How Women's Sports Will Lead The Sports Industry Into The Future
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How Women’s Sports Will Lead The Sports Industry Into The Future
WE UNLOCKED THE
NEW MODEL TOGETHER Angela Ruggiero
It’s one thing to say that women’s sports has arrived. It’s another behaviors and provide valuable insights into how revenue will
thing to unlock the business case, show the path forward, and be generated in the new age of sports. These fans have sought
prove women’s sports is a good financial investment. That’s out the content they can’t get on linear television through
exactly what we set out to do when we launched The Fan Project. digital platforms, pushing them to be some of the most digitally-
savvy fans in the industry. This pattern of digital consumption
To execute on The Fan Project vision, I pushed my team,
and engagement is exactly what’s happening across all
my peers, and our partners across the world to seek the
entertainment and will continue into the future. To accelerate
evidence required to make a bulletproof, data-backed
growth with these avid consumers, women’s sports should hone
business case for women’s sports. As a 4X Olympian and CEO
its product-market fit by focusing on storytelling and scale its
of Sports Innovation Lab, I did not want to publish another
market opportunity with always-on content production - an
opinion piece or demand investment from corporate social
approach we call the “Community-Based Monetization Model.”
responsibility budgets as the “right thing to do.” From raising
venture capital to working at the largest hedge fund in the I’ve always known intuitively that women’s sports was ready
world, I know firsthand investors need to see data, proof to claim a bigger market, but never knew exactly how to do it.
of product-market fit, and scale to invest in anything. Like others who competed at the highest level, I saw how fans
Unfortunately, some of that data is not available for women’s turned up and tuned in when they actually knew we were on TV
sports - because the industry fails to collect it, much less or playing in town. I learned from others who came before me,
analyze it. So we went directly to women’s sports fans to do the like Billie Jean King, Julie Foudy, Cammi Granato. It has always
unheard of and asked them to share their personal social media been the players, the women themselves, who continue to push
data with us. They answered our call. the industry to build around them. As the product ourselves,
we know that when women are given a platform and when
We created this research report by collecting years of data
there is proper investment, we deliver the stories, the global
from fans, as well as other trusted sources. We followed the
audiences, and the drama. I personally plan to use this new
money by looking at fan behavioral data, analyzing media
model to invest in new opportunities.
consumption, and tracking sponsorship and brand affinity.
Our analysis spanned several months and included multiple The sports industry is full of investors who know “edge” and
peer reviews. Our partners, some of the greatest minds in open field opportunities when they see them. These investors
sports and business, pushed our thesis, questioned our are primed to follow the next big thing from virtual reality and
assumptions, and advanced our thinking. esports to SPACs and NFTs. The Fan Project is the proof that
sports leaders around the world can no longer ignore: the
The result? This report is not just groundbreaking research;
women’s sports market has arrived. I’m all in.
it’s a business model for how to invest in sports and win. We
Angela Ruggiero
see clearly the industry’s path to growth. Fans of Women’s CEO and Co-Founder
Sports, both men and women alike, demonstrate Fluid Fan Sports Innovation Lab
Thank You to Our Partners...
2 | SPORTS INNOVATION LAB » THE FAN PROJECT | WWW.THEFANPROJECT.CO
THE FAN PROJECT
WE ASKED FOR FANS TO SHARE THEIR More Than 10 Million Data Points
ENTIRE SOCIAL MEDIA HISTORY WITH US: The findings presented in this report are derived from the
THEY DID analysis of more than 10 million data points collected from
fan-supplied social data files (Facebook and Twitter, from
When we devised the idea of The Fan Project, we intentionally set women and men). These files were scored and organized
out to find data that would support the investment case behind by technologies, brands, and behaviors specific to the
women’s sports. We knew we needed to take a novel approach, sports industry.
so we asked fans to share their social media history with
us, and we recruited a powerful network of partners to help. More Than 10 Billion Data Points
The results were overwhelming. We received millions of data Additionally, we analyzed more than 10 billion TV viewership
points that dated as far back as 2007. We anonymized the files, data points collected from more than 3 million households.
structured them, and in many cases combined or compared the
trends we saw with other industry data. The data in this report
is observed social and viewership data from a near 50/50 split
of men and women. It took months to organize and map raw Finally, we worked with key partners to compile additional
data to the sports business model and fan behaviors covered qualitative and quantitative data and research to supplement
in this report. The end result is a number of assertions about our total findings.
how to best invest in women’s sports.
WITH UNFETTERED AGE OF THE LOCAL FAN
1850s - 1950s
AGE OF THE GLOBAL FAN
1950s - 2020
AGE OF THE FLUID FAN
2020 & BEYOND
ACCESS TO FAN
DATA, WE SEE A
CHANGE AGENT
Sports as Business Broadcast TV Social Media Smartphone
NEW MONETIZATION TEAMS
Local Global Dynamic
MODEL FOR
SPORTS EMERGE MEDIA
Radio Newspaper TV Satellite Cable OTT Transmedia
We spent four years doing
BEHAVIOR
market research around the Spectator Consumer Creator
evolution of the sports industry
and how technology is shifting
FOLLOWS
fan behavior. The result was Teams Leagues Teams Leagues Teams Athletes
our Fluid Fan™ report, and 100
establishing an industry
90
standard for evaluating
Fluid Fan behaviors. 80
The data we collected through 70
The Fan Project allowed us 60
% OF REVENUE
to explore, at depth, the rise
50
of Fluid Fan behaviors. The MONETIZATION
question has always been how 40
do we win these new fans? 30
Through our analysis, we can
see a new Community-Based
20
Monetization Model emerge. 10
This report is a roadmap for
0
executing on this model.
