In the sports and entertainment world, there is a multitude of relationships that exist for the purpose of strengthening the industry and making it more profitable in the long run. You would not be hard-pressed to identify many of these connections which can include contractual agreements between professional athletes, their agents, and interested teams, as well as media rights between leagues and broadcasting companies.

Despite the importance of these examples, there is no relationship type more crucial to the sports and entertainment industry than sponsorships. According to ESP Properties, total North American sponsorship spending in 2017 exceeded $23.1 billion and 2018 spending is projected to surpass $24.2 billion. Here are 3 ways brands belonging to any industry can capitalize on sponsorships to help maximize revenues.