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Tuesday, May 21, 2024

MLB Brand Value Grows with Jersey Patches on Horizon

  • MLB sponsorship revenue rose 5.6% to $1.19 billion in 2022.
  • The league should see an influx from jersey patch deals next year.
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Eric Hartline-USA TODAY Sports

The brand strength of Major League Baseball grew in 2022, and the league expects even more revenue next year.

MLB notched an estimated $1.19 billion in 2022 sponsorship revenue between the league and its teams, according to consulting firm IEG — a 5.6% year-over-year increase.

  • Banks, beer, insurance technology, automotive, telecom, apparel, betting, lottery, and gaming were the biggest spenders. 
  • Anheuser-Busch InBev, T-Mobile, Nike, Coca-Cola, and Pepsi were among the companies spending the most on MLB deals.
  • Capital One signed a reported five-year, $125 million deal with MLB in March to be the league’s official bank and credit card partner.

Crypto began to make its mark on the league with $22 million in deals with MLB, the New York Mets, the Texas Rangers, and the Washington Nationals.

MLB opened the year with 38 sponsors, notably adding CBD brand Charlotte’s Web this month, thus becoming the first major league with a cannabis brand sponsor.

MLB’s sponsorship revenue lags behind the National Football League ($1.8 billion) and National Basketball Association ($1.64 billion).

Patched Together

The league is expecting a strong new revenue stream as it allows jersey patch deals beginning in 2023. MLB and its players association agreed to the change in their collective bargaining agreement signed before the 2022 season. 

The San Diego Padres already have a deal in place with Motorola at a reported $10 million annually.

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