Reddit is making a significant move into the sports marketing arena with new partnerships established with several major sports leagues, including 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 variety of content, such as video highlights from games and tournaments, player Ask Me Anything (AMA) sessions, behind-the-scenes videos, and other exclusive materials posted by these leagues throughout their seasons and significant events.
The platform reports that it hosts over 1,000 active sports-related communities, with a notable increase in engagement. Screenviews for these sports forums on Reddit rose by 26% over the past year.
The sports marketing field is projected to grow over 20%, reaching an estimated value exceeding $55 billion by 2030, as fans increasingly turn to platforms like YouTube, Facebook, and X (formerly Twitter) for sports-related content.
To bolster revenue, Reddit has been exploring new avenues since it began preparations for a public offering. Earlier this year, it entered into a $60 million annual AI licensing agreement with Google. Following a successful initial public offering, Reddit’s first-quarter earnings showed a substantial increase of nearly 50% from the previous year. On Monday, the company’s shares surged nearly 7% following the announcement of these new sports partnerships.
Key statistics include:
– 1,000: Number of sports-related forums on Reddit
– 20.4 billion: Screenviews of sports-related forums in the past year
– 249 million: Monthly engagements in sports subreddits globally
– $55 billion: Projected value of the sports marketing sector by 2030
– $243 million: Reddit’s revenue for the first quarter