Streaming-first football leagues invest millions to chase Gen Z audiences

A new wave of digital-first, small-sided football leagues is attracting significant investment and rapidly expanding its global footprint, yet questions persist regarding the long-term viability of these innovative formats. Investors are currently enjoying the ride, drawn by burgeoning audience figures and international reach, though the sustainability of this burgeoning sector remains under scrutiny.

Leagues such as Spain’s Kings League and Germany’s Baller League have emerged as a modern alternative to traditional 90-minute matches. They aim to captivate a younger, digitally-native audience through gamified rules, a blend of former professional players and popular content creators, and a focus on streaming platforms.

The financial backing for these ventures has been substantial. US-based Alignment Growth, a sports portfolio investor, recently spearheaded a $63 million investment round for the seven−a−side Kings League, co−founded by Spanish international Gerard Pique.

This latest injection brings the league’s total funding to more than $160 million since its 2023 launch. The Kings League is set to launch in the US this year, marking its eighth domestic men's league globally, with typical market entry costs ranging from 5-7 million euros; the US venture is expected to be higher. Similarly, the six-a-side Baller League, which has already expanded to the UK, is preparing for its US debut in March. EQT Ventures, a major backer, led a $25 million funding round for the league in December 2024.

Investors are capitalising on evolving sports consumption habits, particularly among younger demographics who favour mobile and tablet viewing over traditional television.

Kevin Tsujihara, Alignment Growth’s co-founder and managing partner, explained the appeal: "From an investment perspective, these properties offer something traditional sports can't: Direct audience ownership, lower infrastructure costs, rapid international scalability, and monetisation models aligned with digital platforms."

SDS FC v Yanited - Copper Box Arena, LondoReuters

Tom Mendoza, a partner at EQT Ventures, noted: "The upcoming U.S. launch and the CBS Sports broadcast deal represents global consumer appetite for the format and a world-dominating ambition from the team that is hungry to leave an impression on the biggest sport on Earth."

Tsujihara further highlighted the convergence of "the shift of younger audiences to digital-first content consumption, the creator economy's ability to drive authentic engagement, and soccer's universal appeal."

This strategic focus aligns with current trends; a Deloitte study indicates that approximately 90 per cent of Generation Z and Millennials now consume sport via social media. These new leagues are frequently broadcast on free platforms like YouTube and Twitch. Mendoza highlighted the unexpected strength of this trend, stating: "Pull of user-generated content for youngsters was far greater than the levels we initially anticipated at the time of investment."

Despite the enthusiasm, not everyone is convinced of the long-term financial stability. One anonymous investor cautioned that viewing figures and stadium attendance alone do not guarantee success, stressing the need for robust financial metrics. Jordan Wise, a football agent and entrepreneur, expressed scepticism about their competitive standing.

"I think there’s a misconception that alternative formats like Baller League are as compelling as the highest level of the sport. They’re not competing on the same emotional or competitive plane," he stated. Wise, founder of advisory firm EDEN and creative agency CAOS, estimated a credible US launch could demand $8-15 million or more in its first year to "make real noise," citing higher costs for talent, media, and staff. In a potentially concerning development, the Baller League has reportedly paused its German format to prioritise its US launch, with no reason provided.

The diversification into smaller leagues is part of a broader trend in sports investment. Financial advisers Oaklins reported 192 private equity sports deals in 2025, a significant rise from 54 in 2019. Valuations are also climbing, with the Ross-Arctos Sports Franchise Index, tracking North America’s top four leagues, growing 5.2 per cent in the third quarter, achieving a 16.9 per cent year-to-date return in 2025. This wider market buoyancy encourages investors to explore new sports assets for future gains, even as the unproven nature of these digital-first leagues presents inherent risks.