Reddit is making a significant move into the sports marketing arena with the announcement of new partnerships with several major sports leagues. These leagues include the National Football League (NFL), the National Basketball Association (NBA), Major League Baseball (MLB), the PGA Tour, and NASCAR.
Starting Monday, Reddit users will have access to a range of sports content, such as video highlights from games and tournaments, player AMAs (ask me anything sessions), behind-the-scenes videos, and exclusive content shared by the leagues during their seasons and major events.
The platform boasts over 1,000 active communities focused on sports, and there has been a notable increase in user interest within these forums, with screen views rising by 26% in the past year.
The sports marketing industry is projected to grow by over 20%, reaching an estimated value of more than $55 billion by 2030, as fans increasingly turn to platforms like YouTube, Facebook, and X (formerly Twitter) for sports content.
In light of its preparations to go public, Reddit has been exploring various revenue-generating strategies, including a notable $60 million-per-year AI licensing deal with Google earlier this year. Following the announcement of these new sports partnerships, Reddit’s shares rose nearly 7% on Monday.
To put some statistics into perspective:
– Reddit features 1,000 sports-related forums.
– There were 20.4 billion screen views on these sports forums over the past year.
– Sports subreddits globally recorded 249 million monthly engagements, including posts, votes, and comments.
– The sports marketing sector is expected to reach $55 billion by 2030.
– Reddit reported first-quarter revenues of $243 million.