Purple is a secondary color made by mixing red and blue. It is also a cold color that has soothing virtues. Since it was very expensive to produce purple dye or paint, it was only restricted to kings, popes, and emperors for a long time. It is then a very interesting color if your business is looking to offer luxury services or products. It is not a very used color for sports team or business logos. When it is the case, purple is often used with its complementary color, yellow, which is also another color that is related to power and royalty.
Otherwise, purple is a color associated with mysteries, dreams, and spirituality too. It also represents femininity and softness.