Reddit is making a significant move into the thriving sports marketing industry. On Monday, the social media platform announced partnerships with several major sports leagues, including the National Football League (NFL), National Basketball Association (NBA), Major League Baseball (MLB), PGA Tour, and NASCAR.
As part of these collaborations, Reddit users will gain access to video highlights from various games and tournaments, along with player AMA sessions, behind-the-scenes footage, and exclusive content shared by the leagues throughout their respective seasons and significant events.
Reddit reported having over 1,000 active communities focused on sports, with heightened engagement in these forums. Screenviews related to sports content increased by 26% over the past year, according to the platform.
The sports marketing sector is projected to grow by more than 20%, reaching an estimated value of over $55 billion by 2030. Currently, fans mostly engage with sports content on platforms like YouTube, Facebook, and X (formerly known as Twitter).
In its quest to boost revenue prior to going public, Reddit signed a $60 million-per-year AI licensing agreement with Google in February. Following a successful initial public offering, the company reported a nearly 50% increase in first-quarter revenue year-over-year. Reddit’s stock saw a nearly 7% rise on Monday after the announcement of the new sports partnerships.
Key statistics include:
– 1,000: Number of sports-related forums on Reddit
– 20.4 billion: Total screenviews of sports-related content on Reddit over the past year
– 249 million: Monthly engagements (posts, votes, comments) within global sports subreddits
– $55 billion: Estimated value of the sports marketing industry by 2030
– $243 million: Reddit’s revenue for the first quarter.