Sponsorship spending on the National Basketball Association and its 30 teams totaled nearly $800 million in the 2015-2016 season -- up 8% from the previous year, according to IEG research, part of WPP’s ESP Properties.
The increase is well above IEG’s projected 4.5% increase in overall 2016 North American sponsorship spending and projected 5% gain in sports spending, the firm noted.
“Global expansion, rich content and social media dominance continue to drive corporate interest in the NBA,” stated William Chipps, IEG Sponsorship Report senior editor.
State Farm edged past Anheuser-Busch to become the most active sponsor of the NBA. Eighty-three percent of NBA properties report a partnership with the insurance company, up from 74 percent in the 2014-2015 season.
Adidas, Gatorade and FanDuel round out the top five most active sponsors, with the fantasy sports company joining the list for the first time.
Insurance is the most active category sponsoring the NBA. Insurance companies are 3.9 times more likely to sponsor the NBA than the average of all sponsors, according to the research.
Quick-service restaurants is the second most active category followed by travel, non-alcoholic beverages and medical.