The Business of Women's Sports: Closing the Gender Gap in Sponsorship and Media Exposure

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Introduction

Explore the growing momentum behind women's sport: sponsorship and media exposure, highlighting rising viewership, breakthrough endorsement deals, and the challenges still limiting investment—plus actionable solutions to drive gender equity in sports.

Women's sports have seen a surge in popularity over the past decade, with record-breaking viewership, increased participation, and major brands beginning to take notice. The 2023 FIFA Women’s World Cup was a testament to this growth, reaching an estimated 2 billion viewers worldwide, nearly doubling the 1.12 billion who watched in 2019 (Euromonitor International) Attendance at the tournament also hit a record high, with nearly 2 million fans attending matches (Richter, 2023).

Despite these advancements, women's sports still receive disproportionately low investment in sponsorship and media exposure compared to men's sports. This article explores the current landscape, challenges, and opportunities to bridge the gap and unlock the full potential of women’s sports.

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The Current Landscape of Women's Sports

Rising Viewership and Engagement

The 2024 WNBA season delivered record-breaking viewership across ESPN platforms, averaging 1.2 million viewers per game—a 155% increase from 2023. Viewership among women and young adults saw the highest surge, up 165% year-over-year (ESPN). This significant rise highlights the increasing demand for women's sports and the shifting audience demographics that brands and media companies should take note of. (Brito, 2024)

Similarly, the National Women’s Soccer League (NWSL) has experienced massive growth, with TV ratings increasing by 493% since securing new broadcast deals with CBS and Twitch in 2020. This surge in viewership demonstrates the league's expanding influence and the increasing commercial potential of women’s soccer. As more networks and streaming services invest in broadcasting women's sports, their visibility and marketability continue to rise. (Cash, 2020)

The 2024 NWSL season concluded with record viewership, highlighting the league's expedited growth and increasing mainstream popularity. The NWSL Championship, presented by Google Pixel, was the most-viewed match in league history, averaging 967,900 on CBS, an 18% increase from 2023. Viewership peaked at 1.1 million as Orlando Pride captured their first championship. In addition, the NWSL Skills Challenge, presented by CarMax, was the most-watched NWSL event ever, with 1.54 million viewers. The league's seven postseason broadcasts averaged 562,900 viewers throughout the playoffs, and total 2024 viewership was 18.7 million—a five-time increase from 2023. These records, combined with unprecedented media deals, illustrate the growing commercial and fan interest in women's soccer. (NWSL, 2024)

The rising influence of female athletes on social media is also driving fan engagement. Stars like Serena Williams, Naomi Osaka, and Megan Rapinoe have leveraged digital platforms to enhance their brand visibility and connect with fans directly. By using social media as a powerful tool for storytelling and advocacy, these athletes have reshaped the narrative around women’s sports, proving that direct engagement with audiences can translate into increased sponsorship opportunities and commercial success.

Sponsorship Deals for Female Athletes Are Soaring

Female athletes are securing record-breaking endorsement deals, with stars like Simone Biles and Naomi Osaka leading the way. These multimillion-dollar sponsorships highlight the growing commercial power of women in sports.

Naomi Osaka has become a marketing powerhouse, earning far more from endorsements than prize money. While her career winnings exceed $21 million, her real financial success comes from deals with brands like Nike, Adidas, Airbnb, Nissan, and Levi’s. In 2020, she earned $34 million from sponsorships alone, making her the highest-paid female athlete ever. She topped that in 2021, bringing in an astonishing $60 million—$55 million of which came from brand partnerships. (Mitchell, 2023)

Simone Biles, the most decorated gymnast in history, has turned her dominance into lucrative brand deals. Despite withdrawing from major events at the Tokyo Olympics for mental health reasons, her marketability only increased. She secured multimillion-dollar deals with Athleta, Visa, Uber Eats, and Airbnb. Her influence transcends gymnastics, making her one of the highest-earning female athletes through sponsorships. (Mitchell, 2023)

Alex Morgan, a global icon in soccer, has built an empire beyond the field. With nearly 10 million social media followers, she attracts top-tier brands, including Nike, Panasonic, AT&T, Chobani, McDonald's, P&G, Mondelez International, and Coca-Cola. Her ability to connect with fans makes her one of the most marketable athletes in women’s sports. (Mitchell, 2023)

Oksana Masters, a Paralympic champion across multiple disciplines, has defied the odds to secure major sponsorships. Born with severe birth defects linked to the Chornobyl disaster, Masters has inspired millions and drawn brands like Apple, Southwest Airlines, and ESPN. Her resilience has made her a highly sought-after ambassador for inclusivity and perseverance in sports.

