Beyond the Game: The Marketing Power of Women's Sports in 2024

The world is paying attention to female athletes, and marketers are following suit. In 2024, women’s sports have received much-deserved recognition from the public in the U.S. and Europe, as well as from big brands. Deloitte forecasts that women's elite sports will generate over $1 billion in revenue in 2024—a 300% increase over industry expectations in 2021. This year has already seen large activations surrounding women’s sports at events like Cannes and significant marketing pushes in advance of the 2024 Paris Olympics.

The Road To 2024

One of the biggest names in sports this year has been Caitlin Clark. She has been part of the recent surge in interest in women’s sports, from becoming the all-time leading scorer in NCAA Division 1 basketball to driving TV ratings to new heights and breaking attendance records. This growth has been building for some time. Partnerships such as Serena Williams’ with Nike and the numerous brand deals held by athletes like Mikaela Shiffrin and Brittany Isenhour highlight the increasing marketability of female athletes.

This moment in women's sports has been made possible by the skill and talent of generations of female athletes. From Marta Vieira da Silva, often regarded as the greatest female soccer player of all time, to Simone Biles, the most decorated gymnast ever, female athletes have worked hard for this recognition.

Women’s Sports At Cannes

At this year’s Cannes festival, female athletes and brands showcased their plans for 2024. The Women’s Sports House, hosted by Axios and Deep Blue Sports + Entertainment, put female athletes and their accomplishments at center stage. Brands such as Front Office Sports highlighted the growth and staying power of women’s sports. Events like these have demonstrated the explosion in awareness, viewership, and brand deals that female-led sports have seen this year.

However, the most impactful aspect of women’s sports events in Cannes may come down to who attended them. Cannes is a hub for many thought leaders across industries, and many of these thought leaders have pointed to the future of women’s sports as one that is pivotal to highlight. As noted by Hubspot, a 2021 State of representation in marketing study revealed that “74% of consumers choose to buy from and engage with brands as a result of seeing themselves represented in the visual imagery a brand puts forth.” When trying to connect to female audiences, disregarding female athletes represents a huge liability, as your audience does not see themselves in their brand. Brands know this and have already taken note at Cannes, though this representation looks to increase during the hottest sporting event of the Summer, the Paris Olympics.

Power in Paris

According to Reuters, “global advertisers are hiring more female athletes to launch marketing campaigns ahead of the Paris Summer Olympics”, aiming to “capitalize on record ratings for women's sports in the U.S. and Europe to reach new audiences.” The Summer Olympics is often viewed as the pinnacle of women’s sports. In a year where women’s sports have reached new heights, female athletes will bring more attention to the brands they represent than ever before.

Advertisers have tapped athletes like Simone Biles, Katie Ledecky, Kerri Walsh Jennings, Aly Raisman, and Alex Morgan to represent their brands. GroupM, for instance, is working with NBCUniversal to create new advertising packages that allow some of its brand clients to specifically appear during women’s events at the Paris Olympics. This demonstrates the market demand for highlighting these athletes, as brands know they resonate with their audiences.

The Olympics offer athletes a platform to showcase their prowess and change perceptions of sports and the people who play them. The 2024 Paris Olympics is poised to be a watershed moment for women’s sports and for marketers who understand the social and economic benefits of partnering with female athletes.

The Future of Women’s Sports

After generations of being overlooked, female athletes are now taking center stage. From stadiums in their home countries to TV screens around the world, women’s sports present a huge opportunity for marketers to connect with their audiences while recognizing some of the greatest athletes on the planet. Brands that capitalize on this movement will resonate with consumers in ways previously inaccessible, while those that fall behind risk losing market share to competitors partnering with female athletes. Supporting women in sports is not a trend but the direction the world of marketing is heading. Now is the time to be part of that change.

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