Women’s sports have seen a significant rise in popularity and success in recent years, with record-breaking audiences and major new broadcast deals changing the sports landscape. From Caitlin Clark’s historic NCAA scoring record to packed arenas for women’s volleyball, women’s sports are more prominent than ever before.
Revenue generated by women’s elite sports is projected to exceed $1 billion in 2024, a 300% increase from 2021. Bigger media deals and increased commercial sponsorships are driving record valuations for women’s sports teams, with some expected to exceed $100 million in value this year.
Despite this growth, there are still obstacles to overcome in women’s sports, such as equal pay, prime-time access, and the need for more historical data. CNBC interviewed high-powered women executives in sports to get their insights on the state of women’s sports and how to continue expanding and growing the industry.
Renie Anderson, executive vice president of the NFL, highlighted the need to amplify the athleticism of women in sports, while Jessica Berman, commissioner of the NWSL, emphasized the challenge of building sustainable growth that is commercially viable in a male-dominated industry.
Cathy Engelbert, commissioner of the WNBA, spoke about the undervaluation of women’s sports assets and the need to change the business model. Jessica Gelman, CEO of KAGR, identified the lack of available data on performance as a major obstacle hindering the progress of women’s sports.
Other executives, including Jayna Hefford of the PWHL and Haley Rosen of Just Women’s Sports, discussed the challenges of securing prime broadcast windows and increasing media coverage for women’s sports.
Looking ahead, these women executives discussed leveraging milestone events like those in 2023 to further expand the reach of women’s sports. By building on these successes and creating consistent growth strategies, women’s sports can continue to thrive and attract new audiences.
Additionally, the executives shared their thoughts on how name, image, and likeness regulations can impact the growth of women’s sports. They highlighted the opportunities for female athletes to monetize their talents and build their brands, ultimately increasing visibility and investment in women’s sports.
Overall, the future of women’s sports looks promising, with continued growth, strategic partnerships, and a focus on empowering female athletes to reach their full potential.
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