The Rise of Women's Sports: An Analysis of Business Value and Impact
According to a new report by Leaders in Sport, 21% of the adult population in the UK have recently become more keen to follow women's sporting events, a trend that has led to a significant rise in the commercial value of female athletes and women's professional sport.
Among the top 10 athletes in terms of commercial value in the sports world in 2021, American gymnastics star Biles, Japanese tennis prodigy Naomi Osaka, women's soccer star Ashley Harris, Ali Krieger and Morgan are all on the list, and their presence on the list signals that women's sports are gradually becoming more and more comparable to men's athletes, with Biles topping the list by a wide margin. The list also includes household names such as Crowe and Djokovic.
In view of this trend, Nike, VISA, TikTok, Pico, Teppo and other domestic and international brands have aimed at the women's sports market, the unique charm of women's sports is gradually becoming the meat and potatoes in the eyes of capital.
01. Why is women's sport trendy?
Numerous women's sporting events have seen a significant increase in interest, thanks in large part to a dramatic improvement in the quality of the events.
For example, last season the Women's Premier League, like the Men's Premier League, was decided in the final round. The Chelsea women's soccer team won the trophy, and although the women's Premier League is still not as exciting as the men's, it still attracts a large number of spectators because of its strong rivalry and fast-paced attacking and defending rhythms.
This season the WNBA staged a "China Derby", Li Yueru led the Chicago Sky to beat Han Xu's New York Liberty with a score of 88:86, this special China Derby brought unforgettable memories for the Chinese audience.
Women's tennis is bursting with talent in 2022, with five having won their first career titles this season. With Russia's Potapova and Italy's Trevisan winning their first titles at WTA Rabat, and Brazil's Maya beating Zhang Shuai for her second career title in Nottingham, the competition is fierce as these players were not previously household names.
The Women's European Championship 2022, which ended last month, was a hotly anticipated event, with not only intense matches and sell-out crowds, but also media coverage that made frequent headlines on major news sites, with even UEFA President Chevalier Chevalier describing it as "the most successful edition ever".
The final between England and Germany at this year's European Championships attracted 87,192 fans to London's Wembley Stadium, setting a new record for the highest ever crowd for a women's and men's European Championship final.
It is worth mentioning that only 67,173 people attended the final of the Men's European Championship between England and Italy last year at the same venue, which was more than 20,000 people higher. In the end, England won the European Championships trophy over Germany, and many media outlets used "Football has finally come home" as the headline, attracting a lot of attention.
Attention has also risen for the WNBA, whose domestic broadcast partners saw a 16 percent increase in viewership during the regular season, while the number of viewers per game on CBS, ABC and ESPN, among others, hit a 14-year high of 379,000, a significant increase in viewership.
Approximately 387,000 viewers watched the 2020 WNBA Draft live online via television broadcaster ESPN, the second-most-watched WNBA Draft in ESPN broadcast history. According to Los Angeles Times reporter Arash Markazi, the 2020 WNBA Draft ratings set a nearly 16-year high. Now, the WNBA has announced that it will expand to 40 games for the 2023 regular season and is looking to expand before the 2024 season.
02. Increased commercial value of women's sport
Increased exposure has led to increased commercial value, and major brands are balancing their investment in men's and women's sports.
According to Deloitte's study, The Rise of Women's Sports: On the Road to Commercialization, over the past decade, women's sports have been proven to generate large television audiences, create value for sponsors, and attract tens of thousands of sports fans to a single event.
Nike has further increased its commitment to women's football with the announcement of a new long-term partnership with the Football Association (FA) to launch the official match ball for the 2022/23 season of the all-New England Women's Super League (WSL), as part of the 'Football Comes Home' initiative.
In fact, Nike is not a recent entry into the women's sports market, as early as 2014 Nike released the Nike Women strategy, for the Women's World Cup in France carried out in 2019, Nike also specially designed 14 women's national team jerseys, as well as the Victory series of sneakers designed specifically for female football players, the
At the same time, Nike also released the Athlete Think Tank program (Nike Athlete Think Tank), which aims to listen to athletes around the world to support female athletes, joining the think tank of a wide range of athletes, including the well-known American tennis player Serena Williams, the 2020 WNBA first prize Sabrina Inescu, Jamaica's Olympic women's 100 meters champion Shelly-Ann Fraser-Pryce, American swimmer Simone Manuel and many more.
Domestic sports brand Pico has also begun to seize the marketing opportunity of women's sports, focusing on the WNBA game "China Derby", after that "Derby" game, Li Yueru formally signed a contract with Pico to become its first women's basketball spokesman, but also became the first Chinese sports brand to land on the WNBA field. The first Chinese sports brand to land on the WNBA field.
As the core player of the Chinese women's basketball team, Li Yueru in the WCBA has taken 3 championships and 1 FMVP, now, Li Yueru in the WNBA on the court at the moment, her exposure will further increase, coupled with the "China Derby" gimmick, will inevitably be signing the brand to bring a lot of attention. Therefore, Pico at this time and Li Yueru signing, naturally, is the best time.
03. Why is capital optimistic about women's sports?
In the midst of continued growth, the market size for women's sports is set to increase dramatically, with the women's sports market set to exceed $200 billion by 2025, according to a study by consulting firm The Business.
Although men still make up a large proportion of the audience for women's sports, female viewers are also a part of the audience that cannot be ignored, and the development of women's sports can also attract more women's attention.
Women in the family often have the right to make decisions about purchases and have strong purchasing power. In China, for example, according to CBNData questionnaire research data, the women's consumer market reaches $10 trillion, and they are more likely to invest their savings in themselves.
Nearly 80% of women in China have fitness habits. According to the 2021 Mass Fitness Behavior and Consumption Research Report released by the State General Administration of Sports, women's sports consumption has grown significantly, with the average total consumption reaching 6,362 yuan, an increase of nearly 50% year-on-year.
In addition to traditional sports brands, women's sports sponsorships are filled with beauty and fashion brands such as Mogul and Estee Lauder, right up women's consumer alley.
It is this spending habit of women, coupled with the already inexpensive sponsorship fees, that allows for a higher ROI.
For broadcasters and sponsors, not only does it mean the formation of a growing new consumer base, but it also gives media and sponsors new opportunities to tell stories about the career paths of female athletes and young girls, such as the coming-of-age story of Ailing Gu during the Beijing Winter Olympics, or the story of Quanhong Chan and the chorizo during the Tokyo Olympics, which will be frequent in the public eye in the near future, so that sports Marketing is more pure and grounded.
There's also marketing that showcases women's sense of contrast. In 2020, Zhang Weili's victory over Joanna in the UFC attracted a lot of attention, while Estee Lauder's signing with her was a surprise because high-end beauty brands seem to have nothing to do with mixed martial arts, but it is this sense of contrast that is the most attractive, and it also shows Zhang Weili's softer side that is different from that in the ring.
As a result, the rewards for brands getting involved, actively promoting women's events and telling women's stories are no longer on a commercial level.
