Featured Insight: Women’s Sport: The Billion-Dollar Opportunity We Can’t Afford to Miss

23 Jun

Executive Summary

Women’s sport has transitioned from being a niche philanthropic investment to one of the most dynamic and commercially promising sectors in global sport. Once underfunded and undervalued, it now represents a billion-dollar market that is outperforming traditional growth expectations. With participation rates soaring, broadcast numbers climbing, and major sponsors and investors entering the space, the commercial landscape is being redefined.

However, this growth is not linear. Systemic disparities remain — in visibility, media rights, sponsorship share, and grassroots infrastructure. This insight unpacks the transformation in progress: the athletes reshaping media, the investors fueling new leagues, the brands capturing new audiences, and the global infrastructure needed to sustain long-term value.

We explore case studies from the FIFA Women’s World Cup, the Women’s Premier League (India), Angel City FC, and the WNBA — supported by global investment data, commercial returns, and societal impact. The result is clear: the billion-dollar opportunity in women’s sport isn’t theoretical — it’s here. And it’s accelerating.

1. The State of Play: Participation and Policy-Driven Momentum

The global rise in participation underpins the commercial case for women’s sport. In the UK, Sport England reports a 42% increase in female cycling since 2015, while women’s football participation has doubled since 2014. In the US, Title IX has created a lasting structural advantage, producing the most dominant international female athletes across football, athletics, and basketball.

Globally, female sport participation still averages under 30% in developing nations, but is above 50% in parts of Europe and North America. The gap presents not just a moral challenge but a commercial one — vast untapped markets of athletes, fans, and consumers.

National policy is catching up. Australia pledged AUD $200 million toward women’s sports infrastructure following the success of the Matildas at the 2023 FIFA Women’s World Cup. The UK government’s Lionesses Report has committed to equal PE access for girls, while US collegiate programs continue to serve as elite pipelines through NCAA Division I.

2. Investment Pipelines: From PE to Athletes

Private equity and institutional capital are now treating women’s sport as a viable — and increasingly vital — growth investment.

Mercury 13, led by ex-footballers and private investors, is raising $100 million to invest in women’s football clubs across Europe and Latin America.
Monarch Collective, co-founded by Kara Nortman and Billie Jean King, has raised over $200 million to invest in women’s sport properties, including the NWSL.

Athletes themselves are becoming asset owners:

Angel City FC — with backers including Serena Williams, Natalie Portman, and Alexis Ohanian — has been valued at over $250 million in just two seasons.
Serena Williams and Naomi Osaka have launched ventures that back women’s sport media and lifestyle platforms.
77% of WNBA players now engage in equity-led sponsorships, changing the dynamics of brand partnerships.

The Women’s Premier League (India) was launched in 2023 with franchise valuations of $150 million, exceeding early IPL equivalents — a significant shift in valuation trajectory in the world’s fastest-growing sports market.

3. Sport-Specific Surges

Each sport tells its own commercial growth story.

Football (Soccer)

FIFA Women’s World Cup 2023: Over 2 billion global viewers, 1.5 million tickets sold, and commercial revenues exceeding $570 million.
Barclays Women’s Super League (UK): TV viewership up over 170% between 2021 and 2023.
National Women’s Soccer League (US): Set a new record for sponsorship revenue in 2023, with Google, Ally, and Amazon joining as new partners.

Cricket

The Women’s Premier League (WPL) in India sold media rights to Viacom18 for $116 million — the highest-ever for women’s cricket.
Audience figures in 2023 exceeded 50 million viewers per match.

Basketball

WNBA: Viewership grew by 68% in 2023, with record attendance and social media engagement (5.4 million average interactions per week).
WNBA’s capital raise of $75 million in 2022 saw participation from Nike, Condoleezza Rice, and Laurene Powell Jobs.

Cycling

Tour de France Femmes (relaunched in 2022) drew over 23 million viewers and helped boost women’s cycling merchandise sales by 35% in the EU.
Strava reports 60% year-on-year growth in women’s cycling uploads between 2021 and 2023.

4. The Media & Technology Opportunity

Despite improvements, only 15% of global sports broadcast coverage features women’s sport. Yet platforms are beginning to shift:

TikTok now accounts for the highest engagement per post for women’s athletes, with WNBA and WSL content outperforming male equivalents by 20–30%.
DAZN and ESPN+ have increased their share of women’s sport content by 45% since 2021.

