Reddit is diving into the expanding sports marketing industry.
On Monday, the social media platform unveiled several new partnerships with prominent sports leagues including the National Football League (NFL), National Basketball Association (NBA), Major League Baseball (MLB), PGA Tour, and NASCAR.
Through these partnerships, Reddit users will have access to a variety of content, such as video highlights from games and tournaments, player “Ask Me Anything” sessions, behind-the-scenes videos, and exclusive material provided by the leagues during their seasons and major events.
Reddit boasts over 1,000 active communities dedicated to sports, with a notable increase in user engagement. The platform reported a 26% rise in screenviews within sports forums over the past year.
The sports marketing sector is projected to grow by more than 20%, reaching a valuation exceeding $55 billion by 2030. Fans are increasingly turning to platforms like YouTube, Facebook, and X (formerly Twitter) for sports-related content.
In its efforts to generate revenue leading up to its public offering, Reddit previously entered a $60 million-per-year AI licensing agreement with Google in February. Following a successful IPO, the company announced first-quarter revenues that were nearly 50% greater than the previous year. Reddit’s shares saw nearly a 7% increase on Monday after the announcement of the new sports partnerships.
Key statistics include:
– 1,000: Number of sports-related Reddit forums
– 20.4 billion: Screenviews in sports-related forums over the past 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: Reddit’s first-quarter revenue