Reddit is making a significant move into the thriving sports marketing sector.
On Monday, the social media platform unveiled multiple partnerships with major sports leagues, including the National Football League (NFL), National Basketball Association (NBA), Major League Baseball (MLB), PGA Tour, and NASCAR.
These collaborations will allow Reddit users to access various engaging content, such as video highlights from games and tournaments, player Q&A sessions, exclusive behind-the-scenes videos, and special content shared by the leagues during their seasons and major events.
Reddit reported having over 1,000 active communities within the sports category, with a notable surge in interest. The platform revealed that screenviews of sports-related forums climbed by 26% in the past year.
The sports marketing industry is projected to grow over 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.
In search of new revenue streams ahead of its public offering, Reddit entered a $60 million annual AI licensing agreement with Google in February. Following a successful IPO, the company announced that its first-quarter revenues were nearly 50% higher compared to the previous year. Reddit’s stock rose nearly 7% on Monday in response to the newly formed sports partnerships.
Key statistics include:
– 1,000: Number of sports-related forums on Reddit
– 20.4 billion: Screenviews by Redditors in sports-related forums over the past year
– 249 million: Monthly interactions (posts, votes, comments) in sports subreddits worldwide
– $55 billion: Projected value of the sports marketing sector by 2030
– $243 million: Reddit’s revenue for the first quarter