Reddit is making a significant entry into the sports marketing sector, announcing new partnerships with major leagues such as the NFL, NBA, MLB, PGA Tour, and NASCAR.
The platform will provide its users access to a variety of content, including video highlights from games and events, player Q&A sessions, behind-the-scenes footage, and exclusive content from the leagues during their seasons and significant occasions.
Reddit boasts over 1,000 active communities focused on sports, with user engagement in these forums seeing a notable increase. The platform reported a 26% rise in screenviews for sports-related discussions over the last year.
The sports marketing industry is projected to grow over 20%, reaching a value exceeding $55 billion by 2030, as fans increasingly turn to platforms like YouTube, Facebook, and X (formerly Twitter) for sports content.
In an effort to bolster revenue ahead of its public offering, Reddit has been exploring various avenues for monetization, including a $60 million annual AI licensing deal with Google established in February. Following the announcement of these sports partnerships, Reddit’s shares rose by nearly 7% on Monday.
Key statistics highlight the growth in Reddit’s sports section:
– 1,000: Active sports-related forums on Reddit
– 20.4 billion: Screenviews of sports forums over the past year
– 249 million: Monthly engagements in sports communities worldwide
– $55 billion: Estimated worth of the sports marketing industry by 2030
– $243 million: Reddit’s revenue in the first quarter