By CNN
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Elite women’s sports will generate revenue of $1.28 billion in 2024, according to financial analysts Deloitte, up 300% from three years ago.
The predictions are based on three main revenue streams – matchday, broadcast and commercial – and forecast that soccer and basketball will be the two most valuable sports, bringing in $555 million and $354 million respectively next year.
“Over the last few years, we have seen exceptional growth in women’s sport across the globe, driving a significant uplift in its commercial value, which in turn has led to growing interest from investors,” Jennifer Haskel, insights lead for Deloitte’s Sports Business Group, said.
“Crucially, women’s sport is increasingly being viewed as a unique product that is becoming ever more distinct from men’s elite sport.”
The forecast comes at an exciting time for women’s sports, which have generally been on an upward trajectory in recent years.
The FIFA Women’s World Cup, for example, was a roaring success which brought soccer to a whole new audience.
However, such tournaments have also shone a light on where improvements are needed, and where women still face discrimination in sports.
Spain’s World Cup win, for example, was overshadowed by the unwanted kiss controversy involving former Spanish soccer federation boss Luis Rubiales and Jennifer Hermoso, which triggered a crisis in Spanish soccer and sparked condemnation in Spain and across the world.
Deloitte’s predictions forecast that valuations of women’s teams and leagues will continue to rise, with broadcast deals becoming increasingly lucrative.
And, while women’s sports in Europe continue to reach new levels, North America is predicted to remain by far the most valuable geographical market. Deloitte predicts the region will bring in $670 million next year, 52% of the market.
“Broadcasters, streamers and social media platforms will have an important role to play in showcasing major events that capture the interest of new and existing fans, while creating an experience that is memorable and impactful,” Paul Lee, global head of technology, media and telecoms research at Deloitte, said.
“The next step will be maintaining habitual viewers who loyally tune in to watch their favorite players, teams and competitions across the season.”
