Key Trends from the 2024 Forbes Highest-Paid Female Athletes List

By Nic DeMichele, MBA

The recently released 2024 Forbes list of the highest-paid female athletes provides a fascinating lens through which to examine trends in women's sports earnings. Comparing this year's list with those from 2019 to 2023 reveals significant progress, particularly in the financial opportunities available to female athletes. Below are key insights that highlight the trajectory of female athlete earnings and the broader implications for women's sports:

1. Steady Growth in Average Earnings

Since 2019, the average earnings (combining on-field and off-field income) of the top 10 highest-paid female athletes have steadily increased, with one notable exception in 2023:

• 2023 Dip: The 2023 average dropped to $15.56 million, primarily due to the absence of Serena Williams following her retirement and Naomi Osaka's hiatus. Osaka’s on-field earnings fell to $0, and her off-field earnings declined from $50 million in 2022 to $15 million in 2023.
• 2024 Rebound: In 2024, the average earnings rebounded to $18.12 million. This increase was driven by Coco Gauff’s exceptional year, with her off-field endorsements rising from $15 million in 2023 to $25 million in 2024.?Additionally, 2024 marked the first time all top 10 female athletes earned at least $10 million, with each athlete securing at least $8 million in off-field endorsements. This demonstrates not only a rising floor in earnings but also a more equitable distribution of income among the highest-paid athletes.

2. Tennis: The Dominant Sport for Female Athlete Earnings

Tennis continues to dominate the highest-paid female athletes lists, a trend that has persisted across most years:

• Representation: Tennis players accounted for at least 7 of the top 10 highest-paid female athletes in five of the six years from 2019 to 2024. The only exception was 2021, when tennis was represented by 5 athletes.
• In-Sport Salaries: Tennis’s dominance can be attributed to the high in-sport earnings. Between 2019 and 2024, the average in-sport earnings for tennis players on the list exceeded $4 million. In contrast, athletes from other sports earned an average in-sport salary of just over $1 million during the same period.
• Disparity Across Sports: Excluding tennis and golf, the average in-sport salary of athletes on the list since 2019 plummets to $155,000. This stark disparity highlights the financial challenges faced by female athletes in team sports and other individual disciplines outside of tennis and golf.

3. Emerging Trends: Basketball’s Rising Potential

While tennis remains dominant, women’s basketball is emerging as a sport with significant potential for high earnings:

• Caitlin Clark and Sabrina Ionescu: These two basketball stars narrowly missed the 2024 top 10 list. Most of their income came from off-field endorsements ($8 million for Clark and $6 million for Ionescu), showcasing the increasing marketability of basketball players.
• Record-Breaking Moments: Women’s basketball continues to break records, such as the recent Unrivaled 3-on-3 basketball league broadcast on TNT, which attracted 364,000 viewers—the most-watched women’s basketball event in the network’s history.

The growing visibility and marketability of women’s basketball stars suggest that the sport could soon challenge tennis’s dominance on these lists. Rising stars like Clark and Ionescu are paving the way for future growth in both on-court salaries and off-field endorsements.

Broader Implications

The steady rise in average earnings among the highest-paid female athletes signals progress, but it also underscores areas where work remains:

1. Endorsement Opportunities: Off-field endorsements are a critical driver of earnings, as seen in tennis and basketball. Expanding sponsorship opportunities across other sports could help reduce disparities.
2. Structural Challenges: The gap in in-sport earnings between tennis and other sports highlights structural challenges that must be addressed to elevate women’s leagues globally.
3. Sustainability: Sustained investment in women’s sports, paired with growing fan engagement, will be vital in ensuring that the progress seen in 2024 continues in the years to come.

Conclusion

The 2024 Forbes list reflects both the strides made in women’s sports and the growing opportunities for athletes, teams, leagues, and brands. These opportunities make it essential to execute data-driven strategies that:

• Identify current and emerging audiences.
• Analyze fan preferences and sentiments to augment future decision-making.
• Assist with making purposeful and meaningful sponsorships and partnerships.
• Assess athlete marketability to position and amplify them as effectively as possible.

By leveraging insights and analytics, stakeholders in women’s sports can capitalize on these opportunities and directly impact areas such as basketball’s rising prominence, the increasing endorsement potential of athletes, and the broader visibility of women’s sports. Together, these efforts can drive a more sustainable and prosperous future for female athletes and the sports industry as a whole.