Women's sports executives comment on parity, media and lack thereof

Women's sports reach a turning point in 2023, driven by major new broadcast deals, never-before-seen players, and record-breaking audiences that have dramatically changed the sports landscape.

From Caitlin Clark fever at Iowa State to the 92,000 women's volleyball fans at Nebraska, women's sports have never been more on the forefront.

And it doesn't slow down.

Revenue generated by women's elite sports could exceed $1 billion this year, a 300% increase from 2021, according to Deloitte estimates.

Bigger media deals and more commercial sponsors are driving record valuations for women's sports, with many teams expected to be worth more than $100 million in 2024, according to Deloitte.

Last year saw record media deals for women's sports with both the NCAA and NWSL signing groundbreaking agreements. Investors, from private equity to celebrities, are lining up to get in on the game.

However, there is still a lot of work to be done, specifically, in the areas of pay equity, peak access, and even the need for more historical data.

CNBC surveyed some of the most influential female executives in sports, from league commissioners to team owners and CEOs, to hear their thoughts on the state of women in sports. Some of their answers have been edited for style, clarity and length.

Renee Anderson, NFL Executive Vice President and Chief Revenue Officer: The obstacle, or really the opportunity, today is continuing to amplify the incredible athleticism of these women. Instead of being shocked and surprised when we see that women are amazing at sports, we need to do a better job of weaving a message of greatness when we highlight greatness in men's sports. he's there. It just doesn't get the attention it deserves.

Jessica Berman, National Women's Soccer League Commissioner: As the world wakes up to women's sports, expectations for how quickly the sport can grow, from all stakeholders, are a real challenge. We are 100 years behind men's sports, and that doesn't mean we should move slowly. This means that it is difficult to build the aircraft as quickly as many stakeholders expect – and to do so in a sustainable and commercially viable way.

Cathy Engelbert, Women's National Basketball Association Commissioner: One of the obstacles is the undervaluation of our assets. Whether it's a patch on a uniform or a broadcast ad buy, we need to change the paradigm. It's based on decades-old spreadsheet models that were designed specifically for men's sports, and in those models, a lot of the things that companies now support in women's sports aren't taken into account like their diversity, their community, and the fact that they're not “one” type. “And it was done.”

Jessica Gelman, CEO of KAGR and founder of the MIT Sloan Sports Analytics Conference: A major hurdle has been the available data on performance that supports and enhances storytelling. These stories spark interest and motivation (for example, see Caitlin Clark's NCAA scoring quest). Last year, the MIT Sloan Sports Analytics Conference donated to Sports-Reference to support the addition of 1987 female college student data.

Jayna Hayford, Senior Vice President of Operations, Women's Professional Hockey League: Women's sports are still struggling to secure major broadcast windows, consistent airtime and traditional media coverage. Moreover, the dearth of traditional media coverage has historically forced women's teams and leagues, as well as women-owned media companies, to take the lead in promoting their own narratives. This limited visibility has made it difficult to attract brand support, although research suggests that companies that invest in women's sports see profitable returns.

Haley Rosen, CEO and Founder, Just Women's Sports: One of the biggest barriers to progress in women's sports today is reliance on legacy platforms. The legacy platforms were not set up to support women's sports and build on momentum. Yes they will stream games but there is only so much time in the day for the shoulder programming and coverage needed to amplify the women's leagues, and legacy platforms will always prioritize men's sports. Viewing numbers are rising, but the percentage of women's sports coverage on legacy platforms has not changed.

Molly Marcoux-Semaan, LPGA Commissioner: Women's sports today face two major barriers: investment and exposure. We have made great strides in the LPGA. Our total revenue has increased by 65% ​​in the last four years, and our total purses – the prize money that players play in each week – have increased by 70% since 2021. That's because of investment, because of partnerships, and because of corporate decision-makers seeing not just great business value. for the LPGA but also the opportunity to make a positive impact on the world.