Source: Sports Innovation Lab data, PwC Sports Outlook Report
3 | SPORTS INNOVATION LAB » THE FAN PROJECT | WWW.THEFANPROJECT.CO
FORWARD NEW MONETIZATION MODEL BEHAVIOR ANALYSIS HOW-TO GUIDE CONCLUSION
THE COMMUNITY-BASED
BUSINESS MODEL WILL DRIVE
THE FUTURE OF SPORTS
The Traditional Monetization Model for the
sports industry is based on audiences,
events, reach, and impressions, while the
Community-Based Monetization Model
is driven by always-on storytelling,
conversations, access, and direct-to-consumer
commerce. Understanding this new model
unlocks powerful new ways to produce,
distribute, and measure sports.
MONETIZATION
AGE OF THE FLUID FAN
2020 & BEYOND
100 TRADITIONAL MODEL COMMUNITY-BASED MODEL
LICENSING
20%
90
Sports content largely focuses Storytelling (short- and long-form
on stats, scores, and schedules content) is essential and there is
80 PRODUCE
with occasional storytelling demand for it beyond game time
brought in
70 SPONSORSHIP
30%
% OF REVENUE
60
Linear media channels Consistent, accessible content
50 DISTRIBUTE monopolize how sports is necessary and presence on
content is distributed to fans digital channels is key (social
14%
media, OTT, etc.)
40
MEDIA
(Linear + OTT)
16%
30
Purely concerned with quantity Consumption is a
20 MEASURE of eyeballs on screens (linear) quality-over-quantity game and
10%
and butts in seats alignment with fan values nets real
profits and brand affinity
TICKETS
10 (In-person + AR/VR)
10%
0
Source: Sports Innovation Lab
Source: Sports Innovation Lab
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THE FAN PROJECT
SOMETIMES, TIMING IS EVERYTHING
There is no such thing as overnight success. The balance of power is clearly shifting.
Consumer demand takes time to grow, and while technology is The pipeline of talent for women’s
accelerating new paths to growth across all sports, those eye- professional sports is growing at 6x the
popping valuations and ratings numbers posted by most men’s rate of the men’s pipeline.
professional leagues and teams are 75-100+ years in the making.
NCAA data, collected since the early 1980’s on participation
Women’s sports are the startups of an rates of men and women in college sports, shows that
otherwise big, corporate sports world. women’s participation has been experiencing exponential
growth. This growth is not slowing. Gen Z is now commanding
The vast majority of North American women’s leagues and
the social spaces, and current NCAA women athletes often
associations have largely only come to be in the past 30 years. Like
drive more and deeper engagement with their fans. In this
most startups, women’s sports properties have been scrappy. Their
report, we outline how this pipeline of new, digitally-savvy,
use of social media, streaming, and smartphones has given rise to
athletes will fuel the growth of women’s sports and further
new ways to engage directly with fans and drive growth, allowing
give shape to the Community-Based Monetization Model.
them to keep the lights on and scale with minimal funding.
FOUNDATION & CHANGE AGENTS PROPERTIES/PRODUCTS
SOCIETAL SHIFTS TECH ADVANCEMENTS MEN’S/CO-ED WOMEN’S
Racial & gender
COVID 19 = 2020s
greater virtual
equality protests
world (2020) 2020 2020-
#MeToo
2019
2018- 40% of all athletes
identify as women
2010s 2015-
2013-
BLM
Smartphone
technology 2009-2012
scales (2007) 2007-2019
Post-recession
age of the startup Social media platforms
2000s 2004-
enter the market (2005) 2001
2001-2003
1999-2020 1998 1st Women's Hockey
1997-
World Wide Web
1990s 1996 1st Women's Soccer/Football
1993-
launched to the public
(1993) 1991 1st Women's World Cup
End of Apartheid
1986-
28% of all athletes
identify as women
1980s 1985 USWNT formed
1982-1985
1976 1st Women's Basketball
1970s
1972- 1973-
Title IX 1971-1979
First multi-satellite,
live international
Women’s
broadcast TV (1967) 1967-1976
Liberation 1960s
Civil Rights
1958-
Movement 1953- 1950s
1950-
1946- 1940s
1st Men's Basketball 1939-
WWII 1st Men's World Cup 1930- 1930s
1929-
1st Men's Hockey 1920- 1920s
Women’s Right to Vote 1917-
1910s
WWI
USMNT formed 1913-
1900s
1st Men's Soccer/Football beginning 1896-
with the initial Olympics in 1896 1890s
1880s
1881-
1870s
Sports begin to organize 1869-
and form business entities 1860s
(1860s)
Source: Sports Innovation Lab, NCAA.org
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FORWARD NEW MONETIZATION MODEL BEHAVIOR ANALYSIS HOW-TO GUIDE CONCLUSION
IN THE NEW AGE OF SPORTS, FLUID
FANS ARE THE GROWTH ENGINE
Societal Change Technology
Social movements stimulate digital conversation, drive
tech adoption, and force brand involvement. Technology
democratizes access to global audiences and provides
platforms to mobilize movements. Relevant examples:
women’s empowerment (including #MeToo), racial justice
(including Black Lives Matter), climate change, and more. SOCIETAL
CHANGE
Athlete/Entertainer Societal Change
Athletes/entertainers are beacons and leading indicators
of cultural movements. These movements and changing
behaviors, which are influenced by technology, create FLUID TECHNOLOGY
new opportunities for athletes/entertainers to engage FANS
their fanbase.
