GBR Friday | The Future of the Golf Industry: Why the Boom Is Just Beginning Despite Global Turbulence
Every Tuesday and Friday Morning, We Bring You the Ten-Minute Summary of What Happened Last Week in the Golf Industry While you Were Golfing.
Hello GBR community,
We hope you are all well. Another weekend is just about upon us and it’s been another busy week in the world of golf.
The PGA Tour is visiting one of its most iconic venues, Bay Hill, for the Arnold Palmer Invitational. Nine years after his passing, Arnold Palmer's legacy can still be felt in golf today. He was a trailblazer who introduced golf to so many people across the globe, and it’s fitting that our featured article for subscribers examines how golf is experiencing a continued boom even through turbulent economic times.
The article is written by Matt Erley, Co-Founder and Partner at Old Tom Capital, the leading firm specializing in golf investments. We’re delighted to announce that, thanks to a new collaboration between Old Tom Capital and GBR, we will be hearing more from Matt.
Join us as we have our usual mix of:
Industry
Circuits
Equipment
People To Watch
Must Read/Watch
Just for Paid Subscribers: Beyond The Boom: Why Golf’s Growth Has Staying Power
We hope you enjoy it. Feel free to leave us your comments!
Exclusive Event for Our Subscribers: Your Chance To spend Time With Nicolas Callaway And Ask Him Your Questions
GBR is excited to announce an upcoming webinar for our subscribers with Nicholas Callaway, in which he will discuss his new book, The Unconquerable Game.
The webinar will take place on Thursday, March 13th at 12:00 PM EST. You can register here.
Attendees have a unique opportunity to hear directly from Nicholas about:
The inspiration behind the book and the legacy of Ely Callaway.
Exclusive behind the scenes access to Ely’s personal bag of trial and experimental Callaway clubs
As an added bonus, all registered attendees will be entered into a giveaway to win one of three signed copies of The Unconquerable Game by Nicholas Callaway. Don’t miss this chance to participate in a special conversation and potentially win a signed edition of this captivating book.
If you’d like to attend and are not already a subscriber, you can join the GBR community here.
1. INDUSTRY
PGA OF AMERICA REPORTS $172M IN REVENUE FOR 2023-24 FISCAL YEAR
The PGA of America recorded over $172 million in total revenue for the fiscal year ending March 31, 2024, reflecting a 33% increase from the previous year, according to the association’s latest tax filing. The year’s revenue, driven heavily by tournament income, marks the second-highest total since at least 2010, trailing only the 2021-22 fiscal year, which included the U.S.-hosted Ryder Cup at Whistling Straits. Investment income rose by $15 million to $20.5 million, while program service revenue, which includes tournament revenue, surged to $149 million. Nearly $134 million came directly from tournament operations, thanks partly to the 2023 Ryder Cup in Rome.
The PGA’s total assets grew to nearly $451 million by year’s end, up from $407 million. Expenses also increased to nearly $185 million, up 25% largely due to the costs associated with hosting the Ryder Cup overseas. NBC Universal topped the list of independent contractors, earning $2.6 million for broadcast coverage. Former CEO Seth Waugh’s total compensation exceeded $3.8 million, up from $3.2 million the previous year, while Chief Championships Officer Kerry Haigh was the second-highest-paid employee with $1.2 million in total compensation. Josh Carpenter’s full article is available in Sports Business Journal.
GOLF SHAFT MARKET EXPECTED TO GROW AT 3% CAGR THROUGH 2033
The global golf shaft market, valued at USD 355.35 million in 2024, is projected to reach USD 388.31 million by 2033, growing at a steady 3% compound annual growth rate, according to a newly published report by Global Market Statistics. The report highlights that North America, particularly the United States, will continue to play a pivotal role in shaping market trends, driven by widespread adoption of advanced technology and the presence of major industry players. Europe is also expected to contribute significantly to growth, supported by rising participation in golf and product innovations tailored to the region’s diverse player base.