Katrina Adams, former professional tennis player and former CEO of the USTA: I think what the Women's Tennis Association has done for many years, showing other professional sports what can be achieved if they use your voice and their talent, that they can survive. When you look at female athletes today – you know, we're talking about (Caitlin Clark types) and Sabrina Ionescu and Coco Gauff, who were the highest-paid female athletes last year – there's a lot of opportunities for these young women to use their platform to really speak up and speak out about what it means to be at the level of Equal week after week.

Berman: I think we have to move from these moments to being part of the movement, so that we get out of the default mode that these reference points are episodic or transactional or isolated, so that they can translate into more sustainable growth and investment. I think the more we can articulate and talk about some consistent data points that show that businesses are actually being built in a more consistent way, the easier it will be to debunk the narrative that these are one-time success stories.

Pamela Duckworth, Head of Fubo Studios at FuboTV: Athletes are multifaceted — they're also mothers, businesswomen, philanthropists, media moguls, and so much more. We can use the momentum generated by attention-grabbing sporting moments to bring athlete stories to the forefront and connect with broader audiences in this way.

Engelbert: Sports is about marketing, marketing, marketing. If you look at the history of the NBA that put the league on the map and the billion-dollar deals, it was the rivalry between Magic Johnson and Larry Bird in college. Then he was a marketing genius with Michael Jordan and Nike. But you need capital for marketing and advertising. I think our marketing strategy now that we have this capital is to build household names, create rivalries, and promote games or events with consequences.

Amy Howe, CEO of FanDuel: Women's sports need to continue to put their star athletes (i.e. Ionescu, Aja Wilson and the WNBA's Brianna Stewart) into the mainstream on equal footing with their male counterparts — and the three-point competition was a perfect example. It's no surprise that all this investment and support is resulting in better female athletes performing which leads to additional success in places like the FanDuel business, where we've seen a 270% increase in the number of bets on women's sports and a 101% increase in the handle or amount bet. . It's a real flywheel effect.

Rosen: There are tens of millions of sports fans waiting to join this space. We have to make it easy and fun for them to be fans of women's sports and not just rely on standalone moments. This means meeting them every day on their feeds, creating content that engages them and keeps them connected to this space.

Kelly Laferriere, Chief Business Officer, A-Rod Corp:

The investment community and media companies are taking notice. They realize the strategic value. Distributing women's sports content across multiple media platforms to reach the largest possible audience will generate new revenue and keep women's sports part of the mainstream conversation. The Olympic Games in Paris in July will also create an opportunity for female athletes to shine on the world stage.

Adams: I think it's an opportunity for our women to finally be recognized and make a living. Men, they've had this opportunity for years, decades, “under the table,” so to speak, now women are able to do it legally with NIL. For them, they can make a little money and grow the sport in their communities, in their cities, college towns, etc. I think it's great. They are learning how to be entrepreneurs at a younger age, and they are doing very well.

ANDERSON: I think NIL probably only helps a few people with their social media. I'm not sure outside of a handful of amazing athletes/influencers it would be as prevalent throughout women's college sports as it is for men's soccer. But I guess we wait and see. I don't think it hurts, but for those few women who benefit, it's an opportunity for them to lift up other women.

Duckworth: NIL opens doors for female athletes to build their own brands in ways not possible before. Why shouldn't a female athlete make money the same way her male counterpart can? Money equals independence in my book. Kudos to big sports stars like Angel Reese or Caitlin Clark for showing young women what can be built.

Hayford: The NIL's positive impact on women's college athletics has reverberated throughout women's sports, creating a scenario where all boats rise. As more female athletes become household names, investment in women's sports is likely to increase, encouraging more young girls to start or continue participating in sports.

Rosen: On paper, it's great and we should celebrate anything that helps female athletes grow their brand and monetize their talent. Clearly, there are still some details that need to be ironed out, especially when it comes to team dynamics and the potential for no-deals to force players to take short-term profits at the expense of their long-term development.