Reddit is enthusiastically entering the profitable sports marketing arena.
On Monday, the social media platform announced new partnerships with major sports leagues, including the National Football League (NFL), the National Basketball Association (NBA), Major League Baseball (MLB), the PGA Tour, and NASCAR.
These collaborations will provide Reddit users with access to video highlights from games and tournaments, player AMAs (Ask Me Anything sessions), behind-the-scenes videos, and other exclusive content posted by the leagues throughout their seasons and major events.
Reddit claimed to have more than 1,000 active communities in the sports category, noting significant growth in interest. Over the past year, screenviews in sports-related forums have surged by 26%.
The sports marketing industry is projected to grow by more than 20%, reaching a value of over $55 billion by 2030, with fans mainly turning to YouTube, Facebook, and X (formerly Twitter) for sports content.
Reddit has been exploring new revenue sources in preparation for its public offering. In February, it secured a $60 million-per-year AI licensing agreement with Google. Following a successful IPO, Reddit reported first-quarter revenues nearly 50% higher than the previous year. Reddit’s stock rose nearly 7% on Monday after the announcement of the new sports partnerships.
Key Figures:
– 1,000: Number of sports-related Reddit forums
– 20.4 billion: Screenviews of sports-related Reddit forums over the last year
– 249 million: Monthly engagements (posts, votes, comments) in sports subreddits worldwide
– $55 billion: Projected value of the sports marketing sector by 2030
– $243 million: Reddit’s first-quarter revenue