The report categorizes the market by product types, including wood, iron, steel shafts, and graphite shafts, and applications across male, female, and junior golfers. It emphasizes that despite strong competition, investor confidence in the sector remains high, with new entrants expected to expand the market further. Technological advancements and evolving consumer preferences for customized and high-performance shafts are expected to be key growth drivers through 2033, with particular attention to market dynamics, cost structures, and supply chain optimization. A copy of the full report is available by contacting Global Market Trends.
ST ANDREWS LINKS TRUST COMMITS TO NET ZERO BY 2040
St Andrews Links Trust has unveiled a comprehensive sustainability plan to achieve net zero carbon emissions by 2040, ensuring the Home of Golf thrives while protecting its surrounding environment. The newly published Our Journey to a Greener Future report outlines initiatives across building management, retail, catering, and course maintenance. Key pledges include sourcing 100% of electricity from renewable sources by 2025, publishing a coastal erosion management plan next year, and diverting 99% of waste from landfill through enhanced recycling and composting programs.
The Trust has made notable progress, including transitioning its entire fleet of golf buggies to electric vehicles and ensuring all course irrigation uses renewable water sources from rainwater collection and boreholes. On the Old Course and other St Andrews layouts, all grass clippings are composted and provided to local residents, while energy efficiency measures—such as the installation of heat pumps and advanced electricity monitoring—are helping reduce overall energy consumption. More information can be found at St Andrews Links Trust.
TRACKMAN AND CPG EXTEND PARTNERSHIP TO ADVANCE GOLF EDUCATION
TrackMan and the Confederation of Professional Golf (CPG) have extended their partnership, continuing their focus on education and innovation within the golf industry. The renewed agreement will connect golf professionals with the growing off-course golf segment, aligning with trends that see more players engaging with the game through simulators and alternative formats. By integrating TrackMan’s technology into coaching programs, the partnership aims to help professionals diversify their offerings and appeal to non-traditional golfers, expanding their business opportunities.
TrackMan’s involvement with the CPG Learning Institute will be a key component of the collaboration. The company will deliver webinars, workshops, and educational content designed to equip professionals with the latest technological insights. TrackMan University certifications will also be integrated into the CPG’s new digital membership card, allowing coaches to showcase their credentials and ongoing development directly to clients and employers. More information on the extended partnership between TrackMan and the CPG can be found on the CPG website.
PROFESSIONAL CADDIE CERTIFICATION PROGRAM GRADUATE LANDS PGA TOUR ROLE
The inaugural Professional Caddie Certification program has delivered immediate results, with its first graduate, Ronan ‘Goose’ Lucey, securing a spot on the PGA Tour just one week after completing the course, where he will caddie for David Hearn at the Puerto Rico Open. Developed by experienced PGA Tour caddies Grant Berry, Mike Hicks, and Heath Holt, the seven-day training course provides comprehensive education from top industry experts, covering rules, player psychology, and on-course techniques such as AimPoint.
Hosted at NC State University’s Lonnie Poole Golf Course, the program gives students hands-on experience alongside the NC State golf team, blending classroom instruction with practical application. Participants came from diverse backgrounds, including club caddies, a college golf coach, and even a retired Pentagon Colonel, all investing $4,000 to enhance their professional credentials. The program, supported by the Association of Professional Tour Caddies (APTC), Golf Coaches Association of America (GCAA), is set to welcome its second class of candidates on July 15. More information on the course can be found at the Tour Caddie Collective.
WOMEN’S GOLF DAY LAUNCHES ELEVATED EVENT SERIES TO BOOST WOMEN’S PARTICIPATION
Women’s Golf Day (WGD) has unveiled a new series of Elevated Events designed to enhance the female golf experience by combining play with social connection and professional development. The WGD Signature Series will launch on March 8, International Women’s Day, at The Park West Palm Beach in Florida, with 60 women participating in a golf and social event aligned with this year’s IWD theme, ‘Accelerate Action.’ The Elevated Events will be held alongside major tournaments, including PGA Tour events. They will incorporate WGD’s golf activities for all skill levels, paired with curated panel discussions and networking opportunities.
