
2026 is the year they’ve been waiting for.
Both the NHL and MLS, and their growing women’s counterparts, namely the PWHL and NWSL, have had this year circled for a long time. A year they hope becomes the inflection point that raises the floor and ceiling for fandom and revenue for years to come.
Alex Silverman has been covering it all. As Sports Business Journal‘s lead hockey and soccer business reporter, Silverman is on top of all the hopes and dreams, the narratives, and how 2026 could represent a step-change for these sports or fall short of the sky-high generational expectations.
Soccer fandom has been growing in the US for years. MLS has expanded, and many markets are packing their stadiums. But not all that growth in soccer consumption has gone to MLS. There will be a spike in soccer interest from the World Cup, but Silverman said the jury is still out on how much the expected World Cup bump will benefit MLS.
“I think there will definitely be a bump in interest in soccer. It’s just a matter of — can MLS in particular capture it, or will that interest sort of just be funneled towards the [English Premier League] or [Mexico’s] Liga MX or [Spain’s] La Liga or [UEFA] Champions League?”…
More soccer fans, in any form, in the US is still a net positive, Silverman explained, but there needs to be specific interest in MLS.
“I think it’s important to get every soccer fan in the US to have at least some level of interest in MLS,” he said. “And this is maybe more my opinion than how they view it, but I don’t think it’s really sustainable to have a significant chunk of soccer fans in the US basically be indifferent to what’s happening in MLS and only want to focus on what’s happening in the European leagues.
“There are diehard soccer fans that aren’t interested in MLS, and I think they need to find a way to change that.”
MLS has been on an impressive growth trajectory for years. While their media rights deal with Apple TV has not lived up to the loftiest expectations, the last several years have seen significant spikes in awareness and attention as global stars like Thomas Müller, Son Heung-min, Zlatan Ibrahimovic, and, of course, Lionel Messi. While MLS viewership on Apple TV remains a bit opaque, the success of clubs like Inter Miami, riding in Messi’s prodigious wake, increases the confidence that MLS and its clubs are massive businesses worthy of the nine and ten-figure valuations.
“Obviously, a lot of their marketing has focused on Lionel Messi over the last few years,” said Silverman, who has worked for Univision and Cablefax, in addition to his two stints with SBJ. “[Messi] has been front and center, with good reason. What you’ve seen Inter Miami do has really shattered what was previously thought possible for an MLS team. They’re generating over $200 million in revenue. So they’re showing that there is a path — and now granted, there’s only one Lionel Messi — but they’re showing that there is a path to being a major money-maker as a soccer team in the US.”
Inter Miami’s revenue growth is undeniable. But all of these major leagues eye the biggest prize: massive national media rights deals. That’s why the NBA is flying high after inking $77 billion worth of rights agreements across 11 years. Those deals are what drive multi-billion-dollar team valuations and allow leagues to command billions for expansion franchises.
So while Messi and the other stars, along with MLS’s largely excellent live game experience, are driving meaningful revenue streams, it all pales in comparison to what leagues like the NFL find in the figurative couch cushions of their broadcast agreements.
“I think Jimmy Haslam, the owner of the Columbus Crew [and the NFL’s Cleveland Browns], last year said at Leaders Week something like, ‘Our media revenue from the Browns is $400 million a year, and our media revenue from the Crew is $4 million a year.’ Right now it’s sort of an in-stadium product, and a lot of teams do well in terms of filling their buildings, but becoming a bigger business and doing more than just operating on thin margins will depend on creating broader appeal and becoming more of a media property.”
The NHL isn’t swimming in media rights revenue like its NFL and NBA counterparts, but the league is no doubt on a higher tier than MLS. And the NHL has benefited from some big national media numbers in the last year or two. Between the 4 Nationals Face-Off, with TV viewership that was higher than even the rosiest prognostications foresaw, and the big buzz and big numbers for the men’s and women’s Olympic teams’ run to the gold medal, there was a positive outlook as the league returned to play following the Winter Games.
While the NHL (as well as the PWHL) each enjoyed the increased interest and engagement, Silverman is still watching to see how much effect the Olympic jolt can have for the NHL — and whether the league missed an opportunity to make the Olympic moment mean even more.
“I don’t necessarily think that a lot of teams had strong plans going into [The Olympics] about how they were going to capitalize on it,” said Silverman, who, in addition to covering the NHL, is a longtime fan of the New York Islanders. “But I think in some markets where there was available seating inventory, you’ve seen some attendance bumps. And they have seen some slight viewership upticks in the weeks coming out of the games. So I’m curious to see how the playoffs this year do on TV.”
