Reddit is making significant strides into the sports marketing arena.
On Monday, the platform revealed new partnerships with several prominent sports leagues, including the National Football League (NFL), National Basketball Association (NBA), Major League Baseball (MLB), PGA Tour, and NASCAR.
These collaborations will provide Reddit users access to a variety of content, such as video highlights from games and tournaments, player Q&A sessions, exclusive behind-the-scenes footage, and special posts from the leagues throughout their seasons and major events.
Reddit boasts over 1,000 active communities focused on sports, with interest in these forums seeing a notable increase. The platform reported a 26% rise in screenviews for sports-related forums over the past year.
The sports marketing industry is projected to grow by more than 20%, reaching a value of over $55 billion by 2030, as fans predominantly look to platforms like YouTube, Facebook, and X (formerly Twitter) for sports-related content.
In its quest to enhance revenue streams ahead of a potential IPO, Reddit has pursued various initiatives, including a $60 million-per-year AI licensing agreement with Google established in February. Following the announcement of the new sports partnerships, Reddit’s stock saw an increase of nearly 7% on Monday.
Key figures include:
– 1,000 sports-related Reddit forums
– 20.4 billion screenviews of these forums in the last year
– 249 million monthly engagements (posts, votes, comments) across global sports subreddits
– $55 billion estimated value of the sports marketing sector by 2030
– $243 million in Reddit’s first-quarter revenue