As brands recognize the influence and marketability of female athletes, these sponsorships continue to break new ground, proving that women’s sports are a financial powerhouse. (Mitchell, 2023)

In 2024, the NCAA agreed to a record $115 million-per-year television broadcast deal with ESPN, close to three times its previous worth, driven by the expanding popularity of the Division I women's basketball tournament. This spike in worth follows a pattern: women's athletics now are key players in the sports economy, leading in sponsorship, media rights, and merchandising. (Abrash & Deloitte US, 2024)

New information from Wasserman's The Collective and Deloitte shows that over 80% of brand decision-makers have made a stronger commitment to spending on women's sports over the past five years. But a challenge remains—less than 10% of total sports media expenditure is invested in women's sports, and over 70% of undecided decision-makers report feeling internal opposition to investing in the category. (Abrash & Deloitte US, 2024)

Credit: Marijan Murat—Picture Alliance / Getty Images (Simone Biles)

Challenges in Sponsorship and Media Exposure

1. Disparity in Sponsorship Deals

Men’s sports have historically attracted the lion’s share of sponsorship dollars due to entrenched industry biases and perceptions that women’s sports yield lower returns. However, studies show that brands investing in women’s sports enjoy strong audience engagement and enhanced brand perception. (womens sport trust, 2024)

2. Breaking Barriers: The Ongoing Struggle for Equal Media Investment in Women's

Sports

Recent reports from industry research indicate that over 80% of brand decision-makers have invested increasingly in women's sport over the past five years. But despite this growth, funding for women's sports remains behind that of men. On average, less than 10% of the sports media spend of brands is with women's sports. But worse, more than 70% of brand decision-makers who have ventured into this investment arena have experienced internal resistance from within their own organizations. (Abrash & Deloitte US, 2024)

3. Pay and Investment Gaps

Though there has been advancement in women's sports in all sports like tennis, football, and cricket, much remains to be achieved. Iconic athletes such as Billie Jean King and Serena Williams have paved the way for women's equality in tennis, with Wimbledon providing equal prize money since 2007.

While progress has been made in women's sports across disciplines like tennis, football, and cricket, significant challenges remain. Iconic figures such as Billie Jean King and Serena Williams have paved the way for gender equality in tennis, with Wimbledon awarding equal prize money since 2007.

In football, the FIFA Women’s World Cup has seen increased popularity, and in 2023 the purse was raised to $110 million—a large increase from previous years but still far less than the $440 million distributed at the 2022 men's tournament. Over the past three editions of the tournament, prize money has risen significantly, from $15 million in 2015 to $30 million in 2019, and now $110 million in 2023. While this progress is encouraging, female athletes still earn less, get less exposure, and remain underrepresented in leadership roles across sports. (Statista, 2024) (St Paul's Girls' School, 2024)

Sexism and institutionalized discrimination persist, but with increased investment, shifts in policy, and backing from audiences, true sporting equality can become a reality in the next few generations.

Opportunities for Growth and Equality

1. Innovative Sponsorship Models

Brands that have invested in women's sports are already seeing positive returns. Visa’s commitment to UEFA Women’s Football and Barclays' sponsorship of the Women’s Super League are prime examples of brands capitalizing on the momentum in women’s sports.

2. Leveraging Social Media and Digital Platforms

Female athletes are using social media to amplify their presence beyond traditional media outlets. Brands can take advantage of this direct-to-consumer engagement to maximize exposure and revenue opportunities.

3. Policy Changes and Advocacy

Governing bodies like FIFA, the International Olympic Committee, and national sports federations are beginning to implement policies aimed at promoting gender equity. Measures such as increased funding, mandatory salary floors, and improved working conditions can help level the playing field for female athletes.

Driving Change in Women's Sport: Areas of Growth

Increasing Media Coverage

For equality to be achieved in sport, television networks and the internet must make a strong commitment to quality and frequent coverage of women's sport. With greater visibility will come not only increased female athlete profiles but more sponsorships, viewer involvement, and long-term investment.

Increasing Corporate Investment

Brands must look beyond traditional return-on-investment (ROI) models and value the long-term worth of engaging with women's sport. As this market grows at a breakneck speed, early investment will not only be financially rewarding but also position businesses at the forefront of advancing gender equality in sport.

Grassroots Development and Community Engagement

The foundation of a strong and competitive women's sports industry starts at the grassroots level. Developing up grassroots programs, increasing funding for training centers, and promoting community involvement will ensure long-term sustainability, the development of talent, and increased participation in women's sports.

Conclusion

The landscape of women's sports is experiencing a transformation, with measurable progress in sponsorship deals and media exposure. Yet despite these advancements, significant work remains to achieve true equity. Organizations, including commercial brands, media outlets, and sports governing authorities, need to recognize both the financial potential and social value inherent in supporting women's athletics.

Making these investments now creates dual benefits: establishing gender equality while simultaneously accessing an extraordinarily promising growth market. Early investors in this space will position themselves advantageously in what promises to be a fundamental reimagining of the global sports ecosystem.