As attention to women’s sports grows, the opportunity for advertisers to capitalize on this growth is enormous, yet remains largely untapped. In 2024, women’s sports will gain unprecedented momentum, reaching significant milestones in record-breaking achievements, viewership growth and media coverage. From electrifying performances in the NCAA women’s basketball finals to the dominating presence of female athletes at the 2024 Paris Olympics, with 65% of gold medals for the U.S. team won by women, the message is clear: this is the year of the female athlete.
From marginal to mainstream: harnessing untapped potential
Once sidelined and overtaken by men, women’s sports are now getting the attention they deserve. Take a look at one fashion statement that stood out among the 2024 Olympic Games crowd: the viral “Everybody Watch Women’s Sports” T-shirt. Worn by athletes, fans, and even celebrities, the shirt became a symbol of the growing visibility and support of female athletes on the world stage.
Yet despite rapidly growing awareness and media coverage, revenue from women’s sports still lags significantly behind men’s. The surge in women’s sports revenue is impressive, but it comes from modest bases. Hockey stick growth, while starting from almost nothing, highlights the need for much more investment to close the gap.
Currently, only 33 Fortune 500 companies have sponsorship deals with leagues like the WNBA, NWSL, or PWHL, a mere 6% of Fortune 500 companies compared to the 20% of Fortune 500 companies that sponsor men’s sports leagues. Companies that spend the most on men’s March Madness spend 90% less on the women’s tournament. This disparity highlights the huge untapped potential of women’s sports advertising.
Changing Upfront: Women’s Sports Takes Center Stage
The shift in the advertising industry’s approach to women’s sports is perhaps best exemplified by the changes to the upfront this year. Historically, women’s sports has often been treated as an afterthought, bundled with men’s sports. But in 2024, women’s sports will be given its own spotlight for the first time, reflecting its growing importance in the media landscape. And the numbers back it up.
The 2023 NCAA women’s basketball tournament drew nearly 10 million viewers for the final game between Iowa and LSU, a staggering number. 103% That momentum continued into 2024, with the women’s NCAA Tournament averaging nearly 19 million viewers and 24 million viewers for the final game between Iowa and South Carolina, an 89% increase and surpassing the viewership of the men’s final for the first time in history.
The WNBA saw a similar surge in interest. Viewership for the WNBA Draft increased 42% from 2022 to 2023, with female viewership growing 89%. Viewership for the 2024 WNBA Draft jumped 511%, with female viewers ages 2-17 growing a staggering 668%. Overall interest in the WNBA increased 29% from 2023 to 2024.
In soccer, interest in the Women’s Super League increased by 81% from 2022 to 2023. Anticipation for the Women’s World Cup reached new heights this year, with 41% of the global population expressing interest, up from 34% prior to the tournament in 2019. The tournament also generated revenue of $570 million.
These figures mean that women’s sport is no longer a “have to buy,” but should be seen as a “must buy” in every brand’s media strategy. This shift is not just a symbolic win, it has real economic implications.
Maximizing ROI: Leveraging current momentum
The WNBA’s recently signed 11-year, $2.2 billion contract, an increase from their previous $60 million per year deal, is proof of the growing value of women’s sports. Athletes such as Caitlin Clark and Angel Reese have been vocal about the need for better representation and investment, and this new deal reflects a recognition of the expanding fanbase and advertiser potential of women’s sports.
Now is a great time for brands to maximize their return on investment (ROI). To be effective, brands must allocate a dedicated budget and develop a customized media strategy that resonates with this unique and growing audience. Brands should not simply apply the same formula they have used for men’s sports, as this will overlook the unique characteristics and opportunities of the female sports audience.
Brands should consider creating custom content that aligns with the values ​​and aspirations of female athletes and their fans, including sponsorships that focus on young women just starting out in sport and covering themes such as body image and empowerment.
Women’s sports can also appeal to a broader, more diverse audience, often blending entertainment with competition. For example, while a father enjoys the game itself, a daughter might admire the fashion and style of the players and their partners in the stands. This inclusive approach allows brands to better connect with a diverse audience and create more meaningful engagement.
Additionally, women’s sports provides an ideal platform for non-traditional advertisers, such as cosmetics and fashion brands, who have traditionally focused on online advertising or struggled to break into professional sports ad buying.
In contrast to the fierce competition for ad space in men’s sports (as evidenced by Fox’s Super Bowl ad slots already nearly sold out), women’s sports offers a less crowded environment where brands can stand out and make a big impact. First-mover advantage is key here; brands that invest in women’s sports early can secure the best placements and build strong relationships with this fast-growing market.
Looking forward: Corporate impact and beyond
Brands that recognize the long-term value of supporting women’s sport as a means of brand differentiation, consumer loyalty and sustainable growth are likely to continue or even increase their investment. Such support, often linked to female empowerment and gender equality, further boosts consumer perception and brand reputation.
Investors are already recognising the growth potential of women’s sport and are strategically positioning themselves to capitalise on it.
Angel City FC, for example, continues to thrive under an ownership model that brings together a host of big-name names, including female celebrities, venture capitalists and retired NWSL players: Washington Capitals star Alex Ovechkin and his wife, Nastia Ovechkina, are investors in the NWSL’s Washington Spirit, and Brittany Mahomes, founding co-owner of the Kansas City Current, played a key role in the team’s founding and growth in the region.
Similarly, private equity firms are making big moves: Sixth Street is acquiring a majority stake in Bay FC from the NWSL in 2023, Carlyle is investing roughly $58 million in Seattle Reign FC alongside the Seattle Sounders FC ownership group in 2024, and the Levin Leichtman family set a new record by acquiring the San Diego Wave for $113 million, the largest sale in NWSL history.
Beyond soccer, other sports are receiving similar support: US Rugby received a $4 million donation from Washington Spirit owner Michelle Kang to further develop women’s rugby following the U.S. women’s team’s bronze medal win at the 2024 Olympics.
The future is bright for women’s sports advertising, but bold action is required for brands looking to capitalize on the current momentum. In today’s fragmented media environment, where audiences can access content on a multitude of platforms, brands must seize this unique opportunity. The ROI is real, audiences are interested, and the time to act is now. In doing so, brands will play a pivotal role in driving gender equality in sports and society at large.
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