WGD founder Elisa Gaudet emphasized that these events are designed to foster community and create lasting connections, whether social, professional, or golfing. Gaudet highlighted past success with corporate partners like RBC at the Canadian Open, and noted that integrating women’s events into larger tournaments ensures that female participation is not an afterthought but an intentional part of the broader golf experience. More information on WGD can be found here.
OLD COURSE VILAMOURA PARTNERS WITH TRACKMAN TO ENHANCE PRACTICE AND VIRTUAL PLAY EXPERIENCE
The Old Course Vilamoura, Algarve, Portugal, has announced a long-term partnership with Trackman. The partnership will bring ball-tracking technology to its driving ranges, practice areas, coaching sessions, and club fitting services. The partnership will also extend to the new Els Club Vilamoura, set to open this summer. The Old Course will become the first venue in the Algarve to fully integrate Trackman’s systems, offering guests complimentary access. The new partnership is seen as cementing Vilamoura’s position as a leading destination for in-person and virtual golf experiences.
In addition to on-site benefits, both Vilamoura courses will be featured in Trackman’s Virtual Golf Platform, allowing golfers worldwide to play the courses remotely with exceptional accuracy and visual detail. The Old Course’s expansive driving range — the largest in Portugal with 20 dedicated bays — will leverage Trackman’s technology to provide year-round, all-weather functionality. More information on the partnership is available in Golf Business News.
PITCH WHARF OPENS IN CANARY WHARF WITH PREMIUM INDOOR GOLF AND ENTERTAINMENT EXPERIENCE
Pitch Wharf, the flagship venue from indoor golf brand Pitch, has officially opened its doors in London’s Canary Wharf. Located in Churchill Place with stunning riverside views and a two-level layout, the 15,000-square-foot venue combines 11 state-of-the-art Trackman simulator bays with an upscale social atmosphere. The venue is designed to cater to golfers, who can receive lessons and play virtual rounds. The venue also delivers Asian-inspired cuisine from JIYŪ, an extensive drinks and cocktail menu, and live DJ sets. The venue also features a TRENDYGOLF Concept Store, offering luxury apparel from brands such as Malbon Golf, Adidas, Hugo Boss, and Ralph Lauren RLX.
Pitch Wharf hosted a star-studded launch party on February 27 to mark the opening, welcoming media, influencers, and celebrities to experience the space firsthand. Open to both members and the public, the venue caters to business meetings, private events, and casual gatherings alike, offering flexible hire options for corporate and social occasions. More information and booking details can be found at Pitch.
2. CIRCUITS
PGA TOUR HIGHLIGHTS FAN-FOCUSED INNOVATIONS AND STRONG FINANCIAL START TO 2025
PGA Tour Commissioner Jay Monahan outlined the organization’s progress in enhancing the fan experience through its Fan Forward Initiative, with the upcoming Arnold Palmer Invitational showcasing one of the latest innovations. This week’s broadcast will feature fewer commercials, making room for player-caddie conversations that provide fans with deeper insights into decision-making on the course, combined with changes such as showing more shots and focusing Friday coverage on the cut-line drama.
Monahan also highlighted a strong first quarter for the tour, with the first seven events won by players from seven different countries and rising star Luke Clanton securing his PGA Tour card through PGA Tour U Accelerated. In addition, fan engagement has surged with double-digit increases in television viewership and strong streaming growth on Paramount+, Peacock, and ESPN+. Financially, the Tour has secured $400 million in revenue from 14 sponsorship agreements, including extensions with Valspar and 3M, a figure two-and-a-half times larger than the same period last year. More from Jay Monahan on the PGA Tour’s bullish first quarter can be found here.
