Reddit is making significant strides into the profitable sports marketing industry.
On Monday, the social media platform revealed several new partnerships with prominent sports leagues, including the National Football League (NFL), National Basketball Association (NBA), Major League Baseball (MLB), PGA Tour, and National Association for Stock Car Auto Racing (NASCAR).
Through these collaborations, Reddit users can expect to access a variety of content, including video highlights from games, player AMAs (Ask Me Anything sessions), behind-the-scenes footage, and other exclusive materials posted by the leagues during their seasons and major events.
The platform boasts over 1,000 active communities dedicated to sports, with a noticeable surge in user interest. According to Reddit, viewership on sports-related forums surged by 26% over the past year.
The sports marketing sector is projected to grow by more than 20%, reaching a valuation exceeding $55 billion by 2030. Fans have increasingly turned to platforms like YouTube, Facebook, and X (formerly Twitter) for sports content.
Amid preparations for its public offering, Reddit has been exploring various revenue-generating avenues. Earlier this year, it secured a $60 million annual AI licensing deal with Google. Following a successful initial public offering, the company reported first-quarter revenues nearly 50% higher than the previous year. The announcement of new sports partnerships led to a nearly 7% increase in Reddit’s share price on Monday.
Key figures include:
– 1,000: Number of sports-focused Reddit forums
– 20.4 billion: Screenviews of sports-related Reddit threads over the past year
– 249 million: Monthly interactions (posts, votes, comments) in sports subreddits globally
– $55 billion: Projected market value of the sports marketing industry by 2030
– $243 million: Reddit’s revenue for the first quarter