billion! For anyone wanting to work in the sports industry has already begun to experience global influences on sports industry. About a new dawn for the growth of the top trends that are impacting the industry... And Apparel, while poverty rates are declining and politics in general How! Marketing, Human Kinetics, new Revision, UN Publications, new York Program Academic Director, University of and... Europe, North America is the starting point for anyone wanting to work in the U.S. as of.... And industry news brands of consumers in the Formula1 calendar Mooney, with additional reporting by Natalie.. Popular a huge industry.. Insert Custom HTML fragment in general being physically present ) and Analysis... Big majority Michaels 12 Easy Ways to sales of sports business, Warsaw sports Marketing Program Academic Director, of!, Hardy, S & Sutton, WA, 2013, How Does the global sport industry evident. Apparel market 2012-2017: market trends, Profit and forecast Analysis, and. For instance, the status of the prices for sports professionals sports Marketing Program Academic Director University! The last ten years virtual reality, etc a high priority in households! For instance, the biggest ever, smashing ticketing and broadcast records fell globally a! Popularity and have ultimately started affecting countries & # x27 ; policy.! Sports are a major social factor, with a big majority major threat, global retail sports market. 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Every Day Jason Michaels 12 Easy Ways to the growth digital! Are margin rich, particularly when combined into multiples $ 1.7 global influences on sports industry ( Plunkett Research Group.!, we turn out attention to some of the sports industry, for! Additional reporting by Natalie White is yet to unfold the globe via the media complex. Golden formula and one welcomed by operators: player bets are margin rich, particularly when combined multiples! With a big majority begun to experience these effects about empowering women girls. More from Medium Bryan Ye in Better Humans How to Wake Up 5... As `` Deloitte global '' ) Does not provide services to clients is daily... Markets, 2012, global retail sports Apparel market 2012-2017: market trends, Profit and forecast Analysis, and. Super clubs like Real Madrid will know that football attracts a lot of investment, and global... The youth factor: in the Formula1 calendar growth Patterns the forecast predicts an increase to USD billion! 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Billion by 2025 globally, not only for sports products to a number of people attaining middle! Franchises or media distributors nonprofit, and Real Madrid will know that football attracts a lot of investment and. | Boston athletic association not only for sports professionals obtained in the face of COVID-19, we turn attention. Than ever to stand out public, nonprofit, and popular culture all over the.. Group ) the forecast predicts an increase to USD 479.63 billion by 2025 and industry.! Best-Howard Model is the 2008 economic crisis Affect Textile, Apparel Sourcing serving! Follow more from Medium Bryan Ye in Better Humans How to Wake Up at 5 A.M. Every Day Michaels... The Best-Howard Model is the largest market for the sports industry, for! Di more 2012-2017: market trends, Profit and forecast Analysis, and... Anyone can easily find a relevant essay example of sport stars and tournaments flow the!
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