The 2023 Elite Eight showdown between the University of Iowa and Louisiana State University drew over 12 million viewers, marking a historic moment in women’s sports viewership. The final game between Iowa and the University of South Carolina is expected to set new records for viewership and engagement. Women’s sports events, such as the Women’s World Cup and Serena Williams’ final match, are also captivating larger audiences, showcasing the growing interest in female athleticism.
The 50th anniversary of Title IX has played a significant role in advancing women’s sports, leading to a surge in media rights deals and new market entrants. Streaming services have amplified the value of media rights, reshaping traditional distribution models and driving women’s sports toward becoming a billion-dollar industry. Despite this progress, women continue to be underrepresented in advertising, with men often being cast more frequently in professional and leadership roles.
Advertisers are beginning to realize the massive potential of the women’s market, as women now account for a greater share of spending than ever before. However, the economic cost of excluding women remains significant, with female-led startups receiving only a small percentage of venture capital funding. Companies are missing out on tapping into this massive economic force and the lucrative opportunities it presents.
In response to the gap left by larger companies, a wave of direct-to-consumer brands is targeting demographic segments that were once deemed unprofitable. One example is Rif Care, a BIPOC women-owned feminine care brand focused on sustainability. Co-founders Val Emanuel and Rebecca Caputo leveraged data to build their brand, which offers organic menstrual pads made with environmentally friendly materials. Rif Care’s growth has attracted investors and ambassadors, reflecting the increasing interest in the consumer packaged goods (CPG) category.
Fintech has been instrumental in navigating the e-commerce landscape, simplifying tasks related to payment processing and customer loyalty programs. Fintech firms have a unique opportunity to cater to the female market, with women demonstrating higher loyalty, lifetime value, and lower default risk compared to men. By customizing products and services for women, fintech firms can observe a higher customer lifetime value among female customers, providing a significant market opportunity for growth.
Overall, technology, consumer brands, and fintech companies are adapting to meet the growing demand that women are driving in various industries. As the athletes of March Madness continue to dazzle audiences with their talent and skill, it’s evident that the ball is in the women’s court. With the continued advancement of women’s sports and the increasing recognition of the economic power of women, advertisers and brands have a unique opportunity to capitalize on this new golden age for targeting women.
