Reddit is making a significant move into the sports marketing sector by announcing new partnerships with several major sports leagues, including the NFL, NBA, MLB, PGA Tour, and NASCAR.
Starting Monday, Reddit users will have access to various exclusive content, such as game highlights, player AMAs (Ask Me Anything sessions), behind-the-scenes videos, and other special content from these leagues throughout their seasons and major events.
The platform highlights that it hosts over 1,000 active communities focused on sports, with a notable 26% increase in screen views of 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, as fans gravitate towards platforms like YouTube, Facebook, and X (formerly Twitter) for sports-related content.
In its efforts to enhance revenue, particularly in light of its preparations for an IPO, Reddit previously entered into a $60 million-per-year AI licensing agreement with Google in February. Following the successful IPO, Reddit reported first-quarter revenues nearly 50% higher than the previous year, and the announcement of the new sports partnerships led to a nearly 7% rise in Reddit shares on Monday.
Key statistics include:
– 1,000: Number of sports-related Reddit forums.
– 20.4 billion: Screen views of sports-related forums over the last year.
– 249 million: Monthly engagements (posts, votes, comments) in sports subreddits globally.
– $55 billion: Estimated value of the sports marketing sector by 2030.
– $243 million: Reddit’s revenue for the first quarter.