Reddit is making significant strides into the sports marketing industry.
On Monday, the platform revealed several new partnerships with prominent sports leagues, including the NFL, NBA, MLB, PGA Tour, and NASCAR.
These collaborations will allow Reddit users to enjoy a variety of content such as video highlights from games and tournaments, player AMA (ask me anything) sessions, behind-the-scenes videos, and exclusive content from the leagues during their seasons and major events.
The company highlighted that it has over 1,000 active communities devoted to sports, which have seen a marked increase in engagement. In the past year, screenviews on sports-related forums on Reddit have surged by 26%.
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 (formerly Twitter) for sports content.
In its quest for revenue growth, Reddit has explored various initiatives, including a $60 million annual AI licensing agreement with Google announced in February. Following a successful initial public offering, the company reported first-quarter revenues that were nearly 50% higher than the previous year. Reddit’s shares experienced a nearly 7% rise on Monday after the announcement of the new sports partnerships.
Key Statistics:
1,000: Number of sports-related Reddit forums
20.4 billion: Total screenviews of sports-related Reddit forums over the past year
249 million: Monthly engagements (posts, votes, comments) in sports subreddits worldwide
$55 billion: Projected value of the sports marketing sector by 2030
$243 million: Reddit’s revenue for the first quarter.