Sports and Entertainment Trends to Watch in 2024
by Curtis Walker, Vice President, Marketing Partnerships
As we jump into the month of February, I’m excited to see what is in store for our industry during the remainder of the year. I wanted to share four (4) trends I will be paying attention to as the year progresses. As always, please reach out with thoughts and comments!
Continued Success and Expansion of Women's Sports
For several years now, women's sports have been gaining incredible traction, and the trend is set to continue in 2024. Many factors come into play here such as:
Heightened media coverage and innovative fan engagement strategies;
Institutional investment, and commercial success;
Increased participation of young girls playing sports at the grassroots level; and
Furthering the conversation around gender equity and women’s empowerment.
These factors, amongst others, will continue to propel women’s sports forward.
(Re)emergence of DEI Woven into Sports Business
In 2020, many companies took an introspective approach to rethink their efforts around diversity, equity, inclusion, and belonging (DEIB). So much so, that these values became pivotal elements (almost requirements) in most businesses.
However, I feel we experienced somewhat of a shift in 2023 led by changes in governmental policy, changes such as the reversal of affirmative action, defunding of DEIB programs in various sectors (such as educational environments and amongst some industries), and a fading commitment to having conversations around driving equity.
Many organizations have drawn a line in the sand and have remained committed to effectuating positive change in this space but, broadly speaking, the momentum we seemed to be experiencing has diminished a bit.
U.S. Professional Teams Expanding Global Brand Presence
Leagues such as the NFL and NBA have made substantial progress in expanding fandom of their leagues and sport beyond national borders, and this will only gain steam. The NFL has already announced several participating teams set to play across London, Germany, and Brazil (which marks the first ever NFL game in South America according to the League).
To take advantage of the commercial opportunity some professional sports teams have opted to engage the services of agencies who have strong international ties, while others are beginning to hire commercial leaders who are based in some of these international territories (such as the Chicago Bulls) to leverage their understanding of the local market as well as the sales opportunities they can bring to the table.
Continued Shifts in Media Sector
The continued shift from cable television to on-demand and streaming platforms has forced leagues to react quickly. Just a few days ago Disney, Fox, and Warner Bros. Discovery announced an alliance which will introduce a paid streaming service; Apple and MLS are set to enter their 2nd season of a 10-year partnership with engagement around the sport only pointing upward as the World Cup draws near; the NFL has moved some of their biggest games to streaming platforms such as Amazon Prime TV, Peacock, and YouTube; the RSN challenge is forcing MLB to get creative in terms of local broadcast distribution and media selling; and the NBA media rights deal expires at the conclusion of the 2024-25 season.
In addition, as technology and betting continue to gain traction, it will be interesting to see what new experiences become available to the remote viewer and how leagues and teams will leverage the gathered data to make informed business decisions. There is certainly A LOT to watch here.
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