Technology Athlete/Entertainer
Technology creates direct access between athletes/
entertainers and their fans. Their conversations with fans
ATHLETE/
influence new technology growth and scale fanbases
ENTERTAINER
(i.e., Gamers (Ninja) on Twitch, K-Pop sensation BTS on
TikTok, WNBA/NBA athletes playing NBA 2K, etc.). This makes
investing using only traditional metrics and models archaic.
The Community-Based Monetization Model
for sports emerges from three macro-level
market forces that are tightly aligned. Evidence
from observed fan behaviors shows fans have
a new relationship with athletes facilitated by
technology. These fans also clearly unify and move
as a community when provoked by social issues
that align with their values. Women’s sports are
ideally positioned to monetize against this new
business model.
This has caused women’s sports to reach an
inflection point. The industry can now move from
“why should we invest in women’s sports?” to “how
should we best invest in women’s sports?” The
wave of investment from big brands/media, like
Secret, Budweiser, ViacomCBS, Visa, Dick’s Sporting
Goods, etc., demonstrates that upward trend;
and this new model gives context to the double-
and triple-digit growth numbers women’s sports
leagues, teams, and athletes were able to achieve
last year amidst an otherwise rough year for the
industry and the world.
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THE FAN PROJECT
WOMEN’S SPORTS FANS HAVE BEEN
FORCED ONTO DIGITAL CHANNELS
BEFORE OTHER SPORTS FANS
2016 2020
2007 FoWS exhibiting Fluid Fan Previously thought beginning
First significant fan data from files behaviors regularly to the Age of the Fluid Fan
$$$ being left on the table
Ability to learn about the future fan
As a Result, Fans of Women’s Sports
(FoWS) Became Fluid Fans First
SOCIETAL
In our foundational report, “The Fluid Fan is Here,” we CHANGE
identified that Fluid Fans, whose behaviors were being
noticeably impacted by technology, were primed to
shake up the sports industry. As an industry, we’ve lacked FANS OF
the understanding of where these Fluid Fans are and, WOMEN’S TECHNOLOGY
more importantly, what they’re doing. SPORTS
Through The Fan Project, we discovered that Fans of
Women’s Sports are Fluid Fans. Out of necessity, these
fans have been exemplifying Fluid Fan behaviors for at
least the past five years. If Fans of Women’s Sports wanted
to watch their favorite teams or athletes, they were forced
to go online. If they wanted to buy merchandise, they ATHLETE/
had to go through ecommerce channels. They began ENTERTAINER
establishing connections with athletes directly via social
media and other digital communities, because those
athletes made themselves accessible on those channels.
That means, while the industry was debating whether
demand for women’s sports existed and continued to use
50-80%
outdated metrics to evaluate them, money was being left of revenue
on the table — as much as 5 years worth of revenue.
By stripping away the ease of fandom, FoWS have been EARLY 1-10% of
forced to become extreme Fluid Fans and Early Adopters
of the new Community-Based Monetization Model. Simply ADOPTERS total fanbase
put, understanding the women’s sports fanbase, with their
fluent use of smartphones, social media, streaming, and
other technology, can lead the industry to understand all
future sports fans and give leaders the insights they need
to plan for future growth. Source: Spotify, Adobe
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FORWARD NEW MONETIZATION MODEL BEHAVIOR ANALYSIS HOW-TO GUIDE CONCLUSION
SO WHAT DO WOMEN’S SPORTS FANS TELL
US ABOUT THE NEXT GENERATION OF FANS?
Women’s Sports Fans Express 10 Key
Fluid Fan Behaviors SHOW UP/
LISTEN
While demographics can offer a high-level understanding GO
of elements of a person or group, they are largely a poor
indicator of interest or consumption patterns and provide PARTICIPATE BET
no ability to truly know about the human behind the screen.
To combat this, we focus on observing and analyzing fan
behavior first.
LEARN CREATE
NAME
EDUCATION AGE
BEHAVIORS
CO-
ACCESS
WATCH
DEMOGRAPHICS
OGRA
GRRAP
MARITAL
HH INCOME
STATUS
CONNECT OWN/BUY
ETHNICITY LOCATION
GENDER
LISTEN BET CREATE ACCESS OWN/BUY
Listen is about audio content Bet is about how fans are finding Create is a powerful ultimate Access is about bringing fans Own/Buy is driven by the
that keeps fans in the know new ways to socialize, compete, expression of fandom. Fluid Fans and athletes together through fans’ desire to own a piece
during game day and in between and play while they watch sports, don’t just consume content, they athlete-driven media. It breaks of the sports experience and
events. Listen empowers most notably in the form of sports actively create stories, highlights, down the traditional barriers and demonstrate fandom — could
fans to access athletes and betting and fantasy. and analysis around their allows fans to get closer to the be content, merchandise,
engage with other fans in favorite sport or athletes. athletes they love. or memorabilia.
