The Super Bowl is more than just a game—it’s a cultural event, a global spectacle, and most importantly for our audience, a platform for technological innovation and an indication of what investment in sport can achieve.
Taking place on Sunday at Caesars Superdome in New Orleans, Super Bowl LIX exemplified this evolution. With 126 million viewers tuning in globally, the game set a new record as the most-watched NFL championship in history. While 70,000 odd fans packed the stadium, the real story for me was how advancements in sports technology are redefining fan engagement both in-stadium and remotely; driving billions of dollars of investment in Venture Capital (VC) along the way.
Written by: Marcus McGrigor
The Evolution of Fan Engagement
In-Stadium Immersion
For fans attending the game live, technology enhanced every aspect of their experience. Augmented reality (AR) applications allowed attendees to access real-time player stats by pointing their phones at the field, while interactive stadium maps guided them seamlessly to concessions and restrooms. Mobile ordering systems reduced wait times for food and drinks, ensuring that fans didn’t miss any of the action.
In addition, the redesign of the Caesars Superdome exemplified a modern approach to maximising revenue in accordance with accommodating fans. For instance, the stadium tripled the space allocated for premium club lounges—targeting higher-priced ticket tiers—and reconfigured concession stand layouts to improve efficiency and accessibility. These changes have resulted in a 23% increase in revenue since their implementation. Today, most stadiums are strategically designed with return on investment in mind, prioritising features that enhance profitability over sheer capacity. In an era where fan engagement and monetisation are paramount, the ergonomics of stadium design play a critical role in driving financial success.
These innovations aren’t just about convenience—they’re part of a broader trend toward immersive fan experiences that investors are betting on heavily. In 2024 alone, 65% of sports-tech funding went to solutions designed to enhance fan engagement. Companies like Infinite Reality, which raised $3Bn last month to develop extended reality (XR) platforms for immersive media experiences, are leading this charge. Their acquisition of the Drone Racing League for $250 million underscores the growing demand for tech-driven entertainment.
Second-Screen Culture
For viewers at home, ‘second screens’ have become as essential as televisions. Social media platforms like X (formerly Twitter) and Instagram buzzed with live reactions, memes, and commentary throughout the game. Meanwhile, sports betting apps saw record engagement, with 68 million Americans placing bets on everything from game outcomes to halftime show details (Forbes).
This multi-platform interaction is a potential goldmine for VCs. Startups like Betmate (which raised $2M in Seed funding in January 2025 are capitalising on this trend by creating platforms that combine betting with social features. These companies are part of a broader shift toward fan-driven ecosystems that monetise engagement more effectively than ever before.
The Role of Technology in Fan Engagement
Augmented Reality (AR) and AI
AR was another major innovation during this year’s Super Bowl. Beyond its use in stadiums, AR-enhanced broadcasts allowed viewers at home to see real-time player stats overlaid on their screens or visualise plays from different camera angles. AI further personalised these experiences by tailoring content recommendations based on individual viewing habits. For example, In-stadium attendees enjoyed immersive AR experiences through Snapchat’s dedicated AR Bar and NFL-themed Lenses, which allowed fans to virtually try on team jerseys or pose with digital helmets. Meanwhile, AI further personalised fan experiences by analysing player performance in milliseconds through platforms like Next Gen Stats, offering deep insights into speed, strategy, and efficiency.
Investors are taking notice. The global metaverse market—driven by technologies like AR, VR (Virtual Reality) and XR (Extended Reality) —is expected to reach $936Bn by 2030, growing at a compound annual growth rate (CAGR) of 46.4%. Companies like Infinite Reality are positioning themselves to dominate this space by providing tools that enable brands and sports organisations to create immersive digital environments. Meta have also partnered with Oakley to build smart glasses for athletes and fans, tapping into their tight knit community and cult-like following.
Streaming Innovations
Streaming platforms played a pivotal role in this year’s record-breaking viewership numbers. Of the 126 million viewers, 14.5 million watched via streaming services, with Tubi accounting for 13.6 million—a new high for digital platforms. These platforms aren’t just convenient; they’re interactive, offering features like live polls and predictive analytics that let fans guess plays in real time.
This shift toward streaming is attracting significant VC interest. DAZN, a sports streaming platform, raised $827M earlier this year to expand its offerings and integrate advanced analytics tools. The rise of connected TV (CTV) advertising—where contextual AI delivers hyper-targeted ads—has further cemented streaming as a lucrative investment area.
Advertising in the Digital Age
Fan engagement is big business. This year’s Super Bowl-related consumer spending exceeded $17Bn, driven by ticket sales, merchandise, sports betting, digital assets like NFTs and of course, advertising. Brands have adapted their strategies to meet fans where they are: online. Platforms like YouTube Shorts and Instagram Reels became prime real estate for advertisers during the game, delivering personalised content that resonated with a younger generation of fans. This shift has made digital advertising one of the fastest-growing segments within sports-tech, and one that investors and founders must be wary of.
Venture Capital’s Role in Shaping Fan Engagement
The intersection of sports-tech and venture capital is booming. In January 2025 alone, sports-tech startups raised $3.9Bn, surpassing the total investment volume for all of 2024 in the sector. Much of this funding has gone toward companies focused on fan engagement and content solutions—the sector that accounted for over half (52%) of all sports-tech investments between 2020 and 2024. This surge is driven by the realisation that fan engagement isn’t just about enhancing experiences—it’s about unlocking new revenue streams. From digital collectibles like NFTs to immersive AR environments, these technologies are creating opportunities for monetisation that were unimaginable just a few years ago.
Source: SportsTechX
The sports industry has become one of the most attractive areas for investment in recent years, fueled by its global popularity, scarcity of assets, and explosive growth in media rights. Professional sports franchises have seen valuations skyrocket, with NFL team values, for instance, tripling in the past decade. The Washington Commanders sold for $6 billion in 2024, 6X the Buffalo Bulls in 2014.
This surge reflects the enduring demand for live sports content, with the NFL’s annual media rights revenue growing from $2.2Bn in 2000 to $10Bn today. Beyond teams, sports-adjacent businesses, including start-ups—such as fan engagement platforms, immersive technologies, and digital collectibles—are unlocking new revenue streams and reshaping how fans interact with their favorite leagues and teams.
Source: SportsTechX
A key driver of this growth is the increasing openness of professional leagues to private equity (PE) and institutional capital. With the NFL recently allowing PE ownership, long-term investors now have access to high-growth assets with non-cyclical revenue streams and uncorrelated returns. For early-stage venture-backed startups in sports technology, this creates a clear pathway to lucrative exits.
As PE firms look to consolidate and scale businesses that enhance fan experiences or improve operational efficiency for teams and leagues, they provide a natural exit route for venture capitalists. With its combination of cultural significance, technological innovation, and financial scalability, sports represent a unique and highly profitable investment opportunity across all stages of capital deployment.
The Super Bowl has always been a testing ground for innovation, and 2025 was no different. As AR becomes more immersive, AI grows smarter, and blockchain gains traction, fan engagement will continue to evolve in exciting ways. For VC’s, these advancements represent not just opportunities but imperatives—investing now means shaping the future of sports entertainment. In an era where fans demand more than just a game—they want an experience—sports technology is proving to be the ultimate game-changer for leagues, teams, brands, and investors alike.
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