Reddit is making significant strides into the thriving sports marketing industry. On Monday, the social media platform announced new partnerships with major sports leagues including the National Football League (NFL), the National Basketball Association (NBA), Major League Baseball (MLB), the PGA Tour, and NASCAR.
These collaborations will provide Reddit users with access to video highlights from games and tournaments, player AMAs (Ask Me Anything sessions), behind-the-scenes content, and other exclusive materials from the leagues throughout the seasons and key events.
Reddit has reported having over 1,000 active communities within the sports category, showing a notable increase in interest among users. Screenviews related to sports forums surged by 26% over the past year.
The sports marketing sector is projected to grow by more than 20%, reaching a value exceeding $55 billion by 2030, as fans increasingly seek sports-related content on platforms like YouTube, Facebook, and X (formerly Twitter).
Since gearing up for a public offering, Reddit has explored various ways to enhance its revenue. Earlier this year, it entered into a $60 million annual AI licensing agreement with Google. Following a successful IPO, Reddit reported first-quarter revenues nearly 50% higher than the previous year. The announcement of the new sports partnerships led to a nearly 7% increase in Reddit’s share prices on Monday.
Key statistics include:
– 1,000 sports-related Reddit forums
– 20.4 billion screenviews on sports-related forums over the last year
– 249 million monthly engagements in sports subreddits globally
– $55 billion estimated value of the sports marketing sector by 2030
– $243 million in Reddit’s first-quarter revenue.