Reddit is diving into the lucrative sports marketing sector, announcing new partnerships with major sports leagues including the NFL, NBA, MLB, PGA Tour, and NASCAR.
The social media platform revealed on Monday that its users will now have access to video highlights from games and tournaments, player AMAs (Ask Me Anything sessions which are Q&A interviews), behind-the-scenes videos, and other exclusive content posted by these leagues throughout their seasons and significant events.
Reddit noted it has more than 1,000 active communities in the sports category, with interest in these forums surging. Screenviews on sports-related forums have jumped 26% over the past year, according to the company.
The sports marketing industry is expected to grow by over 20%, reaching a value exceeding $55 billion by 2030, with fans primarily consuming sports content on platforms like YouTube, Facebook, and X (formerly Twitter).
Reddit has been exploring new revenue streams as it prepares to go public. In February, it secured a $60 million-per-year AI licensing deal with Google. Following a successful IPO, the company reported first-quarter revenues nearly 50% higher than the previous year. Reddit 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 past year
– 249 million: Monthly engagements (posts, votes, comments) in sports subreddits globally
– $55 billion: Projected value of the sports marketing sector by 2030
– $243 million: Reddit’s first-quarter revenue