Women's sports executives discuss equality, media and NIL

Women's sports reached a turning point in 2023, propelled by major new broadcast deals, once-in-a-lifetime athletes, and record-breaking audience numbers that dramatically changed the world of sports.

From the Caitlin Clark craze in Iowa to a 92,000-person house for women's volleyball in Nebraska, women's sports are at the forefront more than ever.

And it's not slowing down.

Deloitte estimates that women's elite sports could generate more than $1 billion in revenue this year, up 300% from 2021.

Deloitte says expanded media deals and increased commercial sponsorship are driving women's sports' valuations to record levels, with some teams expected to exceed $100 million in valuations in 2024. .

Last year, the NCAA and NWSL signed a landmark agreement that resulted in a record media deal for women's sports. And investors from private equity to celebrities are lining up to get in on the game.

But there is still much work to be done, especially in areas such as equal pay, prime-time access, and even the need for more historical data.

CNBC surveyed some of the most powerful female executives in sports, from league commissioners to team owners to CEOs, to get their thoughts on the current state of women in sports. Some answers have been edited for style, clarity, and length.

“We are thrilled to be partnering with the NFL,” said Lenny Anderson, NFL Executive Vice President and Chief Revenue Officer. Today's obstacle, or indeed opportunity, is to continue to expand on the incredible athleticism of these women. Instead of being shocked or surprised at how great women are at sports, we need to weave that message of greatness into the story when we highlight the greatness of men's sports. It's there. It just doesn't get the attention it deserves.

“We're thrilled to be working with the National Women's Soccer League,” said Jessica Berman, commissioner of the National Women's Soccer League. As the world wakes up to women's sports, expectations from all stakeholders about how fast the sport will grow are very demanding. I'm not saying we should move slowly because we're 100 years behind her in men's sports. This means that it is in some ways difficult to build planes as quickly as many stakeholders hope, and to do so in a sustainable and commercially viable manner.

“We're thrilled to be partnering with the Women's National Basketball Association,” said Kathy Engelbert, Commissioner of the Women's National Basketball Association. One of the obstacles is that our assets are undervalued. Whether it's uniform patches or advertising buys on air, the model needs to change. It's based on a decades-old spreadsheet model tailored to men's sports, but that model doesn't take into account much of the way companies currently support women's sports. For example, the diversity of women, communities, and women's sports are not considered. “One time and done” type.

“We are thrilled to be partnering with the MIT Sloan Sports Analytics Conference,” said Jessica Gelman, CEO of KAGR and founder of the MIT Sloan Sports Analytics Conference. A major hurdle is the availability of performance data to support and enhance storytelling. These stories create interest and motivation (i.e. see Caitlin Clark's quest for his NCAA scoring record). Last year, the MIT Sloan Sports Analytics Conference made a donation to Sports-Reference to support the addition of women's college data dating back to 1987.

“The Women's Professional Hockey League is thrilled to be partnering with the Women's Professional Hockey League,” said Jayna Hefford, senior vice president of operations for the Women's Professional Hockey League. Women's sports continue to struggle to secure prime broadcast slots, consistent airtime, and traditional media coverage. Additionally, the lack of traditional media coverage has historically forced women's teams, leagues, and even women-owned media companies to take the lead in promoting their own narratives. Despite research showing that companies that invest in women's sports reap significant benefits, limited visibility makes it difficult to garner brand support.

“Just Women's Sports is a great place to start,” said Haley Rosen, CEO and Founder of Just Women's Sports. One of the biggest obstacles to progress in women's sports today is the reliance on legacy platforms. Traditional platforms are not set up to support and build momentum for women's sports. Yes, the match will be broadcast. But she only has so much time in her day for the kind of programming and coverage needed to expand the women's league, and traditional platforms will always prioritize men's sports. Although viewership has increased, the relative proportion of women's sports coverage on traditional platforms has remained the same.