In the data: Where fans go for
sports-related conversations.
fantasy sports, sportsbooks, In the data: Where fans go to edit In the data: Where fans go to In the data: What fans
In the data: Where fans listen and odds sites. photos, make highlight reels, and follow, interact with, and get buy, where they buy it, and
to podcasts, talk radio, and other content creation platforms. behind-the-scenes stories what they buy with.
audio-only platforms. Which about individual athletes.
audio platforms do they follow,
activate, and pay for.
CONNECT CO-WATCH LEARN PARTICIPATE SHOW UP/GO
Connect is about keeping fans Co-Watch is about lean-in Learn is about how fans Participate measures how Show Up/Go is about attending
connected on digital platforms viewing where fans watch with seek deeper understanding fans play, interact, and a live event (game or otherwise)
before, during, and after events. other fans through video chat, of their favorite sports, communicate with others in person and what fans
watch parties, and other social teams, and athletes. across the sports landscape. do on site.
In the data: What networks,
watching experiences.
mobile providers, and platforms In the data: Where fans go for In the data: Chat platforms where In the data: Where fans go to
fans are using to stay connected. In the data: Where fans go to advanced statistics, along with fans go to create communities; get directions, parking apps,
watch, stream, and engage with storytelling outlets and other apps that help them mobilize payment options, and more.
second-screen experiences. media platforms. beyond game day; brand
apps/communities.
Source: Sports Innovation Lab Fan Data
8 | SPORTS INNOVATION LAB » THE FAN PROJECT | WWW.THEFANPROJECT.CO
THE FAN PROJECT
WOMEN’S SPORTS FANS EXEMPLIFY COMMUNITY-BASED BEHAVIORS
SIL RECOMMENDATION:
Use this as a guide to
Co-Watch
understand who to
Learn build/buy/partner with
Own/Buy and to identify which
brands/organizations
Listen
are already resonating
Behaviors
Connect with Fans of Women’s
Participate Sports. Learn from
their efforts across
Create
the women’s sports
Access
landscape and partner
Brands shown are a representative
Show Up/Go sample of brands seen in the Fan Data with them to collect
Bet more behavioral
data and insights
0 20000 40000 60000 80000 100000
through data-
Frequency of Behavior in Fan Data
driven sponsorship.
Source: Sports Innovation Lab Fan Data
Across millions of data points, we are able to see a prevailing While it appears lower on the list in terms of frequency, it is
trend about women’s sports fans’ behaviors. They tend to align worth noting that Access is one of the fastest growing Fluid
with communal activities, and there are dominant brands Fan behaviors. Fans actively seek and use channels that
who play a role in driving those behaviors. Across a core of 10 allow them to connect directly with athletes, and athletes are
behaviors, Co-Watch shines. Fans of women’s sports want to becoming increasingly savvy about how they share things
watch, and they want to watch together. with their fans, like their training, fashion, and personal stories.
It is no secret that more platforms are being built
This observation is validated by other industry research as well.
to facilitate athlete-driven media, and as this
One study from 2019 reported that “90% of viewers are now
technology continues to evolve, we expect to
using a second screen while watching live sports. The most
see the frequency of this behavior move up the
common reasons are to engage with friends (45%), use social
rankings quickly.
media (45%), access real-time game data (44%), or to search for
statistics (43%).” Research shows that those social ties can help
increase fan loyalty. The Bureau of Labor Statistics also reports
that from 2013-2019, the average American household spend on
video streaming and audio streaming increased 480% and 345%
respectively. These broader trends are reflected in the most
prominent behaviors of Fluid Fans: Co-Watch and Listen.
Fans of Women’s Sports also want to Learn. A study of more
than 5,000 sports fans found that 24% of them wanted to be
able to control the stats and graphics they saw while watching
sports. It is clear from our data that Fans of Women’s Sports
want to understand more about the sports, teams, and athletes
they see on the screen while they watch, chat, and interact
with their friends.
Fans of Women’s Sports also want to Own a piece of the action
and demonstrate their fandom through what they wear and buy.
In addition to physical merchandise, there are strong licensing
opportunities that we see in the digital spaces through things
like gaming and the fast ascension of NFTs in the recent year.
