Show Them the Money

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Women’s sports are setting records in attendance and viewership, yet professional salary and endorsement deals lag far behind those of their male counterparts. See how brands are beginning to capitalize on the popularity of emerging female athletes.

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Fans are flocking to women’s sports

2023 was a great year for women’s sports. 

The Omaha vs Nebraska women’s volleyball game August 30, 2023 had 92,003 fans, setting a world attendance record for all women’s sporting events. The prior world record of 91,648 was set in 2022 when Barcelona hosted Wolfsburg in the Women’s Champions League semi-final.

It’s not just women’s volleyball and football (soccer) that are drawing fans. With over 9.9 million viewers, the 2023 NCAA Women’s Basketball Championship between LSU and Iowa was not only the most-viewed women’s college basketball game ever, it was also the most-viewed college basketball game (men’s or women’s) on ESPN networks and the most streamed event on ESPN+. The upcoming Iowa basketball game against Ohio State has set a record for the most expensive ticket prices to a women’s basketball game.

Conversely, viewership of men’s college basketball has been trending downward the last several years. Three of least-viewed title games have occurred in the past five years. Last year’s NCAA Men’s championship game on CBS featuring UConn and San Diego State set an all-time low in viewers for an NCAA men’s basketball final at 14.7 million.

Popularity not reflected in pro earnings

Despite the large and growing audiences for women’s sports, athlete earnings —in the form of salaries and endorsements— do not appear to reflect the growing popularity of women’s sports.

Among the top 100 professional athletes, aggregated annual earnings increased 21% from 2022 to 2023, according to recent data from Sportico. Salary/winnings are driving the increase, with endorsements remaining relatively flat year-over-year.

Golf, basketball, and global football (soccer) were the top growth sports in terms of professional salary, among the top 100 athletes according to Sportico. 

Notably, however, in 2023 there were no women represented in the top 100 professional athletes. In both 2021 and 2022, there were only two women (Naomi Osaka and Serena Williams) in the top 100.

The top men’s golfer, Jon Rahm earned a staggering $181 million, plus an additional $22 million in endorsements in 2023. This compares to the top female golfer and 2023 Rolex Player of the Year, Lilia Vu whose 2023 winnings were just over $3.5 million, according to the LPGA.

The disparity between professional men and women’s earnings is even more apparent in basketball. The highest paid WNBA player, Erica Wheeler, earned just $242,154 in 2023, according to Spotrac. The league minimum in the NBA exceeds $1.1 million. Superstars like Stephen Curry and LeBron James earn close to $50 million annually in salary, plus endorsements in the tens of millions.

NIL changes the game for female athletes

While still far from achieving parity, women are can be found among the top earners in college athletics. NIL (Name, Image, Likeness) endorsements have allowed basketball stars like LSU’s Angel Reese and Flau’jae Johnson to earn over $1 million. Iowa’s Caitlin Clark and TCU’s Haley Cavinder are also among top 10 college basketball players in terms of NIL valuation, according to on3.com. 

Basketball stars aren’t the only ones benefitting from NIL support. LSU gymnast Livvy Dunne ranks third overall in NIL valuation, behind only Bronny James and Shadeur Sanders. 

Brands are noticing

With social media followers measured in the millions, it’s no surprise that brands are rushing to sign many of these female athletes to NIL deals. Reebok recently inked a deal with LSU’s Reese to headline their new ‘Not Made to Be Subtle’ apparel line.

It’s not just sportswear brands that are taking notice. A personal injury lawyer in Louisiana featured Flau’jau Johnson’s rap skills on a local Super Bowl commercial . When she’s not breaking records on the court, Caitlin Clark has been busy signing deals with brands including State Farm.

Most notable, however, is gymnast and social media sensation Livvy Dunne. With social followers exceeding 12 million, Dunne has deals with Nautica, Motorola, Vuori, and more. With Accelerator energy drink, she is featured among professional superstars Aaron Judge and Travis Kelce, and her partnership with Forever 21 even extended into a collaboration with the Barbie movie. While terms typically are not disclosed, it’s been reported that she has inked individual deals worth over $500K. 

NIL sponsorships are especially attractive for brands seeking to reach the coveted Gen Z audience. According to Gen Z expert Gary Rudman, the social media engagement with these athletes can help brands build lasting relationships with this audience.

“Social media dramatically influences Gen Z, helping to shape their perspectives and brand preferences.  Brands that authentically engage with this generation on social platforms can help to create loyal followings and drive meaningful brand advocacy.“

Gary Rudman, President, GTR Consulting

Professional earnings not (yet) keeping pace

It’s been noted that for some female athletes, NIL deals can exceed the salaries of their professional counterparts. While this may be true on the surface, comparing endorsements to salaries is misleading. Assuming athletes like Reese and Clark continue their sport in the WNBA, it’s likely that their existing sponsorship deals with various brands will continue, with the potential to add new sponsors.

That said, the star power of athletes like Reese and Clark is likely to raise the profile of the WNBA, resulting in increased ticket sales and television ratings.

New broadcast deals provide opportunities for both athletes and brands

The NCAA and ESPN recently reached an agreement on a new media rights deal. Unlike the men’s basketball tournament, the women’s basketball tournament was not carved out separately. However, the new deal values the women’s tournament at $65 million, which is 10X that of the prior deal. 

Similarly, the WNBA recently signed a 3-year, $39 million deal with Ion to broadcast Friday night games. According to Forbes’ Howard Megdal, that’s about half what ESPN pays for the primary rights. This is a significant step in the right direction, but the larger opportunity will be when both contracts expire in 2025.

Media expert Steve LeBlang sees hefty increases in the rights-fees of WNBA and NWSL as just the beginning.  With men watching women’s sports in increasing proportions, the audience is increasingly attractive to advertisers.

“Advertisers are willing to support these leagues because of the quality, not the size, of the audience.  And women’s professional hockey, not even two months old, is looming out there as ripe for a deal.”

– Steve LeBlang, Senior Consultant, SL Media Enterprises 

The combination of new media rights deals, along with a surge in NIL agreements, signals a new era for women’s sports. Although still far from being at parity with their male counterparts, elite female athletes are beginning to reap financial benefits from their sports.   

With the women’s NCAA tournament just around the corner, it’s likely that viewership will continue to grow. This may make 2024 the best year yet for women’s sports.