Reddit is making significant moves into the sports marketing arena by announcing new partnerships with prominent sports leagues including the NFL, NBA, MLB, PGA Tour, and NASCAR.
Starting Monday, Reddit users will have access to a variety of engaging content such as video highlights from games and tournaments, player AMAs (ask me anything sessions), behind-the-scenes videos, and exclusive material released by the leagues during their seasons and major events.
The platform noted that it boasts over 1,000 active communities focused on sports, which have seen a substantial increase in engagement. In fact, screenviews on these sports-related forums have surged by 26% in the past year.
The sports marketing sector is expected to grow by more than 20%, reaching a value exceeding $55 billion by 2030, as fans increasingly flock to platforms like YouTube, Facebook, and X (previously known as Twitter) for sports content.
In its efforts to increase revenue as it prepares for a public offering, Reddit recently secured a $60 million annual AI licensing agreement with Google. After a successful initial public offering, the company reported first-quarter revenues that were nearly 50% higher than the previous year. Following the announcement of the new sports partnerships, Reddit shares rose by nearly 7%.
Key Figures:
– 1,000: Number of sports-related Reddit forums
– 20.4 billion: Screenviews of sports-related forums over the past year
– 249 million: Monthly engagements in sports subreddits worldwide
– $55 billion: Projected value of the sports marketing sector by 2030
– $243 million: Reddit’s first-quarter revenue