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FORWARD NEW MONETIZATION MODEL BEHAVIOR ANALYSIS HOW-TO GUIDE CONCLUSION
ATHLETES AND THEIR STORIES UNITE
AND GROW THEIR COMMUNITIES Fans Using Tech to Access Athletes:
Global Events
Fans of Women’s Sports Want to Access 800
Athletes and Learn More About Them 700
Frequency of Behavior
The growth of athlete-driven media is not slowing down - Fans’ 600
desire to engage with women athletes has grown exponentially 500
over the past few years, reaching a fever-pitch in 2020
400
12X
amidst the pandemic. Growth
300
For decades, the Olympics and Paralympics led by example when 200
it came to storytelling around women athletes and creating ways 100
for fans to connect with their favorite athletes. We now see this 0
same behavior taking form across other major events, globally Paralympics Olympics WWC
and domestically. 1 Mo. Before During Event 1 Mo. After
Fans Using Tech to Access Athletes:
Domestic Events
Athletes Who 2000
Fans Wanted
Access To Most:
Frequency of Behavior
1500
5X
Megan Rapinoe Sue Bird
1000 Growth
500
0
WNBA Playoffs Wubble
Candace Parker Steph Curry Ashlyn Harris 1 Mo. Before During Event 1 Mo. After
Source: Sports Innovation Lab Fan Data
Fans of Women’s Sports will pay to Learn - The Athletic, which Where Fans Go to Learn About Women’s Sports:
puts the majority of its content behind a paywall, was by far
a top outlet for FoWS to go read and Learn about women’s
sports, teams, athletes, and related happenings. It has
[14%]
invested in dedicated, full-time resources to cover women’s
sports (including creating full divisions for NWSL and WNBA
coverage), as well as focusing on storytelling.
Fans Using Tech to Learn About Women’s Sports: Fans Using Tech to Learn About Women’s Sports:
Women’s World Cup (2019) WNBA Finals (2020)
300 300
Frequency of Behavior
Frequency of Behavior
250 250
200 200
150 150
100 100
50 50
0 0
1 Mo. Before During Event 1 Mo. After 1 Mo. Before During Event 1 Mo. After
Source: Sports Innovation Lab Fan Data
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FANS OF WOMEN’S SPORTS WANT TO
REPRESENT THEIR COMMUNITY, INCREASING
THE DEMAND FOR LICENSED PRODUCTS
The power of community-based commerce was on full display
following the USWNT’s fourth FIFA World Cup win in 2019. Nike
saw a 500% increase in jersey sales and was unable to fill that
demand. Miscalculating the power of Fluid Fans to mobilize
around the convergence of social issues, technology, and
athletes leaves money on the table.
Fans Using Tech to Buy Merch:
Women’s World Cup (2019)
80
70
Frequency of Behavior
60
50
40
30
20
10
0
1 Mo. Before During Event 1 Mo. After
Source: Sports Innovation Lab Fan Data
Fans Using Tech to Buy Merch:
WNBA Wubble (2020)
200 During the Wubble, the peak of the Own/Buy behavior took
place during the season, when the athletes were playing, but
Frequency of Behavior
150 also when they were driving social justice conversations off
the court. Fans of Women’s Sports spend liberally to support
100
athletes who align with their values. The result: the WNBA Orange
Hoodie became a staple cultural item and one that continues
to be in high demand (and is often impossible to find in all sizes)
50
even a year later.
0
1 Mo. Before During Event 1 Mo. After
Source: Sports Innovation Lab Fan Data
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TO CAPITALIZE ON THESE Fans of the WNBA are also fans of the NBA, but Fans of
BEHAVIORS, SHIFT HOW
Women’s Sports talk about the WNBA 4x as much as
they talk about the NBA.
WOMEN’S SPORTS ARE KEY TAKEAWAYS
PRODUCED, DISTRIBUTED, 200 15000
Engage FoWS with content
that goes beyond the game -
AND MEASURED 150
10000
Player profiles,
behind-the-scenes, lifestyle
PRODUCED 100
and fashion pieces, and
other content that creates a
FANS OF WOMEN’S SPORTS
richer view of the athlete as
5000
50 a whole person.
WANT THE FULL STORY 0 0
Let fans be creators -
Loosen digital rights to fuel
WNBA NBA conversations that happen
Fans Conversations organically in spaces that
Source: Sports Innovation Lab Fan Data rights holders don’t control.
Societal Topics Drive Conversation but, More Importantly, Increase Viewership
250000
# of social interactions with WNBA-related content on Instagram
# of Distinct Households Watching WNBA by day
200000
150000
100000
50000 800000
400000
0 0 0
0
0
0
0
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20
0
20
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20
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20
20
0
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Oct 13
Jul 15 Jul 29 Aug 10 Aug 23 Sept 10 Sept 23 Oct 02 Avery Bradley
Elena Delle Donne Sabrina’s second Phenomenal Kobe’s All major leagues Breonna Taylor Start of donated $30K
Lyme Disease game drama with partnership birthday being played case outcome Finals to WNBA bubble
Andre Iguodaia on same day Oct 06
Seattle wins
Aug 04 Aug 27 Sept 16 Sept 28 Oct 15
Aug 25 2020 Vote Game Maya Moore Instagram spotlights Glossier partnership
#OrangeHoodie Warnock postponements marries WNBA activism announcement
Start of Season Jonathan Irons
Storytelling Content
Jul 27
Stats/Scores Content Chris Paul
Source: CrowdTangle, Xperi | Viewership data provided by Xperi Holdings; Social data based on 46,114,307 total interactions and 13,702 total posts on Instagram, provided via
CrowdTangle (a Facebook company)
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PRODUCED
Add Fuel to Purpose-Forward Topics That Engage the Community with Always-On Content,
Rapid Merch Drops, and Direct-To-Consumer Commerce
The production of sports media isn’t only a game-day effort. Sports organizations need, what we call, a Fluid Fan Studio to trend-
jack key moments on and off the court, delight fans with exclusive merchandise, and grow a digital community of creators and
influencers. This direct relationship with consumers will pay off exponentially when triggered by on-field spectacle and heroics.
