Signing Day Sports Announces More than Five-Fold Increase in Paid Subscribers on its App in 2023

Rhea-AI Summary

Signing Day Sports, Inc. has reported a 20% sequential monthly growth in paid subscribers for its Signing Day Sports app in January 2024 compared to December 2023. The company achieved a five-fold increase in the number of paid subscribers in 2023, indicating rapid growth and a positive experience for coaches and student-athletes. The growth has been attributed to collaborations with key student-athlete recruiting organizations, such as the U.S. Army Bowl and Elite Development Program Soccer, which have allowed for bulk registrations on the app. The U.S. Army Bowl National Combine Series, with 21 events over the next five months, is expected to bring in over 4,000 student-athletes to experience the app's benefits, further contributing to the company's growth.

Insights

Market Research Analyst

The reported growth in paid subscribers for Signing Day Sports indicates a significant uptick in user engagement and market penetration. The five-fold increase in 2023 and the 20% monthly growth in January 2024 are strong indicators of the company's operational success and its effective market strategy. The partnerships with organizations such as the U.S. Army Bowl and Elite Development Program Soccer are likely to have contributed to this growth by providing bulk registrations, which both broadens the user base and enhances brand visibility.

From a market perspective, this growth trajectory can increase the company's attractiveness to investors, as it reflects a scalable business model and potential for increased revenue streams. However, the long-term sustainability of this growth will depend on the company's ability to retain these subscribers beyond the initial free access period and convert trial users into recurring revenue streams.

Financial Analyst

The reported subscriber growth is a significant metric for current and potential investors, as it directly impacts the company's revenue and forecasts future earnings potential. The strategy of leveraging events to offer free access to the app is an effective customer acquisition tool that can lead to a higher lifetime value of each customer if the conversion rates from free to paid subscriptions are strong.

Investors should monitor the company's customer acquisition costs relative to the lifetime value of a customer to assess the efficiency of the marketing spend. Additionally, the retention rate post-free trial period is a critical factor in determining the success of these marketing strategies and the overall health of the subscription model.

Sports Business Analyst

The sports recruitment industry is highly competitive and fragmented, with numerous platforms vying for the attention of student-athletes and coaches. Signing Day Sports' strategic partnerships and event-based marketing approach are innovative ways to differentiate itself in the market. The unique features and benefits touted by the platform, such as its growing ecosystem that supports recruitment, are essential for capturing a niche audience.

By analyzing the company's approach to scaling and its emphasis on user experience, it is evident that Signing Day Sports is positioning itself as a key player in the sports recruitment space. The impact of these strategies on the company's brand equity and market share is likely to be positive, provided they maintain the quality of service and user satisfaction as they scale.

Momentum carries into 2024 with 20% growth in paid subscribers since year-end

SCOTTSDALE, Ariz, Jan. 29, 2024 (GLOBE NEWSWIRE) -- Signing Day Sports, Inc. (“Signing Day Sports” or the “Company”) (NYSE American: SGN), the developer of the Signing Day Sports app and platform to aid high school athletes in the recruitment process, today provided an update on the subscriber growth for its Signing Day Sports app.

Richard Symington, President and Chief Technology Officer of Signing Day Sports, commented, “We achieved a greater than five-fold increase in the number of paid subscribers in 2023, which is a testament to our rapid growth and the positive experience we provide for coaches and student-athletes alike. This positive trend has continued into 2024, as we recorded more than 20% sequential monthly growth in paid subscribers in January 2024 compared to December 2023. This growth has occurred in line with our strategy, which has largely centered on nurturing and expanding our ties with key student-athlete recruiting organizations. Collaborations with premier organizations, such as the U.S. Army Bowl and Elite Development Program Soccer, allow us to rapidly and cost-effectively scale our business through bulk registrations on our app. For example, the U.S. Army Bowl National Combine Series, which includes 21 events over the coming five months, will allow over 4,000 student-athletes to experience the unique features and benefits of our app. During these events, every participant will receive a free month of access to the app, allowing them to experience its advantages and the growing ecosystem that supports their recruitment journey. Historically, we have seen that about half of these free trials convert to paid subscriptions, and as we continue to enhance our platform, we expect the conversion ratio will continue to increase. We are off to a strong start in 2024 and we are excited about what the future holds for Signing Day Sports.”

