Unveiling the Future: 7 Key Trends That Will Shape Sports Marketing in 2024
As we step into 2024, the landscape of sports marketing is gearing up for a monumental year, highlighted by the upcoming Olympic spectacle in Paris. Industry executives are forecasting a surge in brand interest, particularly towards individual athletes, with a spotlight on women’s leagues and the flourishing potential of niche sports. Let’s delve into the five groundbreaking trends that 15 seasoned marketers anticipate will define the realm of sports marketing this year.
1. Olympic Dreams: A Pinnacle Opportunity for Brands
If you haven’t set your sights on the 2024 Summer Olympics in Paris, now is the time to act. Even brands not affiliated with the Olympic Partner Programme can seize the moment by collaborating directly with athletes. Jeff Ehrenkranz, COO at Allied Sports, emphasizes the importance of early engagement, stating, “The brands that excel with the Olympics are those viewing it beyond a 17-day event.” Leveraging athletes’ stories in advance through platforms such as Instagram, X, TikTok, and YouTube is expected to be a pivotal strategy this summer.
While star athletes like Simone Biles, Katie Ledecky, and Sha’Carri Richardson will undoubtedly attract attention, marketers are advised not to overlook lesser-known athletes. Allocating budgets toward these rising stars might just be the key to hitting marketing jackpots, as suggested by Lou DePaoli, President of Executive Search at General Sports Worldwide.
2. Everybody’s Business: The Rise of Individual Athlete Investments
Beyond the Olympics, industry insiders anticipate a shift towards brands investing more in individual athletes rather than traditional team- and league-level sponsorships. Athletes are increasingly becoming entrepreneurs in their own right, paving the way for more substantial partnerships. Seb Tomich, CCO of The Athletic, foresees this trend continuing, stating, “Athletes want a stake in the business success of the products they represent, creating opportunities for upstart brands willing to share equity.”
In addition to financial considerations, involving athletes in the creative process is encouraged. Gilad Haas, co-founder of Shadow Lion, notes that allowing athletes creative input can lead to more engaging and relatable content for audiences.
3. Girl Winner: The Ascendance of Women in Sports
With record-breaking achievements in 2023, the anticipation for women athletes, teams, and leagues in 2024 is soaring. Deloitte predicts that elite women’s sports will surpass $1 billion in annual revenue by the end of the year. Sara Gotfredson, founder of Trailblazing Sports Group, expects a 10% YoY increase in marketing spend on women’s sports.
Following successful events like the Women’s World Cup and NWSL media rights deal, the Summer Olympics and upcoming deals such as NCAA Women’s March Madness rights and WNBA media rights are poised to further accelerate the growth of women’s sports.
4. For the Boys: Expanding Horizons in Men’s Sports
In 2024, marketers are keeping a close eye on the NBA’s new in-season tournament, which has already garnered increased advertiser interest. The potential commercial impact is anticipated to grow, especially with impending media rights negotiations as the current NBA deal expires after the 2024–2025 season.
US men’s soccer is also becoming a focal point for brands, driven by Leo Messi’s transformative impact on MLS and the approaching 2026 World Cup. Brands are expected to seek opportunities in this space, making it a captivating time for North American sports marketing.
5. Niche Interests: The Surge of Unique Sports
While major leagues maintain their prominence, niche sports like flag football, beach volleyball, and even cornhole are expected to attract heightened interest in 2024. Roku’s prediction of a niche sport breaking through to the mainstream aligns with the advertising trends shaping sports marketing. This shift offers advertisers novel ways to engage with sports viewers, creating opportunities for sports popular outside the US to cultivate fan bases domestically.
Following the surge in popularity of F1 in the US, international sports like cricket, rugby, and padel are poised to captivate American audiences, paving the way for fresh marketing opportunities.
6. Virtual Reality Immersion: Redefining Fan Engagement
In the immersive landscape of sports marketing, the advent of virtual reality (VR) is poised to revolutionize fan engagement in 2024. Industry experts foresee brands creating virtual experiences that transport fans into the heart of the action. This trend isn’t just about watching a game; it’s about living it. VR activations, whether it’s courtside at a basketball game or pitch-side at a soccer match, will redefine how fans connect with their favorite sports and, consequently, the brands associated with those experiences. As Marketers, are you ready to plunge your audience into the exhilarating world of virtual sports reality?
7. Sustainability Score: The Green Revolution in Sports Sponsorship
A wave of sustainability is sweeping through sports marketing, and it’s not just a passing trend. In 2024, the environmental impact of sports events and sponsorships will be under the spotlight. Brands are increasingly recognizing the importance of aligning with eco-friendly initiatives. From green stadiums to carbon-neutral campaigns, consumers are expecting sports brands to be stewards of the environment. This isn’t just about being socially responsible; it’s about creating a lasting legacy. As sports marketers, embracing sustainability isn’t just a choice; it’s a strategic move toward a greener, more responsible future.
As it appears, 2024 promises to be a transformative year for sports marketing, marked by innovation, inclusivity, and the exploration of new frontiers in the ever-evolving sports landscape. As we navigate these trends, the key to success lies in strategic foresight, early engagement, and a commitment to embracing the dynamic nature of the sports marketing ecosystem.
