Women’s Sports: The Time for Investment is Now
In 2024, the global revenue forecast for women’s sports is projected to exceed $1 billion, highlighting a significant shift in the landscape of sports investment. However, to ensure lasting growth, meaningful impact, and sustained interest, increased financial support is essential.
A survey found that 85% of women who participated in sports believed the skills they developed in athletic environments were instrumental to their professional success. This underscores the intrinsic value of sports not just for athletes but also for businesses supporting them.
A Historic Moment for Women’s Sports
This year marked a groundbreaking achievement in women’s sports during the Paris Olympics, where it was the first time gender parity among athletes was realized. The Women’s National Basketball Association (WNBA) saw unprecedented viewership numbers, and the financial landscape for women’s sports gained further momentum. The remarkable growth of revenue by 300% over three years emphasizes the potential of women’s sports.
1. Investing in Women’s Sports is Not Just Beneficial for Women; It’s a Smart Business Move
Traditionally, investment in women’s sports lagged behind that of men’s, rooted in misperceptions about viewership and interest. However, recent data paints a different picture. A study commissioned by Deloitte reveals that 99% of brand decision-makers have boosted their investments in women’s sports over the last five years, recognizing its expanding market potential.
Women are engaging with both men’s and women’s sports more dynamically than ever, with their enthusiasm driving greater visibility and engagement, thus attracting traditionally male audiences. This ferments a positive cycle that expands the entire sports-viewing market.
Women’s approaches to fandom are distinct. They are more likely to purchase merchandise and actively promote their favorite teams and athletes on social media. This vitality in engagement opens avenues for brands and sponsors, particularly those supporting women’s sports, resulting in increased exposure for both athletes and brands.
2. Investment Can Transform Women’s Sports and Inspire Future Generations
Investing in women’s sports doesn’t merely yield business returns; it can also sow the seeds for future generations of women leaders. Research indicates that women earn approximately 82 cents for every dollar men earn, with the gender pay gap being even more pronounced in sports. By financially backing women’s sports, companies can contribute to pay equity, driving greater visibility and sponsorship, which leads to equitable pay for female athletes.
Female athletes serve as powerful role models for young girls, motivating them to participate in sports. A study showed that girls who engage in sports cultivate invaluable skills like strategizing, teamwork, and leadership – qualities that enhance their future career trajectories. According to Deloitte, 85% of surveyed women who participated in sports deem their athletic experiences crucial for achieving success in their careers, with this belief being even stronger among women in leadership roles.
3. Perceived Investment Barriers are Often Untapped Opportunities
The data surrounding women’s sports and sponsorships may not be as robust as for men, yet this scarcity should be viewed as an opportunity rather than a limitation. Companies are encouraged to adopt a venture-capitalist mindset: identify potential, gather pertinent data, and take action.
Firstly, businesses should ascertain whether their target demographic aligns with the fanbase of the sports property in question, as mismatched investments can be counterproductive. Secondly, they need to quantify and justify return on investment (ROI) by using recognized key performance indicators (KPIs), which should encompass more than just revenue—considering factors like social media engagement and brand visibility is essential.
Lastly, alignment between the values of the sports entity and the company is crucial for maximizing impact. As interest in women’s sports burgeons, it’s vital to act strategically, leveraging this moment to foster positive change.
We are at a pivotal juncture for women’s sports. Organizations like Deloitte, along with AT&T, Capital One, and Cisco, have united under the Athena Pledge, which aims to galvanize investment and research in women’s sports while enticing other brands to join in this critical support.
The potential for growth within women’s sports is immense, and now is the time to champion a more diverse and inclusive sporting landscape.
