Mar 29, 2022
NEW YORK (Date TBD) – In a bold step to create lasting and meaningful change in women’s sports, Group 1001 will become a majority stakeholder in Parity, a startup created for both elite women athletes and their fans to combat gender pay inequities in professional sports.
As part of the acquisition, Parity will have substantially increased funding to pursue brand partners and support elite women athletes on a larger scale. Group 1001 Life and Annuity CFO Linda Wang will join the Parity board.
“We’re excited to have Parity join the Group 1001 enterprise. Part of our mission is to transform communities through sports and education and those values align with Parity, a groundbreaking platform created to close the gender pay gap in sports sponsorship income,’’ said Group 1001 Life and Annuity CFO Linda Wang.
The minority-founded company currently focuses on two major lines of business: an influencer marketing platform using proprietary analytics and a newly-debuted NFT marketplace. Parity has amassed a roster of more than 700 elite women athletes and 20 corporate partners in its first full year of business.
This acquisition directly addresses the staggering gender pay disparity in athlete endorsement pay. In recent years, women have received 0.4% of the global $66 billion sports sponsorship revenue share, or, less than half of one cent for every $100 that a male athlete is paid, although data proves that women’s sports fans are a crucially-untapped target consumer audience. A rise in both TV coverage and in viewership of women’s sports is signaling predictions for a radically-profitable turn in the near future, and the industry is expected to generate nearly $90 billion by 2027.
“Joining the Group 1001 enterprise and welcoming Linda Wang to the board will allow Parity to make a greater positive impact in women’s sports sponsorships.” said former Parity Co-CEO and Group 1001 Insurance Chief Marketing Officer Bill Shelton. “We are thrilled to integrate the talented Parity athletes into Group 1001’s ongoing efforts to engage with clients, prospective clients, employees, and communities through the power of sports.”
The commitment also includes working to bring in more women, specifically women leaders, across the Group 1001 enterprise. Parity athletes will have the opportunity to authentically engage with Group 1001 partnership campaigns.
Parity’s athlete roster currently includes 4x Olympian Kara Winger, Olympic medalist Michelle Carter, NCAA basketball star Sedona Prince, and many more. In addition to creating revenue opportunities, Parity offers 1:1 career coaching, personal branding workshops, and other professional development opportunities.
Parity is a startup created to unapologetically work toward closing the gender pay gap in sports, benefitting both elite women athletes and their fans. Founded by former leaders on Wall Street, Parity drives revenue to athletes by using proprietary data analytics to curate sponsorship opportunities, NFT sales, and more. With a current roster of more than 700 athletes from 40 sports and 20+ corporate partners, Parity is revolutionizing the financial model for women athletes. To learn more, visit www.paritynow.co and our NFT marketplace www.market.paritynow.co.
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