Beyond the Big Leagues, Part One:
The Momentum Behind Women’s Sports
In a cozy Chicago living room, a handful of middle school girls cram onto the couch, their legs tangled and feet dangling off the edge. The TV flickers, casting blue and white hues across their faces as they wait for the game to begin. One girl fiddles with the hem of her oversized jersey, glancing nervously at the clock. “Come on, come on…” she whispers, bouncing in her seat. The tension breaks as Caitlin Clark’s name echoes from the screen, and the room erupts into cheers, high-fives, and hopeful glances. This scene, echoed in countless living rooms across the country, is a testament to a new era for women’s sports—one where skyrocketing visibility has captivated millions, turning casual fans into devoted followers and inspiring a generation of young girls to dream bigger and believe that they, too, can be stars. The proof’s in the pudding– the 2023 NCAA Women’s Basketball Championship game drew a record-breaking 9.9M viewers, surpassing every NBA game shown on ESPN that season and solidifying its place as a defining moment for sports viewership1.
The shift didn’t happen overnight. It’s been the result of years of hard-fought battles for equal coverage, investment, and respect in the sports world. As recently as the early 2000s, men’s tennis sponsors would take down courtside sponsorship banners when women took the court–the minimal cost of sponsoring the women not deemed valuable by luxury brands (despite women then, and now, being the primary consumers of luxury goods2.) But now, the impact and investment opportunities are undeniable: packed arenas, record-breaking TV ratings, and social media buzz that rivals—and sometimes surpasses—men’s events.
The rise in visibility has had a ripple effect, extending beyond just fans and into boardrooms, where brands are recognizing the untapped potential of aligning with women’s sports. It’s a shift that’s being driven by more than just inspiring moments on the court—it’s about the changing expectations of fans who want to see themselves reflected in the sports they love. Networks that once hesitated to broadcast women’s games now find themselves competing for coverage rights, while streaming services provide platforms for athletes to build personal brands and connect with fans directly. For brands, the message is clear: women’s sports is no longer a market they can afford to overlook.
Market Growth in Women’s Sports: Rising Viewership and Expanded Media Coverage
The numbers don’t lie: women’s sports are experiencing unprecedented growth in viewership and engagement. The 2023 Women’s World Cup, for example, shattered previous records with over 2 billion global viewers, marking a significant increase that underscores the surging popularity of women’s soccer3. Meanwhile, the WNBA reported a 16% jump in regular-season viewership, with some playoff games drawing audiences that rival men’s basketball matchups4. Women’s tennis continues to be a powerhouse, with Grand Slam events pulling in millions of viewers, and Serena Williams’ 2022 farewell tour capturing the collective attention of the sports world.
Crucially, this growth in popularity has been matched by expanded media coverage. Where coverage was once sparse, it has now become more widespread, with streaming platforms and traditional broadcasters competing for rights to major events. Platforms like DAZN and CBS Sports have made significant investments in women’s soccer leagues, while social media allows athletes to connect directly with their fans, bypassing traditional media gatekeepers. The WNBA’s growing partnership with ESPN, for example, has led to more regular-season and playoff games being aired nationally, increasing viewership and offering sponsors greater opportunities for exposure. Brands that once hesitated are now more eager to associate themselves with the excitement of women’s sports.
Changing Consumer Attitudes and Values: Focus on Diversity, Inclusion, and Authentic Brand Alignment
What’s driving this surge? The changing demographics of sports fans. Notably, Millennials and Gen Z, known for their focus on diversity, equity and inclusion, are major forces behind the shift. According to a 2023 Deloitte report, over 75% of Gen Z and Millennial respondents consider a company’s social impact when deciding where to spend their money5. By championing gender equality and showcasing a commitment to inclusivity through investing in women’s sports, companies can authentically engage with fans who are passionate about making a difference.
For sponsors, the key is authenticity. Successful brands go beyond surface-level gestures, engaging in meaningful, long-term collaborations. In addition to numerous campaigns highlighting women’s stories and combating stereotypes, Nike has demonstrated its commitment to gender equality through diverse leadership initiatives, ensuring women make up 51% of their global corporate workforce and 44% of their Vice Presidents and Senior Leadership Team6. Nike also supports programs like the Nike FC Accelerator Program, which deeply resonates with Gen Z7. The Millennial and Gen Z generations value initiatives that have tangible social impact, and the Accelerator Program does just that by providing resources, mentorship, and opportunities for women to thrive in sports. It’s about creating real pathways for change and making a lasting difference—something Gen Z expects and demands from the brands they support.
Key Sponsorship Trends in Women’s Sports: Rise of DTC Brands, Athlete-Driven Sponsorships, and Strategic Long-Term Partnerships
Women’s sports are undergoing a period of dynamic growth, driven by key sponsorship trends that reflect a changing industry landscape. The rise of direct-to-consumer (DTC) brands, athlete-driven sponsorships, and a shift toward strategic long-term partnerships underscore a renewed interest in the unique opportunities women’s sports offer. These trends signify not only the increased visibility of women’s sports but also a deeper alignment with fans who value authenticity and purpose.