About Signing Day Sports

Signing Day Sports' mission is to help student-athletes achieve their goal of playing college sports. Signing Day Sports' app allows student-athletes to build their Signing Day Sports' recruitment profile, which includes information college coaches need to evaluate and verify them through video technology. The Signing Day Sports app includes a platform to upload a comprehensive data set including video-verified measurables (such as height, weight, 40-yard dash, wingspan, and hand size), academic information (such as official transcripts and SAT/ACT scores), and technical skill videos (such as drills and mechanics that exemplify player mechanics, coordination, and development).  For more information on Signing Day Sports, go to https://ir.signingdaysports.com/overview/default.aspx.

Forward-Looking Statements

This press release contains "forward-looking statements" that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as "may," "could," "will," "should," "would," "expect," "plan," "intend," "anticipate," "believe," "estimate," "predict," "potential," "project" or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, including without limitation, the Company’s ability to realize the expected benefits of its collaboration with the owner of the U.S. Army Bowl and with Elite Development Program Soccer, the ability of the collaborations to yield significant revenues or other value for the Company, the Company’s ability to execute the collaboration strategy as expected, the likelihood that the owner of the U.S. Army Bowl and that Elite Development Program Soccer will agree to continue their sponsorship and strategic alliance agreements with the Company following the end of their current terms in December 2024 and October 2024, respectively, the number of student-athletes who will purchase and renew subscriptions to the Company’s app through the Company’s U.S. Army Bowl and Elite Development Program Soccer collaborations, the Company’s ability to predict any trend in the conversion ratio of free trials on the Company’s app to paid subscriptions to its app, the Company's ability to obtain additional funding to develop additional services and offerings, including planned retail offerings such as branded apparel and nutritional supplements, market acceptance of the Company's current services and planned offerings, competition from existing online offerings or new offerings that may emerge, impacts from strategic changes to our business on our net sales, revenues, income from continuing operations, or other results of operations, the Company's ability to attract new users and customers, increase the rate of subscription renewals, and slow the rate of user attrition, the Company's ability and third parties' abilities to protect intellectual property rights, the Company's ability to adequately support future growth, the Company's ability to comply with user data privacy laws and other current or anticipated legal requirements, and the Company's ability to attract and retain key personnel to manage its business effectively. These risks and uncertainties are, in some cases, beyond our control and could materially affect results. If one or more of these risks or uncertainties occur, or if our underlying assumptions prove to be incorrect, actual events or results may vary significantly from those implied or projected by the forward-looking statements. No forward-looking statement is a guarantee of future performance. Forward-looking statements contained in this announcement are made as of this date, and the Company undertakes no duty to update such information except as required under applicable law.

Investor Contacts:
Crescendo Communications, LLC
212-671-1020
SGN@crescendo-ir.com

FAQ

What is the percentage growth in paid subscribers for Signing Day Sports app in January 2024 compared to December 2023?

Signing Day Sports, Inc. reported a 20% sequential monthly growth in paid subscribers for its app in January 2024.

How many paid subscribers did Signing Day Sports have in 2023?

The company achieved a five-fold increase in the number of paid subscribers in 2023.

What are the key factors contributing to the growth of Signing Day Sports app?

Collaborations with key student-athlete recruiting organizations, such as the U.S. Army Bowl and Elite Development Program Soccer, have allowed for bulk registrations on the app, contributing to its growth.

What is the expected impact of the U.S. Army Bowl National Combine Series on Signing Day Sports app?

The series, with 21 events over the next five months, is expected to bring in over 4,000 student-athletes to experience the app's benefits, further contributing to the company's growth.