MONAHAN DESCRIBES WHITE HOUSE MEETING AS PROGRESS, BUT NO DEAL IMMINENT
PGA Tour Commissioner Jay Monahan pushed back against suggestions of waning confidence following a second White House meeting with President Donald Trump, PIF governor Yasir Al-Rumayyan, Tiger Woods, and Adam Scott. Speaking ahead of the Arnold Palmer Invitational, Monahan described the meeting as “a huge step” toward reunifying the professional game. However, he acknowledged that finalizing an agreement remains a complex process. Monahan clarified that while no additional White House meetings are currently scheduled, ongoing discussions are “constructive” and aligned with the long-term goal of bringing all players back under one umbrella.
Monahan also tempered expectations of a deal being reached before next week’s Players Championship, stating he doesn’t foresee an announcement during his annual state-of-the-Tour address. As part of the Tour’s Fan Forward survey, Monahan revealed that 70% of fans support reunification, though only 32% view Saudi Arabia’s PIF investment favorably. He acknowledged differing opinions among players but expressed optimism that a unified framework would ultimately benefit the Tour and the broader game. Brentley Romine’s full report for the Golf Channel is available here.
MCILROY SAYS PGA TOUR-SAUDI DEAL STILL FAR OFF, QUESTIONS IF IT’S EVEN NEEDED
Rory McIlroy expressed doubts that a deal between the PGA Tour and Saudi Arabia’s Public Investment Fund (PIF) is close, highlighting that negotiations appear to have stalled. While acknowledging that reunification would be the best outcome for the sport, McIlroy told reporters that the PGA Tour might not need the agreement as much as previously thought, citing strong television ratings and the growing momentum of the tour’s Fan Forward initiatives. McIlroy, who sits on the PGA Tour Enterprises transaction subcommittee, suggested the sticking point lies with integrating LIV Golf’s team format, which remains a priority for PIF governor Yasir Al-Rumayyan.
McIlroy was not present for recent White House meetings that included Al-Rumayyan, PGA Tour Commissioner Jay Monahan, Tiger Woods, and President Donald Trump, but indicated that talks have hit a standstill. Following Jon Rahm’s move to the rival league, his stance softened toward LIV and evolved further, with McIlroy sensing that even without a merger, the PGA Tour is well-positioned for future growth. Meanwhile, LIV Golf continues to expand its international schedule, with upcoming events in Hong Kong and Singapore, while maintaining confidence in its own future, according to comments from Bryson DeChambeau. Doug Ferguson’s full story for AP can be found at Yahoo Sports.
CALLAWAY EXPANDS EQUIPMENT PARTNERSHIP WITH JON RAHM AND LEGION XIII
Callaway Golf has announced an expanded equipment partnership with Jon Rahm and his LIV Golf team, Legion XIII. Rahm, who has won both his major titles—the 2021 U.S. Open and the 2023 Masters—using Callaway equipment, will continue to play the brand’s latest gear, including the new Elyte Triple Diamond Driver, Apex TCB Irons, Chrome Tour X Golf Ball, and Odyssey Ai-One Putter. Although financial terms and implications for team branding were not disclosed, Rahm has been wearing a Callaway-branded cap at LIV events this year, replacing last season’s pink Legion XIII logo on his hat.
The partnership also highlights Callaway’s growing influence within Legion XIII, with Rahm’s teammate Caleb Surratt also using Callaway equipment, alongside new team member Tom McKibbin, who joined at the start of this season. Tyrrell Hatton, the team’s fourth member, remains a Ping player, though he has worn Legion XIII-branded caps. The full press release of the Callaway/Legion XIII is available from LIV Golf.
TGL SEASON ONE RATINGS SHOW PROMISE DESPITE MISSING STAR POWER
TGL Golf’s inaugural season is set to conclude with solid TV ratings that have exceeded ESPN’s initial projections, despite the absence of its two co-founders, Tiger Woods and Rory McIlroy, from the playoffs. Through 15 broadcasts, the virtual golf league has averaged 502,400 viewers per event, with Woods’ early appearances driving the strongest numbers — peaking at just over 1 million viewers in Week 2. Even the least-watched match, airing in an unfavorable 3 p.m. weekday slot, still surpassed ESPN’s ratings expectations.
