Reddit is making a significant move into the sports marketing industry, as announced on Monday. The social media platform has forged partnerships with several prominent sports leagues, including the NFL, NBA, MLB, PGA Tour, and NASCAR.
Through these collaborations, Reddit users will gain access to various exclusive content including video highlights from games and tournaments, player Q&A sessions (known as AMAs), behind-the-scenes videos, and other special features from the leagues throughout their seasons and major events.
Reddit boasts over 1,000 active communities in the sports category, with substantial growth in interest reported. The platform has seen a 26% increase in screenviews on sports-related forums over the past year.
The sports marketing sector is projected to grow by over 20% and reach a value exceeding $55 billion by 2030, with fans primarily engaging with sports content on platforms like YouTube, Facebook, and X (formerly Twitter).
In its quest for new revenue streams ahead of a planned public offering, Reddit had previously secured a $60 million-per-year AI licensing agreement with Google in February. After a successful IPO, the company reported first-quarter revenues nearly 50% higher than the previous year, leading to a nearly 7% jump in Reddit stock following the announcement of its new sports partnerships.
Key figures from Reddit’s growth in the sports category include:
– 1,000 active sports-related forums
– 20.4 billion screenviews of sports-related forums over the last year
– 249 million monthly engagements (including posts, votes, and comments) in sports subreddits worldwide
– An estimated $55 billion valuation for the sports marketing sector by 2030
– $243 million in Reddit’s first-quarter revenue