KEY TAKEAWAYS
700
Produce content
2020 “Wubble” and social justice
ce
Purpose-led conversations around outside of game
conversations lead by WNBA playersrs
Breonna Taylor and BLM drove a 92% YoY
600 time - Fans of
increase in fan conversations during the
2020 WNBA Playoffs and Finals Women’s Sports
2020 Draft are increasingly
500
engaging with
New CBA Announced
(1/14/20) storytelling content
400
Number of Tweets
in and out of season.
Tap into social
300
justice and
2018 Finals
purpose-led
200 conversations -
Fans of Women’s
100
Sports put their
values on display
and engage/buy
0
based on how
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2 2 2 2 2 2 2 2 2 2 2 2 2 22 2 2 2 2 2 2 2 2 2 2 22 2 2 2 2 2 2 2 2 2 2 22 2 2 2 2 2 2 2 2 2 2 22 2 2 2 2 2 2 2 2 2 2 22 2 2 2 2 2 2 2 2 2 2 22 2
0 0 0 0 0 0 0 0 0 0 0 0 0 00 0 0 0 0 0 0 0 0 0 0 00 0 0 0 0 0 0 0 0 0 0 00 0 0 0 0 0 0 0 0 0 0 00 0 0 0 0 0 0 0 0 0 0 00 0 0 0 0 0 0 0 0 0 0 00 0 brands/media/
witter
015 1 1 18/2/2015
18/30/2015
16/7/2015 19/27/2015
17/5/2015 111/1/2015
11/17/2016
12/21/2016
13/20/2016
14/17/2016 1 19/4/2016
15/15/2016
16/12/2016110/2/2016
17/10/20161 12/11/2016
1 11/8/2017
12/19/2017
10/30/201614/2/2017
1 1
4/30/2017
5/28/20171
6/25/2017 1 11/12/2017
1 17/23/2017
1 1 12/10/2017
8/20/2017 1 11/7/2018
9/17/2017
10/15/2017 12/4/2018
1 14/1/2018
1 5/27/2018
1 6/24/2018
1 7/22/2018
4/29/2018 1 9/16/2018
1 10/14/2018
1 11/11/2018
1 8/19/20181 12/9/2018
1 11/6/2019
12/3/2019
13/3/2019
3/31/2019 1 8/18/2019
1 4/28/2019 1 9/15/2019
1 5/26/2019 110/13/2019
1 6/23/2019 111/10/2019
1 7/21/2019 1 12/8/2019 2 2 2 2 8/16/2020
1 1 1 2 3/29/2020
2 4/26/2020 2 2 2 2 2 2 22/28/2021
24/11/2021
2 2
-100 5 5 5 5 5 5 5 5 5 5 5 5 6 66 6 6 6 6 6 6 6 6 6 7 77 7 7 7 7 7 7 7 7 7 8 88 8 8 8 8 8 8 8 8 8 9 99 9 9 9 9 9 9 9 9 9 0 00 0 0 0 0 0 0 0 0 0 1 11 teams/athletes/
2015 2016 2017 2018 2019 2020 2021 others align
Year with those values.
Source: Sports Innovation Lab Fan Data
Brand Purpose-Driven Posts Generate
Higher Engagement Rates
1.0%
0.8%
0.6%
0.4%
0.2%
Women’s sports led the way
on purpose-driven content, and
in 2020, they trained the sports world on 0.0%
how, when, and where these stories would CVS Health Coca-Cola State Farm Nike Molson Coors Pepsi Miller Lite
resonate best with fans. When sponsors
of men’s sports then did the same, they
saw similar engagement lifts. Brand Purpose-Driven Post Eng. Rate General Eng. Rate of Branded Posts
Source:
13 | SPORTS INNOVATION LAB » THE FAN PROJECT | WWW.THEFANPROJECT.COFORWARD NEW MONETIZATION MODEL BEHAVIOR ANALYSIS HOW-TO GUIDE CONCLUSION
DISTRIBUTED
MAKE WATCHING INTERACTIVE:
GIVE WOMEN’S SPORTS COMMUNITIES
MORE WAYS TO BE TOGETHER WHEN
WATCHING LIVE EVENTS
Fans of Women’s Sports Are Digital Natives
and Have a Higher Propensity to Watch on
Digital Channels, Even When Linear Options
Are Available
43% of viewership for the 2019 FIFA Women’s World Linear-Only Viewership
Digital/Streamed Viewership Source: FIFA
Cup came from digital channels (including those who
Both
watched on both digital and linear channels). Conversely,
only 8.9% of the viewership for the 2018 Men’s World Cup
came from digital channels.
KEY TAKEAWAYS
Optimize production for digital and mobile -
Fans of Women’s Sports have been conditioned to view in digital spaces.
