Has the WNBA Ever Turned a Profit? A Deep Dive Into the League’s Financial Reality

TL;DR

The WNBA has never consistently turned a profit since 1997, heavily relying on NBA subsidies and recent private capital raises (e.g. $75M in 2022).

But there’s momentum:

Revenue rose over 40% from 2022 to 2023
TV viewership surged 170%+ on ESPN in 2024
Attendance climbed 48%, hitting its highest levels in over two decades
Media rights, merchandise, and sponsorships expanded sharply
Still operating at a loss, but financial self-sufficiency may be on the horizon

A Long History of Subsidies and Losses

The WNBA was launched in 1997 under NBA ownership and has never reported sustained profitability. According to Adam Silver, the NBA Commissioner, the league lost more than $10M annually, consistently requiring league financial support.

Investment and Revenue Acceleration

A landmark $75M capital raise in 2022, led by Nike and NBA-affiliated investors, provided a major financial boost. Commissioner Cathy Engelbert later revealed revenue growth of ~40% from 2022 to 2023, fueled by new media deals, sponsorships, and merchandising.

Attendance: A 48% Surge in 2024

The 2024 season averaged 9,807 fans per game, up from 6,615 in 2023, making it the highest average attendance in 22 years.
Total attendance reached 2,353,735, with 154 sellouts, compared to just 45 in 2023.
Three games drew more than 20,000 spectators—including a record 20,711 game in Washington featuring Caitlin Clark’s Indiana Fever.
The Fever averaged over 17,000 fans per home game, exceeding many NBA counterparts in per-game attendance.

TV Ratings: Record Viewer Growth in 2024

Across ESPN platforms, the regular season averaged 1.2 million viewers, a 170% increase over 2023. Playoffs averaged 1.1 million.
The All-Star Game on ABC drew 3.4 million, a 305% YoY increase, while major games peaked at 2.3 million+ viewers.
A record 22 regular-season games had 1M+ viewers; ABC, CBS, ESPN2 and ION all posted double-digit percentage growth in viewership.

The 2025 WNBA All-Star Game: Protest and Fallout

“Pay Us What You Owe Us” Protest

During pre-game warmups at the 2025 All-Star Game in Indianapolis, players from both teams wore shirts stating “Pay us what you owe us.” The protest was part of escalating tension in labor negotiations, which the WNBPA labeled a “wasted opportunity,” characterized by players like Breanna Stewart and union president Nneka Ogwumike.

Commissioner Cathy Engelbert, by contrast, described the earlier talks as “constructive dialogue.”

Why It Was Counterproductive

Inappropriate venue — The All-Star Game was meant to celebrate the sport, not serve as a protest stage.
Oversimplified messaging — The slogan ignores the league’s current structure, including subsidy dependence.
Disconnect from fans — Passionate messaging risks alienating casual viewers and those unfamiliar with labor complexities.

Both sides agree that negotiations have stalled, and the possibility of a work stoppage looms as the current agreement expires in October 2025.

Economic Outlook: Is Profitability Imminent?

Despite marquee growth in exposure and engagement:

The WNBA reportedly lost $50M in 2024, citing increased expenses such as charter flights.
A new $2.2 Billion media rights deal is set to boost annual revenue to ~$200M beginning in 2026.

Continued expansion into markets like Portland and Toronto by 2026 indicates investor confidence—but operational sustainability will depend on continued revenue growth and cost control.

Final Thoughts

The WNBA is unmistakably growing: more jerseys sold, more eyes watching, more fans in seats. Yet the league still relies on NBA subsidies and external investment to function. Activism and labor demands are important—but effective messaging matters, too.

If the WNBA wants fans and financial stability in tandem, growth narrative, performance, and strategic advocacy will need to coexist—not clash.

The WNBA All-Star Game: A Showcase or a Statement?

Sunday July 20, 2025