Experts predict that a gender-neutral Olympic Games in 2020 will coincide with an expansion of sponsorship opportunities for female athletes, following the Women’s World Cup soccer tournament in 2023, which highlighted the rising prominence of women’s sports.
Organisers claim that Paris 2024 will be the first Summer Olympics to feature an equal number of male and female competitors, a long-awaited achievement following years of International Olympic Committee (IOC) efforts to ensure equal medal opportunities.
In terms of sponsorship, men’s sports continue to reign supreme. This year, a Sports Innovation Lab survey of over twenty-five Fortune 500 companies revealed that only nine percent of respondents’ sponsorship and media budgets were allocated to women’s sports.
In contrast, 83% of survey respondents indicated that they had intentions to augment their investment in the year 2024.
“Many of them indicated that they were focusing on the Olympics and doing more with female athletes,” said Gina Waldhorn, CMO of Sports Innovation Lab.
Brands actively commemorate each year’s significant achievements in women’s athletics. It is likely that they will also commemorate this as one of those momentous junctures.”
Record-breaking viewership worldwide during the 2023 Women’s World Cup in Australia and New Zealand may indicate that sponsors will find women’s sports even more alluring in 2024, as contentious pre-tournament television negotiations were replaced by unprecedented interest.
According to Conrad Wiacek, director of sport analysis at the research firm GlobalData, soccer has historically had a significant impact on the profile of female athletes.
“There is an opportunity there (for brands) to forge a relationship with female audiences directly through partnerships in women’s sport (be that) individual athletes or teams,” noted Wiacek.
“And cynically, those opportunities at the moment are more cost effective than certain men’s sports and male athletes.”
Substitute Jerseys
Adidas and Nike promptly responded to the widespread appeal of this year’s Women’s World Cup by providing jerseys for Spain and England, respectively, to wear during the final.
Nike issued a reproduction England goalkeeper’s uniform in response to a significant public outcry following the tournament. Prior to this, the company had not supplied a jersey for Golden Glove recipient Mary Earps.
“Doing business with female athletes is truly advantageous,” said Thayer Lavielle, executive vice president of The Collective, the women’s division of the sports and entertainment agency Wasserman.
“How that translates into 2024 is somewhat uncertain at this time, as those campaigns have yet to be implemented.” However, optimistic indicators are undeniably present.
Visa, one of the most enduring sponsors of the Olympic Games, declared in November that their “Team Visa” program for 2024 would feature the highest proportion of female athletes.
Olympic champion in women’s discus and Asics athlete Valarie Allman told Reuters that establishing “authentic matches” with brands transforms her peers’ lives.
“It takes that sense of being vulnerable to show who you are, to show what you value, to let you be yourself, kind of put your heart on your sleeve,” according to her.
“And that ends up being kind of that magnet to companies that will show interest and provide opportunities.”