That’s the reality. The Olympics are a glorified marketing vehicle for the NHL. A powerful one, to be sure, but big TV ratings for Team USA games and big sales of Team USA jerseys don’t do much directly for the league’s coffers. That’s why the attendance and viewership bumps are nice to see, but, as Silverman noted, the hope is that the league’s biggest and most valuable games, the Stanley Cup Playoffs, see increased national interest, reflected in viewership.
But there’s another shining beacon on the horizon for the NHL, a big best-on-best international tournament that they own, control, and can reap considerable revenue — The World Cup of Hockey (as well as last year’s 4 Nations). Every international game is another supporting point for the NHL when it comes to selling and marketing the World Cup. That’s all part of the calculus for the NHL to disrupt its season and put its players at risk of injury in the middle of the league’s regular season, Silverman explained.
“I definitely think it’s good for the league to participate in these things,” he said; 2026 was, after all, the first time NHL players participated in the Olympics since 2014. “But I think they’re obviously a lot more incentivized to do so when they’re able to get direct revenue upside out of it in addition to building the fans of the future, which is why I think they’re super excited about how the 4 Nations did last year, which is a tournament that they control, and why they’re bringing back the World Cup of Hockey in 2028.
Silverman continued: “I think the biggest opportunity for them to see direct upside from this Olympics is now they’re going to be selling sponsorship for that World Cup of Hockey in 2028 [and] they’re going to be selling the media rights for that tournament. And the league will have good data points to point to from the last two years of international competition to say there are a lot of people who don’t necessarily always watch the NHL who are interested in watching international hockey, and now [they’re] selling international hockey…”
Hockey may have the benefit of Team USA competing for (and achieving) global supremacy in the world’s top tournaments, but soccer has a leg up on participation and barriers to entry. Virtually everybody in the US has played organized soccer or at least knows somebody who has. The same can’t be said for ice hockey. While there are plenty of NHL fans who have never played organized ice hockey (myself included!), the more sparse active exposure is just one more obstacle for hockey fans to be in awe of the athletes.
With less organic exposure to hockey, the NHL has to make the most of any chances to seize the spotlight. Silverman talked about this challenge for the NHL, and what they can do to capitalize when opportunities arise.
“The challenge with hockey has been the same challenge as always — participation in hockey is still fairly niche,” he said. “If you grew up playing hockey, you understand how incredible some of the things that these players are doing on the ice are, and you’re just more exposed to it. I think the Olympics went a long way in getting people that might not have necessarily been watching to watch.
“There’s been a lot of talk about whether something like [hit HBO show] Heated Rivalry will get more people interested in hockey. Anything that gets hockey more into the cultural zeitgeist is helpful. You’ve seen a little bit of a Heated Rivalry bump and an Olympic bump. So creating those kinds of moments where the players can break out beyond just the NHL media bubble is helpful.”
Both hockey and soccer are getting better at creating stories and moments that transcend their core audiences, and capitalizing when serendipity smiles upon them with something unexpected. They’re each chasing relevance; they’re seeking attention and engagement in an increasingly crowded ecosystem, full of endless feeds and infinite options, where the next thing is just tap or swipe away.
The question is what the results of these spikes really mean. Going viral isn’t a strategy, but neither is virality, once achieved, a guarantee of business success. More exposure has to be funneled to more audience capture, consumption, conversion, and fan growth, which, ultimately, translates to dollars that can support short-term growth and develop new cohorts and generations of fans at every level. As Silverman reports on the business strategies, challenges, and opportunities for hockey and soccer, he’s looking at the surface-level metrics, but also scrutinizing and digging deeper into what lies beneath.
“It’s great if you have a lot of people watching your highlights on social media,” he said, “but the revenue associated with that isn’t the same as the revenue associated with live rights. And as we’re seeing media companies be more selective with where they’re spending their revenue, you’re starting to see more properties popping up.
“The main revenue streams for any sports property are basically media, ticketing, and sponsorship. And in a lot of cases, there’s just not really media revenue to be had. I think that’s the challenge with people saying, ‘Oh, well, that’s not really the best way to evaluate our property,’ it helps to try and get a sense of what their business model is, how much of their revenue comes from media versus sponsorship versus ticketing and game-day revenue. There are a lot of things to consider there.”
It all has to result in something of substance. Regardless of the makeup of the revenue pie — and the next era of sports business models may indeed look different than the current one — the pie has to be big to get where these teams, leagues, and sports entities want to go.
“A year from now, 2026 will have told us a lot — not just whether a World Cup creates lasting soccer converts or a gold medal drives new hockey households, but whether the business infrastructure behind these leagues is sophisticated enough to capture the moment when it arrives. As Silverman put it, ‘the verdict is still out on whether it’ll increase interest in the core product.’ That’s the question the whole industry is watching.”







