Major League Baseball hit a financial home run in 2024, pulling in a record $12.1 billion in revenue—a $500 million boost from the year prior and a 33% surge over the past decade. Packed stadiums, bobblehead lines, and merchandise sellouts made the momentum impossible to ignore. In fact, they just beat the NBA, too, as they did around $10.35 billion in revenue. However, there is still someone they need to catch up.

While America’s favorite pastime is gaining its popularity back, they are still trailing behind the National Football League. The NFL is still the King of the Hill, bringing in $23 billion in 2024. Though MLB has had a solid season, it’s still playing catch-up in this race. As for their revenue surge, many MLB fans might credit the Los Angeles Dodgers as being one of the major reasons for the popularity, leading the pack as the most valuable franchise is someone else!

On the team end, the New York Yankees is the franchise that has continued to outshine the rest. They may have lost the crown to being the evil empire in baseball, but they are still MLB’s most valuable franchise, standing at $8.2 billion.

It just puts other teams to shame! But that being said, the Dodgers are not far behind at $5.6 billion. But here is the main thing: while the average MLB team is now worth around $2.62 billion, the growth of the league is nowhere close to what’s even seen in other sports. In the past five years, MLB teams have appreciated by 36%. Great right?

Now it sounds solid on paper, but when you compare it to the growth of the NBA, which is at 101%, and the NFL’s 87%, it is lackluster. But you might be questioning—why this lag, everything looks top notch after all? While there are several reasons, one of them is the labor dispute with the CBA that’s set to expire next year. And you cannot forget the media mess that MLB is in right now. Some teams are still navigating the ill effects of the collapse of regional sports network operator Diamond Sports Group.

MLB and the changing media landscape

Media rights are MLB’s financial playbooks, and they have gained much from them. But big changes are on the horizon, as ESPN, which has been a longtime broadcast partner, is stepping out of the batter’s box after 2025. This breakup has got the entire sports world buzzing. The partnership ran for 35 years after all, and this deal was set to run through 2028. But commissioner Rob Manfred confirmed that MLB and ESPN mutually parted ways. The reason? Manfred pointed to ESPN’s fading enthusiasm to cover baseball. But the real reason ought to be the fact that ESPN was looking to lower the broadcasting fee.

Still, the farewell isn’t going to be so quick, and they will stick around through 2025. Meanwhile, NBC Sports is also circling the block, and if anything, Manfred is looking just at the bright future of MLB. And can you blame him? Baseball has grown, and it might not seem evident in America, but worldwide, it has created a huge fan base. All thanks to the international players like Shohei Ohtani, Roki Sasaki, Yoshinobu Yamamoto, and more.

The Dodgers’ superstar Ohtani is all the rage right now among all baseball fans. In fact, the MLB’s season opener happened in Japan, and that just says enough about the impact the sport is having right now. Moreover, everyone was shell-shocked to see the popularity of the sport there too, with posters and images slapped across the walls, major buildings, and more. The tickets being sold out and merchandise flying off are just telling at this point. MLB might not be there revenue-wise, but they are trying to catch up to sports that are spreading their wings abroad.

MLB’s international sponsor boom might be its ticket to catching up

In the sponsorship arena, too, MLB is doing great. The jersey patch program has already raked in more than $200 million. But there are several big-name sponsors, from Nike to PepsiCo and Anheuser-Busch, and counting. So, MLB’s finances are running smoothly as of now, and the league continues to create value for the sponsors. Meanwhile, in the past season, MLB saw its best regular season attendance since 2017. This is a huge win, as over 71 million fans flocked to the ballparks to watch games.

But one cannot talk about sponsorships without talking about the international scene. MLB is bringing in a growing list of international sponsors. Just recently, Japanese video game publisher Konami pushed the league’s sponsor portfolio to 40 brand partners. They are joining three other prominent Japanese sponsors like Japan Airlines, Ito En, and Fox Factory. This tapping into the Asian market could open up serious opportunities for MLB and could maybe help bridge the gap that is now there in the growth level compared to NFL and NBA.

So yes, while MLB is probably popping champagne over the revenue this season, it’s not just rainbows and sunshine. The league has many more issues, from the media landscape to the broadcasting problems. But with the league opening doors to international stars, they seem to be going in the right direction. And whether they can properly tap into the market remains to be seen.

What do you think? Will MLB be able to catch up? Let us know your thoughts.