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Sports performance is not the unique ingredient of a sports star's market value. Some gifted players are undermined by weak media exposure while some less talented players who actively engage in social media and attract fans in millions benefit from exorbitant contracts. This research conceptualizes the effect of social media in the sports business and analyzes the recipes that lead to high market value for sports stars. This study uses qualitative comparative analysis (QCA) on a sample of 95 top soccer players in Europe. The empirical results reveal that sports performance and social media activity are both necessary but insufficient conditions for a high market value condition. This research provides a roadmap for managers and sports stars to navigate in the social media arena.

The social media space has become a common place for communication, networking, and content sharing. Many companies seek marketing and business opportunities via these platforms. However, the link between resources generated from these sites and business performance remains largely unexploited. Both managers and financial advisors can profit from the lessons learned in this study. We conceptualize four channels by which social media impacts financial, operational, and corporate social performance: social capital, customers' revealed preferences, social marketing, and social corporate networking. An empirical test of our framework shows that 'followers' and 'likes' positively influence a firm's share value, but only after a critical mass of followers is attained. Our estimates suggest that Twitter is a more powerful tool to enhance business performance than Facebook.