Athletes are leveraging platforms like YouTube and Instagram to bypass traditional coverage routes. The result? Control over their narrative, direct-to-consumer fan engagement, and new monetisation opportunities (e.g. paid memberships, lifestyle branding).

The average digital engagement rate for women’s teams is double that of their male counterparts — offering a compelling case for digital-first campaigns.

5. Infrastructure and Pathways

The lack of equal facilities remains a key barrier — but it’s changing.

Barcelona Femení now operates a dedicated €7 million training facility.
In Australia, the Play Our Way initiative funds community sports centers for girls and women with USD-equivalent investments surpassing $120 million.
In the UK, 63% of professional female players cite lack of access to high-quality medical or training facilities compared to male counterparts.

6. Athlete Ownership and Media Power

Athletes are no longer just performers — they are platforms.

Serena Ventures has invested in more than 60 companies, many of which elevate female athletes and voices.
Togethxr, co-founded by Alex Morgan, Chloe Kim, and Simone Manuel, has created a media studio with over 100 million views annually.
A WTA-led content initiative grew women’s tennis’ TikTok following to 1.2 million, making it one of the fastest-growing accounts in sport.

According to Nielsen, sponsorship campaigns with female athletes generate 23% higher brand recall and 32% stronger emotional engagement compared to male-led campaigns.

7. Brands and Commercial Returns

Brands are investing — and seeing return.

Visa committed to a multi-year deal with UEFA women’s football, driving a 15% increase in brand sentiment among Gen Z audiences.
Barclays became title sponsor of the WSL in a deal worth £30 million — and has cited its women’s football partnership as its most effective brand uplift channel across all sports.
Nike’s “You Can’t Stop Us” campaign featuring female athletes delivered a 47% increase in ad recall and higher ROI than any male-led campaign in the series.

These are not niche wins — they’re signs that women’s sport drives tangible commercial outcomes across brand equity, sentiment, and sales.

8. Risks and Reality Checks

The growth curve is steep — but it comes with structural risks:

Media inconsistency: Sporadic broadcast deals can lead to engagement drop-offs and unstable revenue.
Overcommercialisation: As leagues scale, the risk of losing authenticity and community alignment rises.
Equity dilution: Without governance, new capital can skew opportunity toward the elite, leaving grassroots behind.
Metrics misalignment: ROI measures must evolve — relying solely on ratings ignores digital engagement, brand sentiment, and social impact.

9. Global Expansion

Growth is no longer limited to the US, UK, and Australia.

Nigeria’s Women’s Football League has grown its social reach by 410% in three years.
South Africa’s women’s rugby programme saw a 62% increase in participation after national investment in 2021.
Vietnam and Thailand are building national facilities with over $20 million in government and federation support.
In East Africa, sport-for-development programmes targeting girls have led to measurable improvements in school retention, health, and local economy.

10. Strategic Implications and Recommendations

For brands:

Invest long-term. Women’s sport builds brand equity faster and sustains it longer.
Co-create with athletes — not just sponsor.
Prioritise digital activation — the ROI is there.

For rights holders:

Build broadcast models that treat women’s sport as core inventory.
Balance elite investment with grassroots pathways.
Measure success beyond ratings: include equity, engagement, and impact.

For governments and investors:

Women’s sport is a health and development policy tool.
Incentivise facility equity and digital access.
See women’s sport not as subsidy — but strategy.

Conclusion: No Longer Niche

Women’s sport is no longer a bet — it’s an opportunity with global infrastructure, committed audiences, growing capital, and social relevance. The question is no longer whether to invest — it’s how fast, how far, and how well.

This is not just sport. It’s media. It’s commerce. It’s culture. And it’s only just beginning.

References

Deloitte. (2021). Women’s Sport: Commercial Outlook.
Nielsen Sports. (2022). Women’s Sport Fan Insights.
Sport England. (2023). Active Lives Survey.
FIFA. (2023). Women’s World Cup Final Report.
WNBA. (2023). Sponsorship and Engagement Reports.
Statista. (2024). Global Women’s Sport Market Value.
Nike. (2023). Marketing Effectiveness Review.
Australian Government. (2023). Play Our Way: Funding Report.
UEFA. (2023). Women’s Football Strategy.
McKinsey & Co. (2022). The Case for Investing in Women’s Sport.
Strava. (2023). Year in Sport Report.
Angel City FC. (2023). Ownership and Revenue Overview.
WSL. (2023). Broadcast & Digital Analytics Report.
Women’s Sport Trust. (2024). Visibility Report.

Luke Minshall