Women's sport is exploding. From the Caitlin Clark effect, to a record-breaking Women's World Cup, to the founding of the Professional Women's Hockey League, the growth has been incredible — and businesses are starting to take notice as they realize the massive return offered on investment in women's sport.
A report from Deloitte predicts that women's sport will generate over US$1 billion in revenue for the first time in 2024, with a majority of that amount from commercial income, and there's no better example of the growing value of women's sport than that of the Lionesses, now one of the biggest commercial women's sport teams on the planet. Just look at the near-immediate sellout of Mary Earps' jersey, or what's been called 'the Lioness effect' — the fact that the number of registered women's and girls' soccer teams in England has doubled in the last seven years, with the largest increase, of 1500 new teams, occurring in the season after the Lionesses' Euros 2022 win. So what exactly is the secret behind the Lionesses' popular success?
It comes down to a few factors:
Performance
There's no getting around the sheer excellence of the Lionesses — an excellence that draws attention, and investment. It was the 2022 Euro Championship final win in Wembley Stadium that really catapulted them into the spotlight, with its many iconic moments — from Chloe Kelly whipping off her shirt after scoring what would be the winning goal over Germany, which sparked a surge of online searches for Nike sports bras, to the team's interrupting the press conference by singing "It's Coming Home," a moment later featured in the "Three Lions: It's Coming Home for Christmas" music video.
23 years after Brandi Chastain pioneered her iconic sports-bra celebration, England’s Chloe Kelly pays tribute in her nation’s own groundbreaking footballing moment. The long hesitation for VAR makes it seem all the more British 🏴🏆
pic.twitter.com/szbjXyrK9Z— roger bennett (@rogbennett) July 31, 2022
Not your regular post-match press conference.
Wait for it.#lionesses#ItsComingHome pic.twitter.com/06Lxk8GgRC— Clare McDonnell (@claremcdonnell1) July 31, 2022
Triumph in the 2023 Finalissima against Brazil further heightened the team's profile, as of course did a magnificent campaign in the 2023 World Cup culminating in a first-ever appearance in the final. Despite a 1-0 loss to Spain in the decider, the Lionesses were now truly iconic.
Their success was also a result of increased investment as the FA has gradually decreased the disparity between treatment of the women's and men's games, for example awarding both teams the same match fees and bonuses for the first time in 2020. It's a pattern we've seen so many times in women's sports — increased investment leads to better performance leads to more investment and excitement. Sometimes all that's needed is that initial push.
Stars and Social Media Deals
The team is filled with lovable and inspiring personalities — who have, it must be said, made some shrewd brand deals, further raising the profile of the team. Captain Leah Williamson was one of the most highly paid female footballers on Instagram in 2023, making €2754 per sponsored post for an estimated total of around €55000. That may not be a lot compared to the men, but it's a big step forward.
Big brands are also starting to take notice of the stars, and their fans. Alessia Russo was set to be the first WSL player to earn more than £1 million in a year after deals with Adidas, Oakley, and Beats by dr Dre, while Williamson partnered with Gucci, Nike, and Pepsi. Lucy Bronze also paired up with Klarna and Visa.
And that's not even to mention Mary Earps, Lauren James, and other stars whose social media savvy makes themselves and the team ever more of a presence.
Unique Value of Women's Sport
Women's sport offers unique value to consumers and the brands appealing to them. Because of historic underinvestment, brands can often get a much higher return on their investment by partnering with women's teams for relatively little cost. Beyond that, the public looks more favorably on brands that support women's sport, with a recent study from the Women's Sport Trust finding that "29 per cent think more favourably of companies or brands that support women’s sport through their sponsorship, compared to 17 per cent that support men’s sport," and "16 per cent of the UK population are more likely to buy from a brand that sponsors women’s sport, compared to 13 per cent that sponsor a men’s sport." Fairness was very important to those surveyed, with 60% agreeing that a brand supporting a sport should give equally to the men's and women's side.
Importantly, these opinions are reflected in the impacts of specific campaigns: According to the study, "53 per cent of those aware of make-up brand Il Makiage’s partnership with Arsenal and 52 per cent aware of Gucci’s partnership with England star Leah Williamson felt more positive about the brands as a result."
There's also a perception that the women's game is in some ways safer for brands than the men's. Advertising expert Tim Lopez, who directs the talent agency CSM Sport and Entertainment, told the Times:
"There will be instances where brands think, 'you know what, we never liked football because it was a bit risqué, it's laddish.'"
"The women's game is safer. It's more wholesome, it's less tribal, it's more inclusive."
"It offers something that actually in some instances male football can't match."
Potential for Growth
Lastly, the potential weakness of investing in women's football — its relatively small audience compared to the men's side — is also its strength, because the potential growth is so high compared to a possibly saturated consumer base, and indeed fans who are involved are more often heavily committed (think of the many anecdotes describing PWHL audiences as far more enthusiastic than those for the men's hockey games). Moreover, it's new audiences becoming involved, and rapidly. The share of women in the UK who say they follow football has increased from 25% to 33% in the past three years, the period during which the Lionesses have seen their most success yet. That's the Lioness effect.
All these factors — performance, stars and social media, the unique value of women's sport and its potential growth — have contributed to the Lionesses' huge commercial success, and none of them look like they're disappearing anytime soon. One of the most heartening aspects is the increase in viewership and involvement among young women and girls (again, 1500 new teams formed in England in just one year), so the game and the Lionesses look likely to grow for years to come.
