Reddit is making a significant move into the thriving sports marketing industry.
On Monday, the social media platform revealed a series of new partnerships with several prominent sports leagues, including the National Football League (NFL), National Basketball Association (NBA), Major League Baseball (MLB), PGA Tour, and NASCAR (National Association for Stock Car Auto Racing).
As part of these partnerships, Reddit users will have access to a variety of exciting content, such as video highlights from games and tournaments, player AMAs (Ask Me Anything sessions), behind-the-scenes videos, and exclusive materials from the leagues throughout their respective seasons and major events.
Reddit boasts over 1,000 active communities focused on sports, which have seen a significant spike in engagement. The platform reported a 26% increase in screenviews on sports-related forums over the past year.
The sports marketing industry is projected to grow by more than 20%, reaching a value exceeding $55 billion by 2030, with fans increasingly turning to platforms like YouTube, Facebook, and X (formerly Twitter) for sports content.
In its quest for new revenue streams ahead of its anticipated IPO, Reddit previously secured a $60 million annual AI licensing agreement with Google in February. Following its successful IPO, the company reported first-quarter revenues that were nearly 50% higher than the previous year, and shares rose nearly 7% on Monday after the announcement of the new sports partnerships.
Key Statistics:
– 1,000: Number of sports-related Reddit forums
– 20.4 billion: Screenviews of sports-related Reddit forums in the last year
– 249 million: Monthly engagements (posts, votes, comments) in sports subreddits worldwide
– $55 billion: Estimated total value of the sports marketing sector by 2030
– $243 million: Reddit’s revenue for the first quarter