Leverage digital experiences they’re used to -
Provide companion chat, social gaming, and ecommerce features.
Learn from the broader entertainment industry -
Encourage binge-watching by rolling directly into related content.
OTT Growth Is Accelerating - Understanding How Fans
Engage in These Spaces Should Be a Priority
OTT Share of US Television View Time
47.5%
39.4%
34.0%
33.3%
32.6%
27.5%
23.4%
21.8%
Q1 2017 Q1 2018 Q1 2019 Q1 2020 (e)
A18-49 Source: Nielsen, Tru Optik
A18+
14 | SPORTS INNOVATION LAB » THE FAN PROJECT | WWW.THEFANPROJECT.COTHE FAN PROJECT
DISTRIBUTED
WHEN WOMEN’S SPORTS IS ACCESSIBLE, THE COMMUNITY In 2020, NWSL had a new media
rights deal in place, which featured
TUNES IN - CONSISTENT ACCESS SCALES THE COMMUNITY a combination of linear and
streaming broadcast.
KEY TAKEAWAYS
Percent Change in Viewership Numbers, 2019 to 2020
Event
Make discovery easier
Stanley Cup Finals - FoWS are willing to
The Preakness Stakes pay for the content they
want, but removing the
The U.S. Open Golf (Final Round)
paywall invites both
NBA Finals
the Early Adopters and
U.S. Open Tennis
casual fans to watch.
Kentucky Derby
U.S. Open Golf (All Four Rounds) Think of athletes as
MLB Division Series your affiliate networks
- Optimize content and
Stanley Cup (Including Finals)
promotion for athlete-
The Belmont Stakes
driven media in digital
College Football Regular Season
channels to drive tune-in.
MLB Regular Season
WNBA Regular Season
MLS (MLS is Back Tournament)
NFL Regular Season
NASCAR
LPGA 2020 Opener
PGA Championship (Final Round)
WNBA Finals
PGA Tour (Non-Majors, CBS Only)
NWSL
-100% 0% 100% 200% 300% 400% 500%
Men Unisex Women
Source: Sports Innovation Lab
CASE STUDY:
When content is consistent and easy to find, fans of
women’s sports demonstrate they will turn up and
tune in — as a community.
+475% +60M
increase in minutes
For the first time in 2020, 100% of NWSL games were viewership watched
available to fans in the US and abroad either through
their TV or by streaming. The league signed a landmark,
4-year deal with CBS putting games on linear TV, plus
the CBS All Access (streaming), and signed a 3-year
deal with Twitch to broadcast games online for free +15% +350%
to international audiences. increase in increase in
social media male fans
Without the barrier to access these games, fans engagement engaging on
consumed content in record numbers: social media
15 | SPORTS INNOVATION LAB » THE FAN PROJECT | WWW.THEFANPROJECT.COFORWARD NEW MONETIZATION MODEL BEHAVIOR ANALYSIS HOW-TO GUIDE CONCLUSION
MEASURED
Shift How Women’s Sports Are Measured Traditional sports media metrics do not account for how
and Valued: The Key Is Understanding How technology has shifted fan behavior. Linear broadcast ratings
the Quality of Viewership Drives Revenue and media ad buys in the traditional sports monetization model
do not place enough emphasis on either the length of time
watched or the adjacent behaviors that fans are exhibiting
while they watch. This means we’re leaving money on the table.
If we know how long fans are watching and what else they are
doing while they watch, we can build a better, more engaging
experience for them.
The Covid-19 “Petri Dish” for Sports: August 2020 Viewership
782K 82%
42%
FANS WATCHED
OF DISTINCT
HOUSEHOLDS WNBA PROGRAMMING REGULAR SEASON WNBA GAME
WATCHED SOME SORT OF
WOMEN’S SPORTS IN
AUGUST 2020 1.4M 68%
NBA PROGRAMMING PLAYOFF NBA GAME
KEY TAKEAWAYS KEY TAKEAWAYS
Most sponsors currently buy off of ... when these numbers are equally, if not
these numbers ... more, important.
Source: Xperi Holdings
2020 WNBA - Co-Watch
Investment in sports should be driven not by the overall scale of 300
the audience, but by the level of insight a sports property has
Frequency of Behavior
250
about their audience’s behaviors. Community-based commerce
is driven by a deep understanding of which athletes, digital 200
platforms, social issues, and merchandising channels light up 150
conversation and drive growth.
100
As previously discussed, the Own/Buy behavior spiked during
the 2020 WNBA Bubble (“Wubble”) due in large part to the 50
#OrangeHoodie phenomenon. When we now look at viewership 0
1 Mo. Before During Event 1 Mo. After
and a similar spike in Co-Watch during the Wubble, we can draw
the conclusion that fans were not only watching more of the
KEY TAKEAWAYS
game, but they were activating shared viewing experiences and
Activate media buys in cross-platform spaces to proactively bring
translating their fandom into purchase moments.
licensing and content to fans where they are.
