Reddit is making a significant move into the sports marketing industry.
On Monday, the platform announced several new partnerships with prominent sports leagues, including the National Football League (NFL), National Basketball Association (NBA), Major League Baseball (MLB), PGA Tour, and NASCAR.
As part of these collaborations, Reddit users will have access to a variety of engaging content, such as video highlights from games and tournaments, player AMAs (ask me anything sessions), behind-the-scenes footage, and other exclusive material released by the leagues during their seasons and major events.
The social media site revealed that it hosts over 1,000 active communities focused on sports, and engagement in these forums has surged. According to Reddit, screenviews in sports-related communities increased by 26% over the past year.
The sports marketing sector is projected to grow by more than 20%, reaching over $55 billion by 2030, with fans increasingly seeking sports content on platforms like YouTube, Facebook, and X (formerly known as Twitter).
In its efforts to enhance revenue, Reddit has been exploring new avenues since beginning preparations for an initial public offering. Earlier this year, it secured a $60 million annual AI licensing agreement with Google. Following a successful IPO, the company reported a nearly 50% increase in first-quarter revenues compared to the previous year. On Monday, Reddit shares rose nearly 7% after the announcement of its new sports partnerships.
Statistics of interest include:
– 1,000: Number of sports-related Reddit forums
– 20.4 billion: Screenviews of sports-related Reddit forums over the last year
– 249 million: Monthly engagements (posts, votes, comments) in sports subreddits worldwide
– $55 billion: Projected value of the sports marketing sector by 2030
– $243 million: Reddit’s revenue in the first quarter