Women’s elite sport is ever witnessing gain extreme financial expansion. As per the latest Deloitte report, these women’s sports are projected to grow to exceed $2.35 billion in revenues on a global basis. The income from Sponsorships found through broadcasting contracts and increased fan attendance has been taken to an unprecedented commercial reach by women’s sports. Much has to change an equality in pay, investment, and coverage levels.
Record-Breaking Growth
A very sharp rise has been reported in revenue accruing to women’s sports as a result of increased interest amongst viewers and corporate sponsorships, according to the report. Increased viewership and greater merchandising opportunities have created record-breaking audiences and revenues for the biggest events like the FIFA Women’s World Cup, WNBA and Women’s Champions League.
For some time now, sponsorship contracts have been at the forefront of revenue growth, as brands penetrate the hitherto unexplored market of women’s sports. Multinational corporations have indeed ramped up sponsorships by committing themselves to supporting leagues and players. The report also adds that lots of venture capital and private equity firms are under pressure with regard to heavy investments in the industry in what is expected to give a further boost to financial opportunities.
Continued Financial Inadequacies
Yet, despite this progress, traditional inequities of men’s and women’s sport endure. The report cited the inequities persist in player pay, prize money, and overall investment. While revenue has surging, women’s sport continues to have access to only a fraction of the investment compared to men.For example, FIFA prize money for the Women’s World Cup remains lagging standards set by the men’s equivalent, despite increased sponsorship and improved TV viewership and audiences. The WNBA has improved salaries and beyond introductions of revenue sharing contracts, yet the average salary players earn are lower than the average players make in the NBA.
Lastly, the other glaring issue highlighted in the report is media exposure. Women’s sport is more accessible and visible than it has ever been, yet still only obtains a small percentage in comparative media minutes in airtime across all sport. There is a limited number of value of broadcasting, as well as limited media minutes in o prime-time time can have compounded implications on potential sponsorship revenue and viewership.
Despite the challenges, experts do agree women’s sport is on the increase. There is higher grassroots participation and accessibility for female athletes; a louder voice advocating for equity in men’s and women’s sport and an increase of scrutiny from investors will be more effective in securing revenue positively. Industry leaders are pushing hard for the ongoing work to expand female sport.
