Reddit is making a significant move into the sports marketing industry.
On Monday, the social media platform revealed new partnerships with major sports leagues, including the NFL, NBA, MLB, PGA Tour, and NASCAR.
This collaboration will provide Reddit users with access to a variety of content, such as video highlights from games and tournaments, player AMAs (ask me anything sessions), behind-the-scenes footage, and other exclusive material shared by the leagues throughout their seasons and major events.
Reddit has noted that it boasts over 1,000 active sports communities, with engagement levels in these forums experiencing a notable rise. The platform reported a 26% increase in screenviews on sports-related forums in the past year.
The sports marketing sector is projected to grow by more than 20%, surpassing $55 billion by 2030, with fans mainly seeking sports content on platforms like YouTube, Facebook, and X (formerly Twitter).
In its quest to boost revenue as it prepares for a public offering, Reddit recently finalized a $60 million-per-year AI licensing agreement with Google. Following a successful IPO, the company reported first-quarter revenues nearly 50% higher than the same period last year. Reddit shares surged nearly 7% on Monday after announcing the new sports partnerships.
Key statistics include:
– 1,000: Number of sports-related Reddit forums
– 20.4 billion: Screenviews by Redditors on sports-related forums in the last year
– 249 million: Monthly engagements (posts, votes, comments) in sports subreddits worldwide
– $55 billion: Estimated market value of the sports marketing sector by 2030
– $243 million: Reddit’s revenue for the first quarter.