1. Athlete-Driven Sponsorships for Authentic Engagement
Brands are increasingly recognizing the influence of individual female athletes, whose reach extends far beyond the sports arena. This trend reflects a shift toward partnerships that go beyond logo placements, focusing instead on athletes with compelling personal stories and strong brand alignment. For example, gymnast Sunisa Lee has leveraged her Olympic fame to collaborate with brands like CLIF Bar and Gatorade, with campaigns that highlight her cultural heritage and personal journey8, adding layers to her athletic achievements. Similarly, soccer star Alex Morgan has engaged in partnerships with companies that promote gender equality and family health, which adds depth and resonance to these sponsorships9. Athletes with strong social media presences and authentic connections with their audiences continue to drive impactful brand collaborations, showing the evolving ways brands connect with fans through individual sports figures.
2. Long-Term Partnerships to Build Lasting Impact
Brands are increasingly shifting away from one-off sponsorships, instead committing to multi-year partnerships that foster sustained engagement and deeper consumer loyalty. Mastercard, for example, has made a significant investment in women’s sports by partnering with the WNBA to launch “WNBA Goods presented by Mastercard,” a retail platform designed to support and empower Canadian female entrepreneurs10. This initiative featured 10 women-led or owned small businesses releasing limited-edition WNBA merchandise, with a portion of proceeds going to the Canada Basketball Foundation. Mastercard’s long-term commitment highlights the growing focus on inclusivity in sports and the support of women-owned businesses, underscoring a strategic alignment with impactful social causes. This approach reflects how brands are embedding themselves within the culture and community of women’s sports, signaling an investment in a space that aligns with their core values and aspirations for positive change.
3. Untapped Markets for First-Mover Advantage
While sports like women’s basketball and soccer have gained significant traction, there are still emerging opportunities in underfunded sports like women’s rugby, hockey, and even esports. These emerging areas are still relatively unsaturated by major sponsorships, allowing brands to enter new spaces and reach untapped audiences. For example, HSBC has recently extended its support to women’s rugby, indicating an increasing awareness of these opportunities1. Early involvement in such sports can provide brands with visibility among dedicated fan bases and aligns with a wider movement toward gender equality within the sports industry.
4. Building Community and Inspiring Future Generations
Sponsorships are evolving beyond traditional funding to include community-building initiatives that make a lasting impact. Nike, for instance, complements its high-profile endorsements with youth sports programs specifically designed for girls, focusing on mentorship, training, and access to resources12. These initiatives foster a ripple effect, encouraging a new generation of athletes who feel empowered and connected to the brand. By investing in community engagement, brands are shaping the grassroots growth of women’s sports, highlighting an approach that aligns both with social impact and long-term brand loyalty.
5. The Differentiation Between Athlete-Influencers and Influencer-Athletes for Authenticity
As social media continues to shape brand partnerships, a distinct difference has emerged between athlete-influencers and influencer-athletes. Athlete-influencers, such as soccer star Megan Rapinoe, primarily build their platforms through athletic achievements, bringing credibility and a deep-rooted dedication to their sport. In contrast, influencer-athletes are athletes who have gained significant followings on social media alongside their sports careers, creating dual appeal as athletes and digital personalities. Gymnast Olivia “Livvy” Dunne exemplifies this trend, amassing a vast following on TikTok and Instagram that has opened doors to high-profile brand partnerships13.Dunne’s recent collaboration with athleisure brand Vuori highlights the value brands see in influencer-athletes. Vuori cited Dunne’s “astonishing talents and determination as a gymnast” as well as the “positivity she spreads on social media” as key reasons for the partnership, positioning her as an ideal ambassador for their brand’s ethos14. This collaboration illustrates the appeal of influencer-athletes: they offer brands access to a younger, highly engaged audience while representing values that align with a lifestyle-focused brand image.
Challenges and Opportunities in Sponsorship Growth
The world of women’s sports has made significant strides in securing more sponsorships, but challenges remain. Yet, within these challenges lie opportunities for brands willing to think strategically and invest in the future.
Remaining Funding Disparities
Despite the growing visibility of women’s sports, a substantial gap in sponsorship dollars between men’s and women’s sports persists. In 2023, women’s sports still accounted for less than 1% of global sponsorship spending, a stark contrast to the billions invested in men’s leagues15. Several factors contribute to this disparity, including historical biases that have led to unequal resource allocation and a lingering perception that women’s sports do not offer the same commercial potential. The reality, however, is that women’s sports are on a growth trajectory, and the brands that recognize this potential early have an opportunity to reshape the landscape and reap the benefits of being early movers.
Untapped Markets
While previously untapped markets for mainstream women’s sports like basketball and soccer are attracting more investment, there are still numerous opportunities in less saturated markets. Women’s rugby, for example, has seen a surge in interest especially after their captain, Ilona Maher, rose to stardom during the 2024 Paris Olympics. Yet despite taking home the Bronze medal and a variety of other international success, the team remains vastly underfunded. Similarly, women’s hockey and esports represent emerging markets where brand investment could yield high returns. By positioning themselves as pioneers, companies can capitalize on the loyalty of a passionate fan base and establish themselves as leaders in supporting gender equality in sports. The brands that invest early in these areas not only fill a critical funding gap but also build long-lasting credibility as advocates for women athletes.
