Everyone Watches Women’s Sports

Why VC Are Investing So Aggressively

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The tide is turning in sports, and a new champion is stepping into the spotlight: women’s sports. Once considered a niche, women’s sports are now commanding mainstream attention, and the numbers tell a compelling story. With viewership, sponsorships, and revenue skyrocketing, this sector presents an opportunity for equity and a chance to capitalize on a thriving, yet still underappreciated market well positioned for exponential growth.

A LEAGUE OF THEIR OWN: THE RISE OF WOMEN’S SPORTS

2024 marked a watershed moment for women’s sports. The NCAA Women’s Basketball Tournament drew nearly 19 million viewers for its final (4 million more viewers than the 2024 men’s tournament), up 187% year-over-year​​1. And 2025 will be a long overdue, historic session in college basketball – women will finally be paid in the March Madness Tournament, as men have been paid for years2.

This rise is across women’s sports. The Women’s World Cup shattered attendance records, with more than two million fans attending matches in person​3. And in professional leagues like the WNBA, record-breaking seasons are becoming the norm, with attendance and viewership reaching their highest levels in more than two decades​​.

Despite this surge, women’s sports still only account for 15% of all sports media coverage4. This figure stands in stark contrast to the immense and still growing interest in women’s athletics, with 84% of sports fans expressing interest in the sector5. This gap between demand and representation highlights a significant opportunity for growth.

Think of it this way. If you could go back in time 40 years, would you invest in the NFL, NBA, MLB, NHL, MLS, youth sports, and all the adjacent tech, service, and product opportunities? Of course you would. That inflection point for investing in women’s sports is now.

CATALYSTS FOR GROWTH

The surge in interest in women’s sports can be attributed to four key factors.

1. Visibility and Media Investments

Worth mentioning again, media outlets like the BBC and ESPN have increased their women’s sports coverage and promotion by 100% over the last decade. As a result, viewership has soared. Nielsen conducted an excellent study on the correlation between BBC’s broadcasting women’s soccer on primetime channels and UK viewership. The results are clear: the more accessible and visible women’s sports are, the higher the viewership.

This is also clear with the WNBA. 2023 was the most watched WNBA season, and Barclays hosted the largest crowd in WNBA history with a reported 17,143 attendees. Liberty Head Coach Sandy Brondello noted, “To see all of the attendance records from this past year’s WNBA Finals was remarkable. It is a true testament of how women’s sports can flourish when given the proper stage and spotlight, such as Barclays Center6.”

Increased Access to Women’s Soccer Drives Greater Viewership

SOURCE: “Women’s sports viewership on the rise,” Nielsen, July 2023.

2. Sports: The Anti-AI

As our world increasingly becomes dominated by AI and robotics, humans continue to create fundamentally human interactions and activities. Sports fit that bill. Yes, you can download any song, anytime, anywhere, but the excitement of attending a live Taylor Swift concert made her Eras Tour the largest on record. Stadiums and arenas will remain filled, and watching sports live will continue to be the preference.

3. Star Power and Storytelling

Athletes like Caitlin Clark in basketball and Coco Gauff in tennis have captivated audiences, turning casual viewers into loyal fans​. Some refer to this bump as the “Caitlin Clark effect,” as her performance as the top college scorer ever (in women’s and men’s college basketball) drew a record-breaking 10 million viewers, engaging new fans, celebrities, and basketball enthusiasts alike7.

4. Strategic Sponsorships and Partnerships

Brands are realizing the value of aligning with women’s sports. Sponsors of events like the Women’s World Cup report higher engagement and loyalty from consumers who appreciate their commitment to gender equality​. But this is about profits – sports is increasingly one of the areas where you can target young, affluent, and live.

These milestones underscore a shift. Women’s sports are no longer an underdog but a thriving contender. It’s a movement, not a moment. Deloitte projects that women’s elite sports will surpass $1 billion in revenue in 2024 — a 300% increase since 20218​.

WHY INVEST NOW?

For investors, the growth trajectory of women’s sports is both promising and sustainable. Here’s why.

Expanding Audiences

With younger demographics showing high interest, women’s sports are poised for long-term growth. For example, 36% of global viewers aged 16-29 expressed strong interest in watching the Women’s World Cup live​. And these audiences have buying power. After seeing WNBA sponsorships during a game, 44% of WNBA fans reported visiting a sponsor’s website, and 28% made a purchase — 5% to 10% higher than NBA fans9.

Undervalued Assets

Historically, the sports industry has overwhelmingly targeted male consumers, leaving half the market — women — largely untapped. This oversight represents a significant opportunity for growth. Women’s sports are cultivating a devoted fan base eager to engage with brands that align with their interests. The success of the Sabrina Ionescu Nike signature basketball shoe underscores this shift. As one of the first women’s basketball players to have a named shoe, Sabrina’s line not only sold out upon release but also became one of Nike’s top-selling basketball shoes — proving the immense demand for products tailored to this market10.

Women’s sports are experiencing unprecedented growth, making this an opportune time to invest. 2023 saw the inaugural season of the Professional Women’s Hockey League, signaling the expansion of professional opportunities for female athletes. In 2025, the NCAA Women’s Tournament will have a $15 million pot, set to grow to $20 million in 202611. The Olympic Games also made history by achieving gender parity among competitors for the first time12. Additionally, women’s sports are breaking attendance records — most notably when over 92,000 fans watched the Nebraska Cornhuskers women’s volleyball team, the largest crowd ever for a women’s sports event13. With new leagues emerging and audiences expanding, women’s sports not just on the rise but redefining the future of athletics14.

