Reddit is making a significant move into the sports marketing sector, having announced several new partnerships with major sports leagues, including the NFL, NBA, MLB, PGA Tour, and NASCAR.
The social media platform revealed that users will now have access to video highlights from games and tournaments, player AMAs (Ask Me Anything sessions), behind-the-scenes footage, and other exclusive content shared by the leagues during their seasons and major events.
According to Reddit, there are over 1,000 active communities dedicated to sports, with a notable increase in interest within these forums. Screenviews on sports-related forums have surged by 26% in the past year.
The sports marketing sector is predicted to expand by more than 20%, reaching a valuation of over $55 billion by 2030, as fans increasingly seek sports-related content on platforms like YouTube, Facebook, and X (formerly Twitter).
To bolster its revenue ahead of a potential public offering, Reddit has explored various strategies, including a $60 million-per-year AI licensing agreement with Google initiated in February. Following the announcement of these sports partnerships, Reddit shares rose nearly 7% on Monday.
Key statistics include:
– 1,000 sports-related Reddit forums
– 20.4 billion screenviews in sports-related forums over the last year
– 249 million monthly engagements (posts, votes, comments) in sports subreddits globally
– $55 billion projected value of the sports marketing sector by 2030
– $243 million in Reddit’s first-quarter revenue