Women's sports are making waves with a projected revenue of over $1 billion in 2024, marking a significant surge in popularity following a landmark year in 2023.
The prediction is based on a report conducted by Deloitte, and the forecast is composed of commercial (US$696 million, 55%), broadcast (US$340 million, 27%), and matchday (US$240 million, 18%) revenues.
The past year was transformative for women's sports, marked by milestone events such as the NCAA women’s basketball tournament and the FIFA Women’s World Cup. These events have paved the way for even greater growth in the year ahead. Notably, the Professional Women’s Hockey League commenced its inaugural season in January, and the upcoming Olympic Games will feature an equal number of male and female athletes for the first time.
According to Deloitte, the revenue generated by women's elite sports is expected to surpass $1 billion in 2024, marking a staggering 300% increase from the industry's valuation in 2021.
The sudden surge in popularity can be attributed to various factors. Rising stars like tennis player Coco Gauff and college basketball standout Caitlin Clark have captivated audiences, drawing new viewers to their respective sports. Additionally, investments in women's professional leagues and expanded sponsorship opportunities have contributed to the growth.
According to the report, "a sharp increase in commercial revenue is the major growth driver, followed by income from broadcast and matchday sources. The largest geographical markets are forecast to be North America (US$670 million, 52%) and Europe (US$181 million, 14%) while the two most valuable sports are projected to be football/soccer (US$555 million, 43%) and basketball (US$354 million, 28%)."
"Global competitions such as the FIFA Women’s World Cup, Ladies Professional Golf Association (LPGA) tour, and Women’s Tennis Association (WTA) tour, are expected to contribute US$425 million (33%) of the forecast total."
Several standout moments from 2023 underscore the success of women's sports and foreshadow its continued rise:
- A record-breaking college volleyball match in Nebraska drew over 92,000 fans, setting a new attendance record for women's sports.
- The University of Iowa women’s basketball team, led by Caitlin Clark, attracted over 55,000 fans to an outdoor preseason game, showcasing Clark's dominance on the court and her ability to draw large crowds.
- The WNBA experienced its most-watched season in 21 years, with the New York Liberty hosting the largest crowd in league history.
- The 2023 FIFA Women’s World Cup shattered attendance records, with close to two million fans attending matches in person (Deloitte cites last year’s World Cup, which generated more than $570 million in revenue, as a major turning point in the growth of women’s professional sports).
These milestones highlight the growing momentum behind women's sports and its potential for further expansion in the years to come. While the billion-dollar milestone should be acknowledged and celebrated, women’s sports at elite and grassroots levels should be nurtured, supported and invested in.
