The Business Potential in Women’s Sports
Until 2020, women’s sports were viewed as niche. If you passed someone on the street and asked them to name a WNBA player, there is a slim chance that they would be able to. Fast forward five years, everything has changed.
Female athletes such as Caitlyn Clark and Angel Reese have brought media attention to women’s sports, turning themselves into household names. Not only their talent, but also their character and personalities have struck the media and fan’s attention.
However, the rapid growth of women’s sports wouldn’t have reached this level without brand investment. Brand support has ignited opportunities and elevated the visibility of female athletes and women’s sports leagues that were once overshadowed.
Investing in Women’s Sports
According to Fitzgerald (2024), “only 6% of Fortune 500 companies are currently sponsoring professional women’s sports teams and leagues” (par 5). Although the percentage is small, the impact has been undeniable.
According to Fitzgerald (2024), in just three years, from 2020 to 2023, women’s sports have experienced a 300% growth in fans, viewership, and overall customers (par 5). This surge demonstrates the shift in consumer engagement.
Women’s sports are an unfamiliar yet rapidly evolving business. Because of the historical lack of global support of the business, there remains immense room for brand investment and even more potential for financial return in the coming years
According to the staff at Wasserman (2024), it is predicted that by 2028 women are expected to control 75% of the worlds discretionary spending. That number represents a huge opportunity for brand marketers seeking consumer growth (p. 3).
Globally, 684 million women identify as sports fans – a statistic that challenges the stereotype of sports audiences (p. 35). These women are not just fans, but active consumers and engagers at record levels.
If you are a brand looking to take off in a new market, women’s sports is the place to do it. It’s an untapped industry, but not one that will remain that way for long.
The momentum behind women’s sports is not just a fleeting trend, but an everlasting transformation. Those who take the leap early and invest will not only shape the future of the game, but profit from the growth.
References:
Fitzgerald, C. (2024, October 21). Four major brands just took Athena Pledge to invest in women’s sport. Forbes. https://www.forbes.com/sites/carolinefitzgerald/2024/10/21/four-major-brands-just-took-athena-pledge-to-invest-in-womens-sport/
Wasserman. (2024). Global female sports fan research report [PDF]. https://static1.squarespace.com/static/63dd2a294ccbcf78ab818f33/t/68c34c28e7f4810730470b06/1757629480741/GlobalFemaleSportsFanResearchReport.pdf
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