THE PLAY AHEAD: COMPANIES TO WATCH

The rapid ascent of women’s sports is fueled by visionary companies that are redefining the landscape and creating opportunities for athletes, fans, and investors alike. Here are five trailblazers to watch as they shape the future of women’s sports.

TOGETHXR: Founded by four iconic female athletes — Alex Morgan, Sue Bird, Chloe Kim, and Simone Manuel —TOGETHXR is more than a media company. It’s a platform for storytelling that amplifies the voices of women athletes. Focused on empowering the next generation, TOGETHXR produces compelling content across sports, culture, and activism, building an engaged audience that craves stories beyond the scoreboard. By championing narratives of strength and authenticity, TOGETHXR is creating a new blueprint for media in women’s sports.

League One Volleyball (LOVB): LOVB is on a mission to elevate volleyball in the U.S. by creating a holistic ecosystem that spans grassroots programs to professional leagues. Its pro league, launched in 2025, features Olympic-caliber athletes and a robust community-focused model. With a short yet impactful season, LOVB maximizes visibility while maintaining player flexibility. The league is building a passionate fan base by leveraging volleyball’s deep cultural roots and offering a premier experience for players and audiences alike​.

Unrival Basketball: As the first women’s professional basketball league with a vision to prioritize athletes’ well-being, Unrival Basketball is breaking new ground. Designed to complement existing basketball schedules, the league offers players greater opportunities for exposure, income, and development. Unrival Basketball emphasizes inclusivity, creativity, and competitive excellence, setting a new standard for women’s basketball globally.

Wild AI: Wild AI is revolutionizing sports science by focusing on female athletes’ unique physiology. The platform provides personalized training and performance insights tailored to women, addressing the gap in sports data that historically centers on male athletes. From professional players to weekend warriors, women are using Wild AI to optimize their performance while promoting health and well-being.

Just Women’s Sports: Just Women’s Sports is transforming how fans engage with women’s athletics by becoming the go-to media platform exclusively dedicated to covering women’s sports. From in-depth articles and exclusive interviews to podcasts and highlights, the platform provides comprehensive coverage that has been historically lacking in mainstream media. With a mission to elevate women athletes and their stories, Just Women’s Sports is attracting a growing audience of passionate fans and proving the commercial viability of focused sports media. By filling this critical gap, the company is setting new standards for visibility and engagement in women’s sports.

THE TIPPING POINT

These companies shaping the future of women’s sports are creating investment opportunities with high-growth potential. By aligning with purpose-driven organizations like these, investors can play a pivotal role in advancing equity while benefiting from the immense upside of a thriving, evolving market. Now is the time to be part of the movement leveling the playing field.

Alumni Ventures is committed to supporting the proliferation and growth of women’s sports to benefit athletes and investors alike. AV has two primary capital vehicles to do so: the Sports Fund and the Women’s Fund. Learn more about how to support the legacy of women’s sports through our webinars.

Learn More About the Sports Fund

Investors in the fund will own a diversified portfolio of innovative ventures in sports and gaming

Max Accredited Investor Limit: 249

  1. NPR,https://www.npr.org/2024/04/10/1243989416/for-the-first-time-ncaa-womens-basketball-championship-drew-more-viewers-than-me
  2. NYT,https://www.nytimes.com/athletic/6065210/2025/01/15/ncaa-march-madness-financial-units-vote/?source=athletic_pulsenewsletter&campaign=12261249&userId=19839101
  3. BBC,  https://www.bbc.com/sport/football/66517612
  4. Wasserman, https://www.teamwass.com/news/new-study-womens-sports-comprise-15-of-sports-media-coverage/
  5. Nielsen,https://www.nielsen.com/insights/2018/global-interest-in-womens-sports-is-on-the-rise/
  6. CNBC,https://www.cnbc.com/2024/03/08/womens-sports-could-bring-in-over-1-billion-in-2024-whats-driving-growth.html
  7. NCAA, https://www.ncaa.org/news/2024/2/15/media-center-the-caitlin-clark-effect.aspx
  8. Deloitte,https://www2.deloitte.com/us/en/insights/industry/technology/technology-media-and-telecom-predictions/2024/tmt-predictions-professional-womens-sports-revenue.html
  9. Nielsen,  https://www.nielsen.com/insights/2023/womens-sports-viewership-on-the-rise/
  10. Nike,  https://www.nike.com/a/sabrina-2-release-info
  11. CBS,https://www.cbsnews.com/news/ncaa-womens-basketball-tournament-pay/#:~:text=Starting%20in%20the%202025%20season,the%202027%2D28%20fiscal%20year.
  12. Olympics, https://www.olympics.com/en/news/paris-2024-first-games-to-achieve-full-gender-parity
  13. ESPN,https://www.espn.com/college-sports/story/_/id/38294591/nebraska-volleyball-sets-world-record-attendance-women-sporting-event
  14. The Boston Globe, https://www.bostonglobe.com/2023/08/31/sports/nebraska-volleyball/
Clare Brandfonbrener
Clare Brandfonbrener
Associate

Clare brings a policy and business strategy lens to Venture Capital, having worked in government and law before attending the University of Chicago for her Master of Public Policy and MBA. At UChicago, she focused on tech policy, strategy, and entrepreneurship. She has worked at multiple emerging tech startups in a range of roles, including tech policy at an autonomous drone company, business development at a social impact AI-transcription software company, and strategy at a quantum AI company. Clare also has her BA with honors from Vanderbilt University.

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