Drop the confetti

The GIST: Former University of Florida track star Parker Valby inked a deal with New Balance last week as she ramps up to her first year as a pro. In an interview with the GIST, Valby said she had a gut feeling New Balance was the right fit for her, opting not to re-sign with Nike after she became the first collegiate women’s runner to sign an endorsement deal with the brand in 2023.

• As the sport’s popularity continues to grow, Valby — who boasts 181K Instagram followers — could be the boon women’s track & field needs to translate running hobbyists into fans of the professional sport. Setting the pace.

The landscape: Every four years, women’s track & field takes center stage at the Summer Olympics — more than 34M viewers tuned into the broadcast that included American star Sha’Carri Richardson’s 100m silver medal finish in Paris this August. However, the intervening years typically see viewership lulls due to the lack of marketing and inaccessibility of big meets on major networks.

• New events are trying to change this, including Athlos, which saw 3M viewers at its inaugural meet in September, and Grand Slam Track, which is trying to solve the sport’s marketing problem. These leagues are aiming to offer accessible opportunities for fans to engage with the sport outside of the Olympics, while also offering athletes increased compensation.

The audience: With 48M runners across the country, the U.S. boasts one of the biggest running markets in the world, but this doesn’t necessarily translate into high track & field viewership. By capitalizing on Valby’s collegiate popularity, New Balance may be able to bridge the gap between enjoying running as a hobby and generating track fandom and viewership.

Zooming out: Women’s sports sponsorships, partnerships, and merchandising sales are expected to generate $696M in 2024, and these deals are especially important for creating fandom. By combining popular and successful athletes like Valby with prestigious brands like New Balance, the reach of both entities expands.

• And this isn’t the first time New Balance has forayed into elevating women’s individual sports: Tennis superstar Coco Gauff — who released the Coco CG1 performance shoe with the brand in 2022 — set an attendance record at her first US Open win and continues to draw record audiences. Aces all around.

The GIST: The Athena Pledge, a first-of-its-kind, collaborative project between AT&T, Capital One, Cisco, and Deloitte, was announced last week with the aim to rally other brands to increase their women’s sports spend as well as to prioritize women’s sports in their own strategic planning. The more the merrier.

The context: Women’s elite sports will generate more than $1.28B global revenue in 2024, representing 300% growth in just three years. Despite this unprecedented growth, there’s still an investment gap between women’s and men’s sports. Women’s sports receive 10% of all sponsorship dollars, 15% of media coverage, and a fraction of media rights fees compared to men’s sports.

• However, C-suite perceptions are shifting: According to a survey released alongside the Athena Pledge announcement, 93% of surveyed brand decision-makers are optimistic about the future of women’s sports. It also found survey respondents are hoping to target women (88%), diverse audiences (62%), and Gen Z (57%) with their investment dollars.

The why: Even with women’s sports seeing significant revenue, viewership, and popularity increases, some brands are still hesitant to invest. Thirty-two percent of survey respondents said they have faced internal resistance, while 57% expressed ROI–related concerns.

• And that’s where the Athena Pledge comes in: It plans to unite brands with the common goal of enhancing the women’s sports ecosystem, while also providing insights to help maximize ROI and opportunities for collaboration with industry stakeholders.

Looking ahead: Other brands, like banking company Ally, have made concerted efforts to increase their own women’s sports spend, but this unique collaboration brings together four founding members from diverse industries. It’ll be interesting to see how this foursome can leverage their individual strengths to help transform women’s sports. Teamwork always makes the dream work.