Reddit is making a significant move into the sports marketing industry.
On Monday, the social media platform announced partnerships with several major sports leagues, including the National Football League (NFL), the National Basketball Association (NBA), Major League Baseball (MLB), the PGA Tour, and NASCAR.
As part of these partnerships, Reddit users will gain access to video highlights from games and tournaments, player AMAs (Ask Me Anything sessions), behind-the-scenes footage, and other exclusive content from these leagues throughout their seasons and during major events.
Reddit reports that it has over 1,000 active communities focused on sports, with a notable rise in user engagement. Screenviews in sports-related forums have surged by 26% in the past year.
The sports marketing sector is anticipated to grow by more than 20%, reaching over $55 billion by 2030. Fans are increasingly turning to platforms like YouTube, Facebook, and X (formerly known as Twitter) for sports-related content.
In its pursuit of new revenue streams leading up to a public offering, Reddit recently secured a $60 million annual AI licensing agreement with Google. Following a positive IPO, the company reported first-quarter revenues that were nearly 50% higher than the previous year, causing Reddit shares to rise nearly 7% on Monday after announcing these new sports partnerships.
Key figures include:
– 1,000: Number of sports-related Reddit forums
– 20.4 billion: Screenviews of sports content on Reddit over the past year
– 249 million: Monthly engagements (including posts, votes, and comments) in sports subreddits worldwide
– $55 billion: Projected value of the sports marketing industry by 2030
– $243 million: Reddit’s revenue for the first quarter.