Even as consulting firm Deloitte predicted some global trends in the TMT sector for 2024, highlighting that women’s elite sports stand to gain in terms of revenue and broadcast airtime, it added that the media sector would have to put profitability and growth into correct perspectives.

Annual global revenue for women’s elite sports will cross the billion-dollar threshold for the first time in 2024, Deloitte said yesterday.

The predicted $1.28 billion revenue based on matchday earnings, broadcast and commercial revenue is “at least 300 per cent higher” than their previous valuation three years ago, Deloitte said, according to a Reuters report.

“Women’s sport is increasingly being viewed as a unique product that is becoming ever more distinct from men’s elite sport,” said Jennifer Haskel, insight lead for Deloitte’s Sports Business Group.

“This surge in fan and investor engagement is leading to new and improved opportunities for clubs and leagues,” she added.

Commercial deals by leagues and teams would bring in the majority of the revenue at 55 percent, while broadcast would account for 27 percent, Deloitte said.

Matchday revenue is expected to grow by five per cent from 2023 and contribute 19 percent to the pool.

Soccer and basketball are predicted to be the most lucrative sports for women in 2024, bringing in 71 percent of the total global revenue.

“In 2024 women’s elite sports will continue to be allocated additional prime time broadcast slots, making the women’s events easier to find and watch,” Deloitte said, according to the Reuters report.

Meanwhile, a media statement put out by the company on Deloitte Technology, Media & Telecom 2024 Predictions, accessed by Indianbroadcastingworld.com, said apart from women’s elite sports, the M&E in general needs a reset globally putting profitability and growth in perspective.

The statement said more than a decade into the streaming revolution, the media and entertainment (M&E) sector faces the challenge of balancing growth with profitability.

Pay TV subscriptions have been declining, along with billions in lost revenue and lower profits. The streaming video services M&E companies, launched to replace pay TV, have been mostly successful in attracting large audiences, but unprofitably.

Deloitte predicted the landscape could become even more complicated, with leading US streaming video-on-demand  providers more than doubling their tier offerings from an average of four options in 2023 to eight or more by 2024.

It added that user-generated content  in gaming is expected to be a game-changer. Platforms are projected to pay out almost US$1.5 billion to content developers in 2024.

As this space grows, it risks disrupting the dynamics of the gaming industry by making inexpensive 3D content available. The practice could challenge top-tier games and services even as it democratizes content creation, encouraging more favourable economics for both platforms and independent creators.

The audio entertainment market is on the cusp of significant growth. The market is predicted to surpass US$75 billion in 2024, a 7 percent hike across formats like podcasts, streaming music, radio, and audiobooks. Podcasts offer untapped potential for per-user revenue.

Kevin Westcott, Deloitte Consulting LLP’s Global Telecommunications, Media & Entertainment Sector Leader said, “Next year will mark a pivotal juncture in the media and entertainment sector. As we see women’s elite sports crossing the billion-dollar threshold, it’s not just a win for athletes but a signal of a more inclusive future in entertainment.

“On the streaming front, the expansion of subscription tiers is a significant leap toward profitability, moving beyond just subscriber acquisition. This dual focus—on social impact and fiscal responsibility—represents a balanced approach to growth that’s imperative for long-term resilience.”

(Football image courtesy FIFA website)