In fiscal year 2024, the historic Green Bay Packers reached a new milestone by reporting $402.3 million in national revenue from the NFL. This marks a record high for the franchise and reflects the broader financial successes seen across the NFL. For the first time, each of the league's 32 teams received over $400 million in national revenue, contributing to a nearly $13 billion total revenue distribution for the NFL. Just a year prior, the NFL crossed the $12 billion mark, demonstrating a rapid financial growth trajectory after surpassing $10 billion the previous year.
Breaking down the numbers further, the Packers experienced an operational profit of $60.1 million, albeit a decrease from last year's $68.6 million. On the local front, revenue increased from $235.9 million to $251.8 million, translating to a 6.7 percent rise. However, this increase in local revenue wasn't sufficient to counterbalance the growing costs associated with stadium depreciation and player salaries.
"The increase in local revenue was not enough to offset the increasing costs of stadium depreciation and player salaries," said Mark Murphy, the Packers' President and CEO. "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."
Shifting Economics of the League
Murphy, who is slated to retire in July 2025 upon reaching the mandatory retirement age of 70, has observed significant shifts in the league's economic landscape. Ed Policy is expected to be his successor, inheriting both opportunities and challenges. "The economics of the league are changing pretty dramatically," Murphy commented. "Things are changing within the league with the new ownership, the private equity, new owners, billionaires."
Despite these changes, Murphy does not anticipate an immediate overhaul of the revenue-sharing structure. "The revenue sharing, I don't see that changing in the short term, but if that ever changes, that could be an issue," he warned.
Adapting to Media Consumption Trends
The dominance of the NFL in modern media consumption is undeniable. In 2023, an astounding 93 of the 100 most-watched TV broadcasts were NFL games. The league's ability to capture live audiences is a paramount advantage in a world where on-demand viewing is increasingly the norm. "It's one of the few things that people watch live anymore," Murphy noted. "One of the things the league has talked about is trying to meet people where they are."
Murphy highlights the importance of adaptability and foresight, especially as streaming services continue to grow. "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."
A Strong Financial Position Amid Challenges
Even with the financial highs and the increasing local revenue, the Packers are mindful of upcoming hurdles. "We are in a good, strong financial position, but there will be challenges along the way," Murphy acknowledged. These challenges include managing operational costs while maintaining the profitability and competitiveness of the team.
On the field, the Packers made the playoffs in 2023, guided by the promising lead of quarterback Jordan Love, adding to the optimism surrounding the franchise. As Murphy prepares for his retirement, the team continues to navigate the evolving dynamics of the NFL, both financially and competitively.
As the Packers look forward, embracing changes within the league and adapting to shifting media landscapes will be pivotal. The franchise's recent financial achievements underscore its resilience and enduring popularity, both key factors as it marches towards future seasons.