A Reddit co-founder is funding the expansion of a 44-year-old's bar, which generates millions in revenue by exclusively showing women's sports on TV.

Jenny Nguyen aimed to demonstrate that her concept of a bar featuring only women's sports on its TVs was more than a fad when she invested her life savings to open it.

Two years after opening, her Portland, Oregon-based bar The Sports Bra generates over $1 million in annual revenue, as per CNBC Make It's review of financial documents. She has become a vocal advocate for female athletes, attracting packed crowds at her bar, and has invested the majority of The Sports Bra's earnings back into the business, she claims.

Nguyen and Ohanian, along with tennis legend Serena Williams, announced an investment partnership to establish a franchising plan and open locations in new cities. Their objective is to demonstrate the viability of women's sports as a profitable venture.

Nguyen, 44, cautions against rushing into anything with The Sports Bra's growth, as she values the spirit, soul, and quality of the product. She is working with Ohanian and an advisory team to develop a vision for the company's growth.

Nguyen aims to have The Sports Bra franchisees in three or four cities ready to announce by the end of 2024, with plans to open those locations before the end of 2025. She plans to line up the next three to four cities for franchises in 2026 and so on.

Nguyen remarks that it's astonishing to see the Bra open in 2022 and how we've been able to observe the significant change in sports culture unfold before our very eyes.

Building out a potential 'multibillion-dollar industry'

Nguyen's belief in the demand for more women's sports bars isn't unique, as a movement inspired by The Sports Bra has spread from Washington to Massachusetts.

In 2024, women's sports are projected to generate over $1 billion in revenue, a 300% increase from three years ago, according to Deloitte. Women's sports are gaining popularity, with young stars like Caitlin Clark and Angel Reese joining the WNBA, and Simone Biles and Katie Ledecky achieving global fame at the 2024 Paris Olympics.

Nguyen, who previously had difficulty finding enough women's sports broadcasts to fill her bar's televisions, no longer needs to spend time searching TV listings. According to a 2023 study by Wasserman, women's sports now make up approximately 15% of all television sports coverage, which is triple the amount seen just two years earlier in a separate study.

According to Aaron Allen, founder of restaurant consultancy Aaron Allen & Associates, women's sports bars have the potential to generate "a couple of billion dollars worth of U.S. food service revenue over the next five years."

The growth of women's sports could lead to a multibillion-dollar industry in the U.S. and globally. To succeed, it requires a community, fans, and places for socializing and building community.

Ohanian financially supports multiple women's sports ventures through his investment partnership with The Sports Bra and his 776 Foundation. He has pledged to donate all proceeds from the investment to causes that advance future generations of women athletes.

'It doesn't feel like competition'

Nguyen was taken aback when Ohanian first contacted him on Twitter last year. "I couldn't believe it," he recalls. "My initial response was, 'That's not real.'"

She confirms Ohanian's interest was legitimate, and they emailed regularly. He connected her to resources and advisors, and was patient enough to wait until she was ready to expand.

Nguyen, who is "super risk-averse," opened a bar, but now she is sticking to "pretty conservative" expansion plans.

"Nguyen believes that opening the franchise slowly and with more intention is better than rushing it because many people want it and may water it down. He emphasizes the importance of giving franchisees the full attention and support they need, which can be hindered by growing too quickly."

To succeed in new locations, businesses like The Sports Bra must effectively define and codify their mission, aesthetic, and infrastructure, as stated by Allen.

""The difference between one-off, flash in the pan success stories and mainstream success lies in the ability to scale from one unit to two." - Allen."

Nguyen must build The Sports Bra into a national brand before being surpassed by a competitor, according to Allen. The support from the women's sports industry, including professional teams, athletes, and competitors who own similar bars, helps Nguyen avoid panicking, she says.

"Nguyen remarks, "It doesn't feel like competition, it feels like camaraderie. It's been amazing to see people come out of the woodworks to help build and create and join this wild adventure we're on.""

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