In the realm of women’s sports, the industry currently holds a relatively small market share, though this segment is undeniably expanding. CNBC’s Alex Sherman pointed out in his latest newsletter that the women’s sports market achieved $1.3 billion in commercial revenue in 2024, reflecting a 30 percent increase from the previous year. This data originated from Kara Nortman, co-founder and managing partner of Monarch Collective — recognized as the largest pool of capital exclusively dedicated to women’s sports investment. Furthermore, Deloitte has also substantiated these figures, forecasting that the overall revenue for the industry will rise to $2.35 billion by 2025.
To put these figures into context, this would represent a remarkable 240 percent revenue increase over the last four years, with commercial revenue being the main driving force. Deloitte highlights factors like “increasing brand recognition, rising fan engagement, and more lucrative sponsorship deals” as significant contributors to this growth. However, Nortman cautioned that while the women’s sports market is growing, it still pales in comparison to men’s sports, which she estimates generate between $500 billion and $750 billion in commercial revenue. This discrepancy has led her fund to focus primarily on investing in “mature sports where there are media revenue trends,” specifically in basketball and soccer.
“The market is still quite small,” Nortman explained to Sherman. “It’s a very early market, resembling a venture landscape in terms of market dynamics, but we adopt a growth equity or private equity approach, targeting the most mature segments.” This aligns with Deloitte’s projections, which suggest that basketball and soccer will account for 79 percent of the revenue in women’s sports by 2025. Notably, basketball is expected to be the leading revenue generator at $1.03 billion, buoyed by a new wave of young talent led by Caitlin Clark.
Overall, women’s sports is currently in an exciting phase, showcasing a proven growth trajectory while being early in its development. It will be intriguing to observe the future direction of this industry and how it leverages its undeniable momentum.
