Reddit is making a significant move into the sports marketing industry.
On Monday, the platform revealed numerous partnerships with major sports leagues including the National Football League (NFL), National Basketball Association (NBA), Major League Baseball (MLB), PGA Tour, and National Association for Stock Car Auto Racing (NASCAR).
As part of these collaborations, Reddit users will gain access to various content such as video highlights from games and events, player AMAs (ask me anything sessions), behind-the-scenes footage, and other exclusive material from the leagues during their seasons and key happenings.
The social media company noted that it hosts over 1,000 active communities in the sports category, witnessing a surge in interest. Screenviews of sports-related forums have risen by 26% in the past year.
The sports marketing sector is projected to grow by more than 20%, reaching an estimated value of over $55 billion by 2030, with fans increasingly turning to platforms like YouTube, Facebook, and X (formerly Twitter) for sports content.
Reddit has been exploring new revenue streams in anticipation of going public. Earlier this year, it secured a $60 million-per-year AI licensing agreement with Google. Following a successful initial public offering, the company reported first-quarter revenues nearly 50% higher than the previous year, with shares rising nearly 7% on Monday after the announcement of its new sports partnerships.
Some key statistics include:
– 1,000: Number of sports-related Reddit forums
– 20.4 billion: Total screenviews of sports-related forums on Reddit over the last year
– 249 million: Monthly engagements (posts, votes, comments) in sports subreddits globally
– $55 billion: Estimated worth of the sports marketing industry by 2030
– $243 million: Reddit’s revenue for the first quarter