In fiscal year 2024, the Green Bay Packers reported an unprecedented $402.3 million in national revenue from the NFL. This achievement marks a historic high for the franchise, reflecting both the immense popularity of the team and the remarkable financial landscape of the NFL as a whole.
For the first time, each of the league's 32 teams received over $400 million in national revenue, a testament to the league's booming profitability. The NFL's total revenue distribution nearly reached $13 billion, surging past the $12 billion mark that it had only achieved for the first time in the 2023 fiscal year. This comes on the heels of a prior milestone, as the league hit $10 billion in revenue just the year before. It's clear that the NFL's financial growth is accelerating at a rapid pace.
Commenting on this financial success, Packers President and CEO Mark Murphy noted, "I think probably the main takeaway is that it's another strong year from a financial standpoint for the Packers, and I think really speaks to the popularity overall of the NFL."
Packing a Punch in Local Revenue
While national revenue soared, the Packers also witnessed a positive shift in local revenue, which climbed from $235.9 million to $251.8 million, marking a 6.7 percent increase. Despite this growth, the jump in local revenue wasn't sufficient to offset the rising costs associated with stadium depreciation and escalating player salaries. Murphy stated, "The increase in local revenue was not enough to offset the increasing costs of stadium depreciation and player salaries."
The Packers' operational profit stood at $60.1 million, reflecting a decline from the previous year's $68.6 million. Nevertheless, Murphy maintains an optimistic outlook, saying, "We are in a good, strong financial position, but there will be challenges along the way."
Changing Dynamics in the NFL
The NFL's financial ecosystem is undergoing dynamic shifts. New ownership structures, private equity investments, and an influx of billionaires are reshaping the league's economic landscape. "Things are changing within the league with the new ownership, the private equity, new owners, billionaires," remarked Murphy. "The economics of the league are changing pretty dramatically."
Despite the ongoing transformations, Murphy does not foresee any imminent changes to revenue sharing, which remains a cornerstone of the league's financial model. He noted, "The revenue sharing, I don't see that changing in the short term, but if that ever changes, that could be an issue."
Engaging Fans in a Digital Age
The NFL continues to dominate the American sports scene, with fans consistently choosing to watch games live. In 2023, 93 of the 100 most-watched TV broadcasts were NFL games, underscoring the league’s popularity. Murphy reflected, "It's one of the few things that people watch live anymore. We’re very fortunate that we're in that position and the networks are willing to pay, but we're also looking at where the future is going and, certainly, streaming is growing."
Adapting to the evolving media landscape is a priority for the NFL. "One of the things the league has talked about is trying to meet people where they are," Murphy emphasized.
Leadership Transition on the Horizon
The Packers are also anticipating a significant change in leadership. Mark Murphy is set to retire in July 2025, upon reaching the mandatory retirement age of 70. Ed Policy is widely expected to succeed Murphy, ensuring a smooth transition for the franchise.
On the field, the Packers continued to perform strongly, making the playoffs in 2023 under the leadership of quarterback Jordan Love. This on-field success, coupled with robust financial health, positions the Packers and the NFL at large for continued prosperity.
In sum, the fiscal achievements of 2024 encapsulate the trend of unprecedented growth for the NFL and its franchises. With shifting dynamics and new technologies on the horizon, the league appears set to build on its already formidable foundation.