16 | SPORTS INNOVATION LAB » THE FAN PROJECT | WWW.THEFANPROJECT.COTHE FAN PROJECT
MEASURED
BRANDS WHO INVEST IN WOMEN’S SPORTS
NOW BENEFIT FROM COMMUNITY-BASED
COMMERCE AND BRAND AFFINITY
Our data, supported by insights gathered by our partner
KEY TAKEAWAYS
Zoomph, shows Fans of Women’s Sports are loyal to
brands who invest in this space at much higher rates than Get in now - Brands/organizations who invest in real ways now are
being rewarded with high levels of loyalty and brand affinity.
general sports fans.
Brand Affinity Toward Major NWSL Sponsors Brand Affinity Toward Major WNBA Sponsors
Brand Brand
2.3x 4.2x
Nike
Adidas
2.0x
Budweiser
3.9x
Beats
1.6x
Mastercard
3.4x
2.0x Nike
Secret P&G
0% 5% 10% 15% 20% 0% 10% 20% 30%
NWSL Fans General Sports Fans WNBA Fans General Sports Fans
Source:
Fans of Women’s Sports reward sponsors of women’s 300
Becomes official
sports with immediate engagement and spend. 250 sponsor of the USWNT
Frequency of Behaviors
Exhibited by FoWS
200
KEY TAKEAWAYS
150
Learn from big brands’ early investments - Investing in Women’s
+2700% YoY
Sports is a de-risked investment. Understanding how larger brands 100
increase in FoWS
have succeeded (and failed) with Fans of Women’s Sports unlocks exhibited behaviors
50 directly correlating
tactical elements of the new Community-Based Monetization Model. to Visa
0
2015 2016 2017 2018 2019 2020
Year
200 3000
Becomes official beer Sponsoring USWNT,
Frequency of Behaviors
sponsor of the NWSL NWSL, and WNBA
Frequency of Behaviors
2500
Exhibited by FoWS
Exhibited by FoWS
150
2000
+1100% YoY
100 increase in FoWS
+1075% YoY 1500
exhibited behaviors
increase in FoWS
directly correlating
exhibited behaviors 1000 to Nike
50 directly correlating
to Budweiser 500
0 0
2015 2016 2017 2018 2019 2020 2015 2016 2017 2018 2019 2020
Year Year
Source: Sports Innovation Lab Fan Data
17 | SPORTS INNOVATION LAB » THE FAN PROJECT | WWW.THEFANPROJECT.COFORWARD NEW MONETIZATION MODEL BEHAVIOR ANALYSIS HOW-TO GUIDE CONCLUSION
CONCLUSION
THE TIME TO INVEST IN WOMEN’S SPORTS
WAS YESTERDAY
THE OPPORTUNITY TO SHIFT TO A
COMMUNITY-BASED BUSINESS MODEL
IS HERE, NOW
We are grateful to the Fans of Women’s Sports for giving us
By now, though, it should be clear that The Fan Project is not
the opportunity to learn directly from their behavior and to our
a women’s sports story; it’s a sports industry story. Women’s
partners for helping us bring this project and this data to life. We
sports is simply leading the way for all the other organizations
can no longer ignore what’s right in front of us: women’s sports
who now face direct-to-consumer disruption of their traditional
are the future of sports. Through fans’ contributions to The Fan
business model. Rather than simply “lifting and shifting” this
Project, we now have the Community-Based Monetization Model,
traditional model, sports properties, brands, and media can
which can be used to advance the way we produce, distribute,
learn from the agile women’s sports “startups,” and embrace
and measure sports media and entertainment at large.
a Community-Based Monetization Model. The data shows that
Through our data, we can see that Fans of Women’s Sports when you do, Fluid Fans will reward your efforts.
demand a different kind of sports product. We can measure it,
None of this is easy, but without the baggage of decades and
and now we need to give them what they want.
decades of history, long-term rights deals, and entitlements,
Sports Innovation Lab is calling on all of The Fan Project partners, women’s sports can, and should, lead the way. Armed with better
as well as brands, media, and any other investors in sports, data and insights, the leaders who seize on this opportunity to
to lead the industry forward. We will help. We will continue to execute on the Community-Based Monetization Model now will
collect the data and insights you need to build your communities benefit most in the years to come.
of Fluid Fans. We will identify and solicit the right technology,
Billie Jean King is known to say, “If you can see it, you can be it.”
products, and services to make these communities stronger.
We can now see the path forward. It’s our job to be the future
We will help connect entities in new ways to accelerate growth.
our fans demand.
18 | SPORTS INNOVATION LAB » THE FAN PROJECT | WWW.THEFANPROJECT.COTHE FAN PROJECT 19 | SPORTS INNOVATION LAB » THE FAN PROJECT | WWW.THEFANPROJECT.CO
READY TO DIVE IN DEEPER?
Let’s talk! | info@thefanproject.co
Sports business decisions require understanding of an ever-changing
fan: The Fluid Fan™. Sports Innovation Lab exists to educate clients
on who their Fluid Fans are and how technology is changing their
behavior. Through our industry-leading fan data and research, we
inspire brands to create breakthrough fan experience and work with
the world’s leading sports organizations, including the NFL, NHL, WNBA,
FIFA, Google, Facebook, Coca-Cola, Visa, and more. Learn more about
Sports Innovation Lab at www.sportsilab.com and follow @sportsilab.You can also read
