Advertisers targeting women are currently experiencing a new golden age, as audiences for women’s events continue to grow. This was evident with the recent electrifying Elite Eight showdown between University of Iowa and Louisiana State University, which drew over 12 million viewers, marking the second-largest audience for any basketball game. The final game between Iowa and the University of South Carolina is expected to set new records for viewership and engagement. This trend extends beyond basketball, with events like the Women’s World Cup Final and Serena Williams’ final match also attracting massive viewership numbers.
The surge in interest in women’s sports can be attributed in part to the 50th anniversary of Title IX, which mandated equitable opportunities for women in sports participation. Media rights for women’s sports have increased in recent years, driven by the emergence of new platforms and market entrants. Streaming services are amplifying the value of media rights, leading to fierce competition and a transformation of traditional distribution models. This growth is expected to propel women’s sports into a billion-dollar industry, fueled by policy changes, increased female labor force participation, and rapid media innovation.
Despite the immense economic potential of the women’s market, advertisers have historically underestimated the power of women as an economic force. The Gender in Advertising Report of 2023 highlighted disparities in portrayals of men and women in ads, revealing a lack of representation of women in professional and leadership roles. Advertisers are missing out on tapping into the massive potential of women consumers, with estimates suggesting that excluding women could result in an economic cost of close to $800 billion. Systemic challenges persist at all levels of the competitive landscape, with women-led startups receiving only a small percentage of venture capital funding.
Consumer brands are starting to capitalize on the growing women’s market, particularly in industries like feminine hygiene. Direct-to-consumer brands are targeting demographic segments once considered unprofitable, such as those in the feminine hygiene industry. Rif Care, a BIPOC women-owned feminine care brand, has entered the market with a focus on sustainability, offering organic and biodegradable period products. Co-founded by Val Emanuel and Rebecca Caputo, Rif Care leveraged data to build conviction and create market positioning strategies, leading to the brand’s growth and the addition of supermodel Ashley Graham as a brand ambassador.
The gap between opportunity and realization in the women’s market has never been more pronounced, with e-commerce playing a significant role in bridging this gap. Fintech companies have the opportunity to cater to the female market by providing differentiated insights and designing products that appeal to women. Innovations in payment processing have simplified tasks related to inventory planning, financial forecasting, and working capital management, making it easier for women to bring their products to the mass market. Companies like Tandym are merging payment processing with rewards programs to cultivate greater customer loyalty, highlighting the potential for fintechs to cater to the female market.
As technology and consumer brands continue to cater to the growing demand driven by women, athletes in events like March Madness continue to dazzle with their athleticism and technical prowess. The ball is in the women’s court, as the increasing interest in women’s sports and women’s empowerment presents a significant opportunity for advertisers, brands, and fintech companies to tap into the potential of the women’s market. The momentum in women’s sports and the broader women’s market signals a new era of economic empowerment and representation for women.
