From Communication to Revenue: The Impact of Digital Attention on European Football Clubs

Abstract

This study aims to examine the relationship between the revenues of major European football clubs and the level of public attention they generate. The central objective is to assess to what extent digital visibility, measured through Google Trends, is associated with the evolution of revenues reported in the Deloitte Football Money League. Revenue data from Real Madrid, Manchester United, Bayern Munich, and AC Milan were analyzed for the period 2003 to 2024. Attention was measured using the average Google Trends indices per season (July–June). To address issues of non-stationarity, revenue growth rates and simple variations in Google Trends were employed. Ordinary Least Squares regression models were estimated for each club using observations from 2005 to 2024. The results show a positive and statistically significant relationship between digital attention and revenues in the cases of Real Madrid (coef. = 1.03; p < .05) and AC Milan (coef. = 2.12; p < .01). In contrast, no significant relationship was found for Manchester United and Bayern Munich. These findings suggest differences in the extent to which revenues depend on attention, potentially linked to structural and market factors. The evidence indicates that, in certain contexts, the ability of clubs to attract and sustain digital attention constitutes a relevant determinant of revenue. Consequently, the strategic management of visibility and communication emerges as a key component of the economic sustainability of sports organizations. This research offers an innovative approach by incorporating Google Trends data into the analysis of football club revenues. It provides empirical evidence of the correlation between digital attention and revenues, contributing a comparative perspective across different institutional contexts within European football.

Keywords

Football economics sports revenues digital attention Google Trends Deloitte Football Money League European football clubs fan engagement

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