Building Sustainable Engagement
To create lasting engagement, brands must go beyond simple sponsorship deals and develop strategies that resonate deeply with communities. One effective approach is investing in community programs or youth initiatives that inspire the next generation of athletes. Nike, for instance, has launched youth sports programs specifically for girls, aiming to increase access to training and mentorship. These initiatives not only generate goodwill but also foster a lifelong affinity for the brand among participants. Moreover, brands can leverage storytelling to connect on an emotional level, highlighting the journey and resilience of women athletes to inspire fans. By investing in sustainable engagement, sponsors can create a ripple effect that enhances the visibility and impact of women’s sports for years to come.
Conclusion
The momentum in women’s sports sponsorship is undeniable, fueled by rising viewership, shifting consumer values, and brands eager to align with the future of sports. Yet, as we’ve explored, challenges remain—from funding disparities to the untapped potential of emerging markets. The brands that take proactive steps to address these challenges are not just investing in sports; they’re investing in a cultural shift that prioritizes diversity, inclusion, and long-term growth.
Looking ahead, the conversation around sponsorship is evolving, especially with the rapid rise of Name, Image, and Likeness (NIL) deals, which are reshaping opportunities at the collegiate level. In our next piece, coming out on November 13th, we’ll dive into the world of NIL and explore how this new era is changing the sponsorship game and creating fresh opportunities for brands.
References
1 Nearly ten million viewers for NCAA women’s title game.https://www.sportsmediawatch.com/2023/04/womens-ncaa-ratings-record-lsu-iowa-viewership-abc/
2 Luxury Goods Market Size, Share & COVID-19 Impact Analysis, By Product Type (Watches & Jewelry, Perfumes & Cosmetics, Clothing, Bags/Purses, and Others), By End-user (Women and Men), By Distribution Channel (Offline and Online), and Regional Forecast, 2023-2030
https://www.fortunebusinessinsights.com/luxury-goods-market-103866
3 Women’s World Cup 2023 viewership to cross 2 billion, double from 2019: Euromonitor International https://www.euromonitor.com/press/press-releases/july-20232/womens-world-cup-2023-viewership-to-cross-2-billion-double-from-2019-euromonitor-international
4 WNBA Broke Viewership, Attendance, and Social Media Engagement Records in 2023.
https://www.thenexthoops.com/features/wnba-broke-viewership-attendance-and-social-media-engagement-records-in-2023/
5 Gen Zs and millennials find reasons for optimism despite difficult realities.
https://www2.deloitte.com/us/en/insights/topics/talent/deloitte-gen-z-millennial-survey.html
6 Nike- Diversity, Equity & Inclusion.
https://about.nike.com/en/impact/focus-areas/diversity-equity-inclusion
7 Nike’s New Global Football Program Helps Drive Gender Equity in Sport
https://about.nike.com/en/newsroom/releases/nike-s-new-global-football-program-helps-drive-gender-equity-in-sport
8 Suni Lee inks NIL partnership with CLIF Bar & Company.
https://www.on3.com/nil/news/suni-lee-auburn-tigers-gymnastics-olympics-nil-partnership-with-clif-bar-voice-in-sport
9 Alex Morgan: Endorsements | Investments | Charity work.
https://sportskhabri.com/alex-morgans-sponsors-brand-endorsements-investments/
10 WNBA launches new retail platform with Mastercard to support Canadian female entrepreneurs.
https://www.sportingnews.com/ca/wnba/news/wnba-retail-platform-mastercard-support-canadian-female-entrepreneurs/os9pxq2gvovs06hy9pdc5cr9
11 HSBC SVNS set to supercharge rugby’s global appeal as the ultimate festival of immersive experiences.
https://www.world.rugby/news/825817/hsbc-svns-set-to-supercharge-rugbys-global-appeal-as-the-ultimate-festival-of-immersive-experiences
12 Nike’s Support for the Women Coach LA Program.
https://www.laparksfoundation.org/projects/women-coach-la/
13 Olivia Dunne’s Endorsement And NIL Deals Have Blown Up Her Net Worth.
https://www.thethings.com/olivia-dunnes-net-worth-endorsement-nil-deals
14 Vuori Announces All-American LSU Gymnast Olivia “Livvy” Dunne as Exclusive Brand Partner and Collaborator.
https://markets.businessinsider.com/news/stocks/vuori-announces-all-american-lsu-gymnast-olivia-livvy-dunne-as-exclusive-brand-partner-and-collaborator-1030799362
15 Women’s professional sports sponsorships increase by 22% in 2023/24.
https://www.sportspromedia.com/news/womens-sports-sponsorship-deals-increase-growth-sponsor-united-2023-2024/