Reddit is making a significant move into the sports marketing arena. On Monday, the platform revealed a series of partnerships with prominent sports leagues, including the National Football League (NFL), the National Basketball Association (NBA), Major League Baseball (MLB), the PGA Tour, and NASCAR.
Users of Reddit will benefit from access to a variety of exclusive content, such as video highlights from games and tournaments, player Q&A sessions, behind-the-scenes footage, and other special material shared by the leagues throughout their seasons and major events.
The company highlighted that it has over 1,000 active sports communities on its platform and noted a substantial rise in engagement within those forums. Specifically, screenviews of sports-related content have surged by 26% in the past year.
The sports marketing sector is projected to grow over 20% and surpass $55 billion by 2030, with fans increasingly turning to platforms like YouTube, Facebook, and X (formerly Twitter) for sports content.
In its efforts to boost revenue, Reddit has been exploring new avenues since preparing for a public offering. Earlier this year, it secured a $60 million annual licensing deal with Google for AI technologies. Following a successful IPO, Reddit reported first-quarter revenues nearly 50% higher than the previous year, and the announcement of these sports partnerships led to a nearly 7% rise in Reddit’s stock on Monday.
Key figures include:
– 1,000: Active sports-related Reddit forums
– 20.4 billion: Screenviews of sports-related forums over the past year
– 249 million: Monthly engagements (posts, votes, comments) in sports subreddits globally
– $55 billion: Estimated market value of the sports marketing sector by 2030
– $243 million: Reddit’s revenue for the first quarter