Molly Marcoux Samaan, Commissioner of the Women's Professional Golf Association, said: Women's sports today face two major obstacles: investment and exposure. We have made great strides on the LPGA. Our total revenue has increased by 65% ​​over the past four years, and our prize pool, which is a player's weekly play winnings, has increased by 70% since 2021. This is thanks to investments, partnerships and corporate decision makers. It is not only the great commercial value of the LPGA, but also the opportunity to make a positive impact on the world.

Katrina Adams, former professional tennis player and former CEO of the United States Tennis Association, said: I think what the Women's Tennis Association has done over the years has shown other professional sports that if you use your voice and your talent, what you can accomplish and you can survive. When we look at today's players, you know, we talk about: [Caitlin Clark types] And Sabrina Ionescu and last year's highest paid athlete, Coco Gauff – these young women are using their platforms to talk about what it means to be on a level playing field every week. There are many opportunities to speak up and speak out. Outside.

Berman: We need to move from these moments to becoming part of a movement, moving away from the default that these reference points are temporary, transactional, or isolated, leading to more sustainable growth and investment. I think there is. . The more we can demonstrate and discuss consistent data points that show businesses are actually being built in a more consistent way, the more we debunk the narrative that these are his one-time success stories. I think it will become easier.

said Pamela Duckworth, Head of Fubo Studios at FuboTV. Female athletes are multifaceted: mothers, businesswomen, philanthropists, media moguls, and more. We harness the momentum from high-profile sports moments to bring athletes' stories to the forefront and in doing so connect with a wider audience.

Engelbert: Sports is marketing, marketing, marketing. If you look back at the NBA history and multi-billion dollar contracts that made the league famous, it was the rivalry between Magic Johnson and Larry Bird in college. Also, Michael Jordan is a marketing genius. Nike. But marketing and promotion requires capital. I think the marketing strategy we have now that we have this capital is to build a household name, create rivalries, and promote games and important events.

Amy Howe, FanDuel CEO: Women's sports need to continue to place star athletes (like the WNBA's Ionescu, A'ja Wilson, and Brianna Stewart) in the mainstream on a par with their male counterparts. The 3-point race was a perfect example. Of course, all of this investment and support is fueling better performance for female athletes, leading to more success for businesses like FanDuel. The number of bets on women's sports increased by 270%, and the amount handled or staked increased by her 101%. . It's really a flywheel effect.

Rosen: There are tens of millions of sports fans around the world waiting to join the field. We have to make it easy and fun for women to become sports fans, instead of relying solely on their alone time. That means meeting them in their feed every day and creating content that engages them and keeps them connected to this space.

Adams: I think it's an opportunity for our women to finally be recognized and actually earn a living. Men have had this opportunity “under the table,” so to speak, for years, even decades, but now women can legally do it with NIL. can. I think it would be great for them to make a little bit of money and really grow the sport in their own communities and college cities and things like that. They are learning how to be entrepreneurs at a young age and are doing very well.

Anderson: I think NIL probably helps a small number of people through social media. Outside of a handful of great athletes and influencers, I don't know if it will spread across women's college sports the way it has in men's football. But I guess we'll have to wait and see. I don't think it's harmful, but for the few women who benefit, it's an opportunity to lift up other women.

Duckworth: NIL opens the door for female athletes to build their own brands in ways never before possible. Why shouldn't female athletes make the same money as male athletes? In my book, money equates to independence. We salute major sports stars like Angel Reese and Caitlin Clark who have shown young women what can be built.

Hefford: The positive impact of the NIL on women's college athletics has impacted women's sports as a whole, creating an all-boats-up scenario. As more female athletes become famous, investment in women's sports is likely to increase, encouraging more young girls to take up or continue participating in sports.

Rosen: In theory, that's great, and anything that helps female athletes grow their brands and monetize their talent should be praised. It's clear there are still some details to iron out, especially regarding team dynamics and the possibility of NIL contracts forcing players to take away short-term benefits at the expense of long-term development.