Reddit is making a significant move into the sports marketing sector by announcing new partnerships with several major sports leagues, including the National Football League (NFL), National Basketball Association (NBA), Major League Baseball (MLB), PGA Tour, and NASCAR.
The social media platform revealed that users will now have access to various exclusive content, such as video highlights from games and tournaments, player Ask Me Anything (AMA) sessions, behind-the-scenes footage, and other special updates from the leagues throughout their seasons and major events.
Reddit noted that it has over 1,000 active communities focused on sports and observed a substantial increase in interest within these forums, with screenviews for sports-related content rising by 26% in the past year.
The sports marketing industry is projected to grow by over 20% to reach 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 efforts to enhance revenue, Reddit has been exploring various new strategies, including a $60 million-per-year AI licensing agreement with Google earlier this year. Following a successful initial public offering (IPO), the company reported that its first-quarter revenues were nearly 50% higher than the previous year. The announcement of the sports partnerships led to a nearly 7% increase in Reddit shares on Monday.
Key statistics include:
– 1,000: Number of sports-related Reddit forums
– 20.4 billion: Screenviews of sports-related Reddit forums over the past year
– 249 million: Monthly engagements (posts, votes, and comments) in sports subreddits globally
– $55 billion: Estimated value of the sports marketing sector by 2030
– $243 million: Reddit’s first-quarter revenue