Endurance sports see a transformation akin to Formula 1, driven by surging popularity in triathlons.
Global Triathlon Market Undergoes Revolutionary Changes
The world of triathlon is experiencing a surge of innovation, as key organizations like the Professional Triathletes Organisation (PTO), Supertri, and Ironman strive to revitalize the sport and attract a broader audience.
Event Innovation and Expansion
The PTO's T100 Triathlon World Tour, a flagship event series featuring elite athletes alongside amateurs, has expanded its reach. The 2025 T100 Tour now includes nine races in major cities such as Singapore, San Francisco, London, Dubai, and Qatar, with the Qatar event marking a significant addition in December 2025. The T100’s format, blending accessible race distances with elite competition, aims to attract a wider participation and viewership.
Participation Growth Through Accessibility and Diversity
The PTO targets a younger and more diverse audience (ages 20–39), capitalizing on the rising female participation and the growing apparel market (valued at about $3.6 billion). The 2025 T100 Tour incorporates formats that appeal to amateurs and first-time participants, including untimed music runs and mixed triathlon/duathlon events to encourage mass involvement.
Fragmentation and Collaboration Challenges
The triathlon industry faces a highly fragmented landscape, with over 20 race formats and multiple stakeholders. World Triathlon acknowledges this complexity, shifting its focus from competition between bodies to enabling cooperation and collaboration to scale the sport commercially and globally.
Technological Advances and Equipment Market
The triathlon equipment sector is witnessing innovation toward aerodynamics, lightweight bikes, and women-specific models. There's a surge in interest in specialized equipment and components, driven by athletes owning multiple bikes for customization and performance.
Financial and Strategic Investments
The PTO secured $40 million in funding from investors including Saudi Arabia's Surj Sports Investment, Cordillera Investment Partners, and venture capitalist Sir Michael Moritz. This capital fuels aggressive growth ambitions, global event expansion, and digital media rights deals. Saudi Arabia's strategic investment in triathlon is part of a larger plan integrating endurance sports, digital media, and geopolitics.
Future Plans
The PTO plans to increase the number of major events and broaden its global footprint through partnerships and media rights deals between 2025 and 2030, aiming for sustained market share growth and broader media presence. The organization targets opening triathlon to all competition levels and enhancing event accessibility.
World Triathlon explores bold changes such as adding new formats like the 100 km “T100” triathlon in the Olympics to boost mass participation and commercial appeal by 2032, especially in host nations like Australia. The IOC’s interest includes increasing mass-participation events alongside traditional Olympic races, although these plans remain exploratory and tied to strategic partnerships and financial incentives.
Organizations are focusing on blending event hosting with digital storytelling, streaming, sponsorships from endemic and non-endemic brands, and creating fan engagement opportunities to elevate triathlon’s commercial viability. The future includes ambitious Olympic format proposals and sustained global market expansion with strong ties to emerging markets such as Saudi Arabia.
Notable Triathlons
The PTO's T100 triathlon series stages events around the world over the course of a season, similar to Formula 1. Supertri athletes complete a shorter circuit (300m swim, 4km bike ride, and 1.6km run) three times, instead of one longer triathlon. Hyrox competition has expanded to 85 cities across 30 countries.
Collaboration and Expansion
Michael D'Hulst, co-founder of Supertri, is trying to appeal to the "TikTok generation" with short-course races that emulate the success of the Indian Premier League. He argues for greater collaboration between event organizers in the triathlon industry, suggesting alignment of calendars, cross-promotion of formats, and shared narratives.
Supertri and the PTO have struck broadcast deals with Warner Bros Discovery, which broadcasts their events via TNT Sports, Eurosport, or HBO Max in the US. D'Hulst's vision for collaboration extends to the Hyrox competition, which expects more than 1 million participants this year, compared to just 80,000 in 2022-23.
Revenue Streams and Sponsorship
Ironman, another triathlon event organizer, generates most of its revenue from entrance fees, which "far exceeds" the approximately $90mn it was making before 2020. The organization seeks to boost income from sponsors like Hoka, Breitling, and merchandise sales, in addition to its deep emotional connection with participants, who are reportedly the most tattooed brand in the world.
There has been a global surge in participation in endurance sports, with more than 1.1 million people applying for next year's London Marathon, a 31% increase from last year. The New York City Marathon had 22% more applications this year compared to last year, with over 200,000 applicants.
In summary, the global triathlon market is evolving through the expansion of innovative event series, strategic investments, and targeted audience growth initiatives. Organizations are addressing fragmentation by seeking collaboration, enhancing accessibility, and leveraging new media and sponsorship models to broaden participation and revenues. The future includes ambitious Olympic format proposals and sustained global market expansion with strong ties to emerging markets such as Saudi Arabia.
Sports-focused investors may find significant investment opportunities in the triathlon industry, given the massive expansion and revitalization efforts taking place in the market. For instance, the PTO's T100 Triathlon World Tour, with its appealing formats and emphasis on inclusivity, presents an attractive proposition for those seeking to capitalize on the surging demand for sports participation and entertainment.
