In a milestone fiscal year 2024, the Green Bay Packers made headlines by reporting an unprecedented national revenue of $402.3 million from the NFL. This new high watermark for the franchise emphasizes the robust financial standing and widespread appeal of both the team and the league.
The Packers' impressive numbers are indicative of a larger trend across the NFL. For the first time ever, each of the league's 32 teams received over $400 million in national revenue. This collective feat propelled the NFL’s total revenue distribution to nearly $13 billion, a monumental leap from the previous fiscal year when the league surpassed the $12 billion mark for the first time. Remarkably, just a year prior, the NFL had hit $10 billion in revenue.
Green Bay Packers President and CEO Mark Murphy commented on the financial achievements, stating, "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." His words resonate with the league's continued dominance, particularly evident in the television ratings. In 2023, an astounding 93 of the 100 most-watched TV broadcasts were NFL games, underscoring the league's grip on live sports entertainment.
Despite the record-breaking national revenue, the Packers faced a slight dip in operational profits, which stood at $60.1 million, down from the previous year's $68.6 million. The increase in local revenue, which saw a 6.7 percent rise from $235.9 million to $251.8 million, was not enough to counterbalance the swelling costs associated with stadium depreciation and player salaries. Murphy acknowledged these challenges, noting, "The increase in local revenue was not enough to offset the increasing costs of stadium depreciation and player salaries." He further added, "We are in a good, strong financial position, but there will be challenges along the way."
The evolving economic landscape of the NFL also finds Murphy contemplating future shifts, especially with new ownership dynamics coming into play. "Things are changing within the league with the new ownership, the private equity, new owners, billionaires," Murphy observed. While he doesn't foresee immediate changes in revenue sharing, he remains cautious, stating, "The revenue sharing, I don't see that changing in the short term, but if that ever changes, that could be an issue."
Addressing the league’s strategy to adapt to modern viewership trends, Murphy remarked, "One of the things the league has talked about is trying to meet people where they are." He emphasized the unique position of the NFL in the current media landscape, where it continues to capture live audiences. "It's one of the few things that people watch live anymore," he noted, highlighting the league's attractiveness to networks willing to invest heavily. However, Murphy is also looking ahead to the digital age, adding, "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."
Amid these financial and operational dynamics, the Packers are also poised for a significant transition in leadership. Mark Murphy, who has steered the franchise with a steady hand, is set to retire in July 2025 upon reaching the mandatory retirement age of 70. Ed Policy is expected to take the helm, promising continuity for the team’s strategic direction. In the meantime, the on-field performance remains a center of attention, especially after the Packers made the playoffs in 2023 under the leadership of their quarterback, Jordan Love.
Reflecting on these developments, Murphy succinctly summarized the shifting landscape: "The economics of the league are changing pretty dramatically." As the Packers navigate these changes, they remain a testament to the financial vitality and enduring appeal of the NFL, underscoring a promising yet challenging road ahead for one of the league's most storied franchises.