Why Are People Still Surprised When Women’s Sports Drive Business Results?

May 24, 2025; Bridgeview, Illinois, USA; Kansas City Current midfielder Vanessa DiBernardo (16) dribbles as Chicago Stars defender Sam Staab (3) defends in the second half at SeatGeek Stadium. Credit: Matt Cashore

Every time women’s sports make headlines for breaking a record – whether it's ticket sales, attendance, merchandise, team valuation, or sponsorship revenue – the same question seems to echo across the internet: “Wait… how did this happen?” Or, people react with utter disbelief: “I never thought this was possible.”

I heard it two weeks before the 2024 Women’s March Madness final: “Never in a million years will the women’s tournament have better ratings than the men’s.” (Spoiler alert: the women’s final drew 18.9 million viewers that year. The men’s game? 14.8 million.)

I heard it again recently when the New York Liberty announced a $450 million valuation: “I never thought this would happen in my lifetime.”

But here’s the thing: I’m never surprised. At this point, I expect women’s sports to deliver. And I don’t expect it because I’m a lifelong fan simply hoping for the best. I expect it because I’ve been following the numbers. I’ve been tracking every viewership stat, every sponsorship deal, every valuation jump, and every fan engagement spike. What I’ve learned is that women’s sports are an absurdly untapped and underleveraged business opportunity.

Historically, misogyny has stood in the way of serious investment and support. But even with fewer resources and limited visibility, women’s sports have found a way to flourish. They’ve built a foundation despite the odds, and now that investing is finally starting to flow in, the growth is compounding.

As someone who always takes a data-backed approach to making the business case for women’s sports, what continues to surprise me is how many people still have a hard time believing that women’s sports can be big business. I’ve never been able to understand how someone can look at the size of the men’s sports industry (almost $3 trillion dollars) and not see the potential of women’s sports. Especially when women make up half the global population. 

Women’s Sports Are No Longer Niche

Let’s be clear: women’s sports are not niche. We are well past the era of considering women’s sports a “secondary event” or a sideshow. Fans are showing up because women’s sports are the main event. And the demand is coming from all sides: lifelong sports fans, first-time viewers, families, young girls, and even non-traditional sports audiences.

What we’re witnessing right now is a significant shift in consumer behavior. And it’s not temporary “hype” or a fad that’s going to fade. Rather, we’re experiencing a massive market correction that is showing us that the interest has been there, hidden in plain sight. Now that women’s sports is becoming more accessible and more visible, the business results start falling like dominoes. Because when women’s sports are treated like a product instead of a charity and you invest in media, marketing, storytelling, infrastructure, and athlete platforms, you unlock a category that has been undervalued for decades.

May 3, 2025; Miramar, FL, USA; Nikki Hiltz (USA) places second in the short distance women's 1,500m in 4:07.08 during the Grand Slam Track Miami at Ansin Sports Complex. Credit: Kirby Lee

Old School Thinking Is to Blame

For years, the women's sports industry has battled tired, fact-free narratives:

 “Nobody watches.”
“It’s just not as exciting.”
“There’s no ROI.”

These tropes haven’t been supported by data. They’ve been rooted in bias. But the moment you start investing even modestly, the growth speaks for itself.

Just look at the numbers:

• 5 years ago, Clara Wu Tsai and her husband, Joe Tsai bought the New York Liberty for around $12 and $14 million. Today, the team is valued at $450 million.
  
  
• After the WNBA’s orange hoodie was launched with a corresponding campaign that had no marketing budget behind it, it quickly became Fanatics’ top-selling item across all sports.
  
  
• The Kansas City Current invested to open the first stadium built specifically for a women’s sports team. Their valuation jumped 141% year-over-year, landing at $182 million, the highest jump in the NWSL.

These are just a few examples that represent a larger pattern. When women’s sports receive investment, (big) returns are inevitable. We’ve seen it over, and over, and over again in women’s sports. 

Nov 13, 2024; Belleair, Florida, USA; Indiana Fever guard Caitlin Clark (22) signs autographs for fans after The Annika golf tournament Pro Am at Pelican Golf Club. Credit: Nathan Ray Seebeck

Visibility Is the Unlock

So why does surprise still linger? One reason is simple: visibility is only now starting to catch up, and understandably, most people don’t believe in what they don’t see. For decades, women’s sports have been underrepresented in media, coverage, and broadcasts, still receiving 4-5% of traditional sports media coverage. That means casual fans rarely see women athletes spotlighted in sports media, let alone mainstream media. When a women’s game sells out a football stadium or a player’s jersey disappears from shelves in 30 minutes, it can feel like it came “out of nowhere. ” But the reality is that the momentum has been building for years, and finally the media coverage is starting to grow. A new report shows that women’s sports have seen a 275% increase in media coverage over the last 5 years, corresponding with a 300% jump in revenue since 2022. As more people can see women’s sports and witness the growth and hype firsthand, more people will believe in the growth potential of women’s sports. 

So the next time a women’s team signs a seven-figure sponsorship deal or breaks a viewership or valuation record, don’t be surprised; question why it didn’t happen sooner.

About Caroline Fitzgerald
Caroline Fitzgerald (she/her) is a contributing writer for Parity and the CEO & Founder of GOALS - a women's sports marketing consultancy & media platform. Caroline launched GOALS in 2020 after recognizing that there was an opportunity to help brands, networks and fans see the social and economic value that can come from investing in women's sports. GOALS also produces the leading women's sports business podcast - 🎙️The Business Case for Women's Sports, which is presented by Ally. For more information on GOALS, visit https://goals-sports.com or follow on Instagram, LinkedIn, Facebook, X (formerly Twitter) and Threads. 

About Parity, a Group 1001 Company
Minority-founded in 2020, Parity's mission is to close the gender income and opportunity gap in professional sports. By developing high-impact collaborations between brands, professional women athletes and their fans, Parity has proudly put more than $3.5 million in the pockets of women athletes, attracting dozens of brands to the movement in the process. The platform offers connections to more than 1000 women athletes from 80+ sports, including well over 200 Olympians and Paralympians. For more information on how to tap into the rapidly rising influence and popularity of women athletes, visit https://paritynow.co or follow us on Instagram, LinkedIn, Facebook, X (formerly Twitter) and Threads.