Reddit is making a significant move into the sports marketing arena by announcing new partnerships with prominent sports leagues, including the NFL, NBA, MLB, PGA Tour, and NASCAR.
This initiative, revealed on Monday, will enable Reddit users to access various engaging content such as video highlights from games and tournaments, player AMAs (ask me anything sessions), exclusive behind-the-scenes videos, and additional material shared by the leagues during their seasons and major events.
According to Reddit, the platform boasts over 1,000 active sports communities, experiencing a notable increase in engagement. Screenviews on sports-related forums surged by 26% in the past year.
The sports marketing sector is projected to grow by more than 20%, reaching a value exceeding $55 billion by 2030. Fans are increasingly turning to platforms like YouTube, Facebook, and X (previously Twitter) for sports content.
In its quest to enhance revenue, Reddit has been exploring various opportunities, including a $60 million annual AI licensing agreement with Google established in February. Following a successful IPO, the company announced first-quarter revenues nearly 50% higher than the previous year. The news of the new sports collaborations led to a nearly 7% increase in Reddit’s shares on Monday.
By the numbers:
– 1,000: Number of sports-related Reddit forums
– 20.4 billion: Redditors’ screenviews of sports-related Reddit forums over the last year
– 249 million: Monthly engagements (posts, votes, comments) in sports subreddits worldwide
– $55 billion: Estimated value of the sports marketing sector by 2030
– $243 million: Reddit’s revenue in the first quarter