Reddit is making a significant move into the expanding sports marketing arena.
On Monday, the social media platform announced new partnerships with major sports leagues, including the National Football League (NFL), National Basketball Association (NBA), Major League Baseball (MLB), PGA Tour, and NASCAR.
Through these collaborations, Reddit users will gain access to a variety of exclusive content, such as video highlights from games and tournaments, player Q&A sessions, behind-the-scenes footage, and special posts from the leagues throughout the sports seasons and significant events.
Reddit reports that it hosts over 1,000 active communities focused on sports, with engagement in these forums seeing a notable rise. The platform recorded a 26% increase in screenviews on sports-related discussions over the past year.
The sports marketing industry is projected to grow by more than 20%, potentially exceeding $55 billion by 2030, as fans increasingly turn to platforms like YouTube, Facebook, and X (formerly Twitter) for sports content.
As Reddit prepares for its public offering, it has been exploring various revenue-generating strategies, including a $60 million annual AI licensing agreement with Google announced in February. Following the announcement of the new sports partnerships, Reddit shares surged nearly 7%, reflecting positive market response.
Here are some key statistics:
– 1,000 sports-related Reddit forums
– 20.4 billion screenviews in sports subreddits over the past year
– 249 million monthly engagements in global sports subreddits
– Estimated value of the sports marketing sector expected to reach $55 billion by 2030
– $243 million in Reddit’s first-quarter revenue.