Key Takeaways:
– The WNBA is on track to secure a new and upgraded media rights deal. This deal could bring in up to $2.2 billion in media rights fees over the next 11 years.
– The league has already raised $75 million from outside investors and is now expecting an influx of cash six times more than its current media rights agreement.
– WNBA is experiencing record-breaking viewership with a whopping increase of 96% Hispanic viewership and a 67% rise among Black viewers.
– The players might opt for exiting the CBA by the end of this season, making way for negotiations to reflect the league’s current standing.
WNBA Heads Towards a Major Financial Boost
The Women’s National Basketball Association (WNBA) is all set to enhance its financial strength in the near future. Two years after attracting $75 million infusions from external investors, the WNBA now stands on the brink of a substantial media rights deal. This new contract could possibly bring in six times the revenue under the current arrangement – an exciting development for the league.
Potential Opportunities with the New Deal
According to sports journalist Mike Vorkunov, the WNBA has the potential to receive an impressive $2.2 billion in media rights fees over the span of the next eleven years. This implies an average of $200 million per annum and offers the league a chance to even earn beyond that.
Contrastingly, the current deal allows the league to get around $50 million annually with partnerships from Disney, Ion, CBS, and Amazon. The possibility of this enormous increase in cash flow also suggests that the WNBA may bring in additional media collaborators. After three years into the agreement, the WNBA and its current partners may revisit the deal’s worth based on the league’s growth.
Further Investment Opportunities Ahead
As reported by Vorkunov, the WNBA looks forward to selling two more rights packages apart from the ones it has already inked agreements for. The league anticipates drawing an extra $60 million per year in total through these subsequent deals. The league commissioner, Cathy Engelbert, had earlier expressed hopes to double the league’s media rights earnings in the forthcoming deal, and it seems that the league is on the right track to achieving that and much more.
Record-Breaking Ratings and Viewership
Despite the significantly exciting financial prospects ahead, the league is no stranger to success. The first month of the WNBA season, marked by Caitlin Clark and Angel Reese’s debuts, was the most accomplished month in the history of the league based on TV ratings. Games averaged 1.32 million viewers- nearly tripling last year’s figure.
The vital role of super players Clark and Reese led to two out of their three face-offs topping the most-viewed broadcasts list. Both averaged over 2 million viewers. WNBA Chief Growth Officer, Colie Edison, welcomed new and diverse audiences into the fandom and applauded women’s sports as a valuable investment.
Further, the WNBA experienced a remarkable 96% jump in Hispanic viewers and a 67% rise among Black viewers, marking notable progress in audience diversification.
Future Implications on the Collective Bargaining Agreement
It’s important to note that the league began a new collective bargaining agreement (CBA) in 2020 that granted players higher salaries and additional earning opportunities. Given the league’s accelerated growth, led by the fresh talent and record-breaking ratings, the current scenario could prompt the players to opt out of the the existing CBA by the end of this season, leading to new negotiations that sync with the league’s present standing.
Keeping in view the soaring attendance and ratings, salaries are also expected to increase. Now, veteran players earn a peak salary of $208,219, while fresh faces with 0-2 years of experience make $64,154. The new media rights deal could undoubtedly bring even bigger advancements in the financial standings of the players and the league alike.
This promising development is a testament to the WNBA’s potential and growth, marking the start of an extraordinary era for women’s basketball. The anticipation is tangible, and the world of sports is excitedly waiting to see what the WNBA will bring to the table next.