Reddit is making a significant move into the thriving sports marketing industry. On Monday, the social media platform unveiled new partnerships with several major sports leagues, including the National Football League (NFL), National Basketball Association (NBA), Major League Baseball (MLB), PGA Tour, and NASCAR.
As part of these partnerships, Reddit users will gain access to video highlights, player AMA sessions (ask me anything), behind-the-scenes footage, and other exclusive content from the leagues throughout their seasons and key events.
The platform reports having over 1,000 active communities related to sports, with user engagement in these forums growing substantially. Specifically, screen views on sports-related subreddits saw a 26% increase over the past year.
The sports marketing sector is projected to grow by more than 20%, reaching a value exceeding $55 billion by 2030, as fans increasingly turn to platforms like YouTube, Facebook, and X (formerly Twitter) for sports content.
Reddit has been exploring various ways to boost its financial performance while preparing for an initial public offering (IPO). Earlier this year, it secured a $60 million annual AI licensing deal with Google. Following a successful IPO that led to first-quarter revenues nearly 50% higher than the previous year, Reddit’s stock surged nearly 7% on Monday after announcing these new sports partnerships.
In summary:
– Number of sports-related Reddit forums: 1,000
– Screen views of sports-related forums in the past year: 20.4 billion
– Monthly engagements in sports subreddits: 249 million
– Estimated value of the sports marketing sector by 2030: $55 billion
– Reddit’s first-quarter revenue: $243 million