From underdog to growth engine: Why women’s sport is the smartest play in sport right now

From play to pay: The new playbook for growth in the global sports economy

Let’s be clear: women’s sport isn’t a niche or a feelgood project. It’s a revalued asset class – and one of the most commercially underpriced opportunities in global sport today. This series follows our deep dive into traditional revenue – sponsorships, media rights, merchandise, matchday – and makes one simple point: those pillars still deliver, but they’ve plateaued. Real growth now comes from a different playbook.

At Elixirr, we call it growth revenue: unlocking new audiences, digital-first platforms, bold formats and fan-centric experiences. Women’s sport sits at the epicentre of this revaluation and isn’t going anywhere.

The revaluation is already happening

FIFA Women’s World Cup 2023 attracted over 2 billion viewers, nearly double 2019’s total and generated US $570 million in revenue – enough to break even. England’s Lionesses kits sold out within hours, proving real consumer demand. Commercial momentum is shifting with Visa securing a multi-year Women’s UEFA deal and Ally a leading digital financial services company, pledging 50/50 media spend equality.

Standalone media rights are becoming the norm. The WSL signed solo deals with Sky and BBC and the LPGA’s sponsorship portfolio hit US $100 million, up 25% year-over-year. This isn’t hype, it’s a clear market correction and it’s only just beginning.

More than a movement

Today’s sports economy lives at the intersection of media, IP, real estate, data and culture. Women’s sport sits squarely at that sweet spot.

As any good crime drama will tell you, follow the money and you’ll find your answer:

• Mercury 13 launched a US $100 million fund for women’s football.
• Sixth Street backed Bay FC with US $125 million.
• New stadium developments are anchoring women’s teams in mixed-use hubs.

These are growth plays that ensure modern women’s teams are digital-first, community-rooted and operationally lean, designed for scalability in ways many men’s teams are not.

The cultural tailwind you can’t buy

The real engine isn’t just fans, it’s fan creators. The WNBA saw ticket sales surge 93%, with the Indiana Fever seeing record-breaking growth thanks to Caitlin Clark. Leaguewide attendance hit its highest point in 22 years, totaling 2.35 million and merchandise sales jumped 601%.

The Indiana Fever alone saw a 1,300% increase in ticket sales, 264% rise in attendance and 1,193% boost in jersey sales. This isn’t casual fandom; it’s identity and identity converts to long-term value.

Who’s getting it right?

• Nike is telling stories at scale – global, athlete-led, culturally relevant.
• Barclays backs women’s football from grassroots through elite – early and consistently.
• Angel City FC rewrote the playbook: women-led ownership, player revenue share and community investment built into the DNA.

What could have been brushed aside as one-off activations, are evidently not the case anymore – they’re foundational growth strategies.

The gaps that still exist

Progress has been significant – but now deeper barriers must be addressed:

• Talent pipelines and coaching infrastructure still lag behind the men’s game.
• Broadcast coverage remains inconsistent, limiting reach.
• Too many sponsorships are surface-level – short-term, misaligned and overlook fans’ expectations for substance.

Closing these gaps is mandatory for scalability and long-term value. The foundations are in place for real change and now is the time to double-down.

The bigger play: Growth revenue in context

Women’s sport is part of a broader shift in growth revenue opportunities, also including:

1. Digital & experiential fan engagement

2. New formats & geographies

3. Esports & gaming

Together, they form the Growth Revenue quadrant of our Modern Sporting Landscape framework. Women’s sport is a clear signal of where the next decade of value will be built and we felt it our duty to start the series here – shouting from the rooftops what needs to be shouted.

Elixirr’s perspective

Growth revenue is not a new concept, we’ve been supporting clients to unhook thinking and unlock new opportunities – it’s no different in sport:

• Scaling digital revenue in retail and financial services, is simply another product.
• Turning audiences into communities, engaged and monetizable.
• Building commercial models around undervalued assets.

This is exactly what women’s sport needs – not legacy playbooks, but smart growth strategy with operational depth.

Next up: Digital & experiential fan engagement – why real revenue lives beyond the stadium and how to monetize the modern fan.