00:00 A teacher invents basketball on December 21, 1891, by hanging peach baskets in a gym to entertain students during winter.

02:18 Basketball originated on December 21, 1891, when Canadian teacher James Naismith invented it as an indoor activity in a gym.

04:41 James Naismith created basketball in December 1891, using peach baskets and a soccer ball to kickstart this now widely popular sport.

07:23 Naismith's peach basket basketball spread globally through YMCAs, evolved onto college campuses with intercollegiate games starting in the mid-1890s.

09:43 In 1898, basketball's professional era began with the National Basketball League inception amidst its gradual global spread.

12:02 Amidst globalization in basketball since the late '80s Olympic debut of women's competitions and NBA rule changes like expanding free throws, introducing a shot clock to quicken pace, and incorporating three-pointers into professional play—significant strides have been made; international teams now consistently challenge U.S dominance with strong contenders including Spain and Australia.

14:25 EuroLeague's popularity and NBA revenues highlight basketball as significant global sports businesses.