Reddit is making a significant entry into the sports marketing arena with new partnerships announced on Monday with several major sports leagues, including the NFL, NBA, MLB, PGA Tour, and NASCAR.
Users on the platform will have access to various types of content such as video highlights from games and tournaments, player Q&A sessions, behind-the-scenes videos, and exclusive material shared by the leagues during their respective seasons and major events.
The platform boasts over 1,000 active sports communities, with engagement in these forums reportedly growing significantly. Reddit noted that screenviews of sports-related topics surged by 26% in the past year.
The sports marketing industry is expected to grow by more than 20%, reaching a value of over $55 billion by 2030, with fans increasingly turning to platforms like YouTube, Facebook, and X (formerly Twitter) for sports content.
In its quest to boost revenue in preparation for a public offering, Reddit previously secured a $60 million annual AI licensing agreement with Google in February. Following the announcement of the new sports partnerships, Reddit shares saw an increase of nearly 7% on Monday.
Key figures include:
– 1,000: Number of sports-related Reddit forums
– 20.4 billion: Screenviews of sports-related forums over 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.