Reddit is making a significant move into the profitable sports marketing industry.
On Monday, the social media platform revealed a series of new partnerships with prominent sports leagues, including the National Football League (NFL), National Basketball Association (NBA), Major League Baseball (MLB), PGA Tour, and NASCAR.
With these partnerships, Reddit users will gain access to game and tournament video highlights, player AMA (Ask Me Anything) sessions, behind-the-scenes videos, and other exclusive content shared by the leagues during their seasons and key events.
Reddit highlighted that it has over 1,000 active communities dedicated to sports, with engagement in these forums booming. The platform reported a 26% increase in screenviews of sports-related threads over the past year.
The sports marketing sector is projected to grow more than 20%, reaching a value exceeding $55 billion by 2030, as fans turn to platforms like YouTube, Facebook, and X (formerly Twitter) for sports content.
In its effort to boost revenue ahead of its public offering, Reddit previously secured a $60 million-per-year AI licensing agreement with Google. Following a successful initial public offering, the company announced that its first-quarter revenues were nearly 50% higher than the previous year, and Reddit’s shares rose about 7% after the new sports partnerships were disclosed.
Here are some key statistics:
– 1,000: Number of sports-related forums on Reddit
– 20.4 billion: Screenviews of sports-related content on Reddit over the past year
– 249 million: Monthly engagements (posts, votes, comments) in sports subreddits globally
– $55 billion: Estimated worth of the sports marketing sector by 2030
– $243 million: Reddit’s revenue for the first quarter.