TGL’s greatest success may lie in its appeal to a younger demographic, with a median viewer age of 51.4 — significantly younger than the typical PGA and LIV audiences, which average around 63. This younger audience is particularly attractive to advertisers, further validating TGL’s concept as a modern, tech-driven golf product. While Woods and McIlroy’s absence from the playoffs will temper some of the excitement, TGL’s strong debut, particularly in comparison to LIV Golf’s ongoing ratings struggles at the start of their season, positions it well for future growth and expansion. Anthony Crupi’s full article can be found in Sportico.
3. EQUIPMENT
PING REVEALS BUNKR WEDGE DESIGNED FOR BUNKER CONSISTENCY
Ping has introduced the BunkR wedge, which is designed to help golfers escape bunkers with greater ease and consistency. Inspired by the iconic Ping Eye2 wedge, the BunkR features a wide, forgiving sole designed for square-face play, reducing the need for excessive manipulation. With 64 degrees of loft and 14.5 degrees of bounce, the wedge is engineered to glide through sand rather than dig, making it easier for golfers to achieve high, soft bunker shots.
Available for pre-sale now, the Ping BunkR wedge officially hits retail shelves on March 27, with a retail price of $179 (£140, €165). Golfers can choose between the Ping Z-115 steel shaft or the Ping Alta CB graphite shaft. More information on the BunkR can be found at Ping Golf.
XXIO PRIME LAUNCHES 2025 LINE WITH PREMIUM DESIGN AND ULTRA-LIGHT PERFORMANCE
XXIO has unveiled its 2025 XXIO Prime lineup, blending traditional Japanese craftsmanship with advanced lightweight technology to cater specifically to golfers with slower swing speeds. The new XXIO Prime driver, retailing for $899.99 (£699.99, €834.99), weighs just 257 grams and features a BiFLEX titanium face designed to maximize forgiveness and distance on off-center strikes. Paired with a proprietary 35-gram SP-1300 shaft, the driver and its matching fairways and hybrids are optimized for smooth, controlled swings with enhanced launch and carry, while incorporating XXIO's signature Activwing technology for added stability.
The 2025 XXIO Prime irons, priced at $1,199.99 (£929.99, €1111.99) for a 7-PW set, continue the lightweight theme. They feature a flexible titanium face, Rebound Frame technology, and 50 grams of nickel-tungsten weighting in the longer irons to lower the center of gravity and promote easier launch. Additional irons, such as 5-iron, 6-iron, gap wedge, and sand wedge, can be bought separately for $299.99 (£230.99, €277.99) per club. The full range, including fairways ($599.99, £465.99, €555.99 each) and hybrids ($419.99, £325.99, €389.99 each), is available from March 14. More information on the 2025 Prime range can be found at XXIO Golf.
4. PEOPLE TO WATCH
The PGA of America has appointed Laura Frick, PGA, as Championship Director for the 2026 KPMG Women’s PGA Championship at Hazeltine National Golf Club in Chaska, Minnesota. Frick becomes the first female PGA of America Member to hold this role at one of the Association’s Spectator Championships. She will lead all onsite operations and ensure the Championship maintains its reputation as one of the premier events in women’s golf. Full press release available at the Golf Wire.
The International Franchise Association has named Peter McCormick and Alex Zega as recipients of its prestigious Franchisee of the Year award at the 65th IFA Annual Convention in Las Vegas. The Louisville-based entrepreneurs were recognized for their leadership, innovation, and contributions to their communities through their successful expansion of Five Iron Golf. Full press release available at franchising.com.
Justin Rose has been awarded the prestigious Arnie Award by Golf Digest for his and his wife Kate’s philanthropic work in Orlando. Presented ahead of the Arnold Palmer Invitational, the award recognizes the couple’s Blessings in a Backpack program, which helps address the nutritional and educational needs of children in Central Florida. Yahoo Sports.
5. MUST READ/WATCH
The second edition of The Legendary Caddies of Augusta National by Ward Clayton captures the remarkable stories of Augusta National’s all-Black caddie corps, whose influence and presence shaped the Masters Tournament from the 1930s onwards. Featuring personal anecdotes and historical insights, the book brings to life iconic figures like Carl Jackson and Willie “Pete” Peterson, highlighting both their professional triumphs alongside golf’s greatest players and the societal challenges they faced.
We’ve referred to Jay Monahan’s current thoughts on the progress of negotiations between the PGA Tour and PIF. Monahan sat down with Eamon Lynch for Golfweek on the eve of the Arnold Palmer Invitational. The full interview is available to read here.
Netflix have announced that Happy Gilmore 2 is scheduled for release on July 25. Here’s the latest trailer to whet your appetite ahead of the release.
6. JUST FOR PAID SUBSCRIBERS
BEYOND THE BOOM: WHY GOLF’S GROWTH HAS STAYING POWER
Golf’s recent surge in popularity was no accident. A confluence of factors—pandemic-era participation spikes, technological advancements, and shifting lifestyles—has drawn new players to the game. While some speculated this was temporary, the reality is that golf is entering a new era of sustained expansion, driven by innovation and evolving consumer behavior.
As dedicated investors at the intersection of golf, technology, and lifestyle, we have observed firsthand how the game is evolving beyond its traditional constraints. From new course formats to alternative golf experiences, private club reinventions, and shifts in work culture, golf is growing in ways that make it more accessible, engaging, and appealing to a wider range of players and investors.
Golf is Becoming More Playable, Accessible, and Social
One of golf’s biggest historical barriers has been time commitment, but that’s changing.
Flexible Course Formats – Shorter loops (6-hole, 12-hole options) are making it easier for busy players to fit golf into their schedules.
Technology Enhancing Engagement – Smart devices, data tracking, and social-sharing tools are making golf more interactive and communal. Affordable camera and shot-tracking innovations are helping golfers analyze and share their games like never before.
Urban-Friendly Designs – More compact, mixed-use courses near population centers are reducing the need for long drives to play.
These innovations mean golf is no longer fighting against modern lifestyles—it’s aligning with them.
Alternative Formats are Expanding the Definition of Golf
Golf’s growth isn’t just tied to traditional play; new formats are drawing fresh audiences.
New Competitive Leagues – Ventures like TGL (Tech Golf League) and par-3 circuits like Grass League are making professional golf more engaging and digestible.
‘Golf Lite’ Experiences – The rise of high-tech driving ranges, social golf venues, and short courses proves that golf doesn’t have to be an 18-hole affair to be compelling.
More Diverse Participation – The game’s cultural perception is shifting, attracting a younger, broader demographic that sees golf as a sport and a social experience.
These formats aren’t replacing traditional golf—they’re expanding its reach.
The Evolution of Private Golf Clubs: Beyond the Course
For decades, private clubs were golf-first. Today, they’re experience-first. Modern clubs are shifting focus, integrating lifestyle elements that attract members beyond the core golfer.
Multi-Faceted Amenities – High-end fitness centers, wellness spas, and farm-to-table dining are now part of the private club experience.
Family-Centric Design – Kids’ programming, resort-style pools, and social hubs are making clubs multi-generational destinations.
Curated Social & Cultural Programming – Speaker series, culinary events, and concerts are redefining what membership means.
Golf remains the centerpiece, but today’s most successful clubs are seamlessly integrating it into a broader lifestyle offering.
A New Work-Life Balance is Creating More Golfers
The changing nature of work is giving people more time to play.
The Four-Day Workweek is Coming – Automation and AI are increasing efficiency, creating more leisure time.
Golf as a Wellness Activity – More people are prioritizing outdoor, social, and low-impact sports, positioning golf as a key beneficiary.
Flexible Work Schedules – Remote and hybrid work has turned golf into a midweek activity, shifting course utilization patterns.
As work habits evolve, golf is uniquely positioned to capture more of people’s free time.