Leader of partners in Brazil, Palmeiras raised R$58 million and broke record revenue from fans | palm trees

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Buoyed by titles, Palmeiras almost tripled its membership in the last two years and became the club with the most members in Brazil: 176,521, according to a GE survey.

Leader in the ranking, therefore, Verdão boosted revenue, raised R$58 million in 2023 and thus recorded its record of earnings with fan partners.

There are reasons for the increase in numbers: Palmeiras started investing in new strategies in its plans, mainly between 2022 and 2023, in an attempt to recover revenues after the sharp drop during the Covid-19 pandemic period.

In May 2022, for example, a period in which Brazil recorded fewer deaths from Covid-19 since the start of the pandemic, Palmeiras had 65,770 members and was fifth in Brazil in the ranking – behind Atlético-MG, Corinthians, Internacional and Flamengo. The membership, therefore, increased 2.7 times.

In 2023, the increase in the base of members and paying members resulted in an 18% growth in revenue, and the record revenue is highlighted by the club itself in last season’s financial statements.

In Palmeiras’ assessment, part of the increase occurred after the creation of actions such as Palmeiras Pay, a platform that encompasses products and a digital bank aimed at the alviverde public. The program closed the year with more than 500 thousand accounts, and Verdão with 138 thousand paying members.

The loss of revenue from advertising and sponsorship, by the way, which fell from R$142 million to R$127 million last year, ended up being covered by the increase in revenue from Avanti and Licensing.

Over the last seven years, a period for which the respective balance sheets are published on the club’s website, the biggest increase in the membership base occurred between 2021 and 2022: gross revenue grew 165%, reaching R$49.7 million, when stadiums were reopened to the public after the pandemic.

It was in 2022 that Palmeiras registered the highest number of subscribers to the Avanti program since July 2015: 86 thousand paying members.

Before that, the club sustained an average of R$46 million in revenue between 2017 and 2019, but suffered sharp drops in the 2020 and 2021 seasons, during the pandemic. Football came to a standstill in March 2020 and stadiums only had 100% capacity released two years later.

In 2020, therefore, Palmeiras lost R$28.6 million and had a 51% reduction in membership revenue, which was the second most affected in the pandemic. It ended the year with R$22.5 million in gross revenue.

In an attempt to minimize the effects, Verdão also implemented the Advantages Program, to encourage fans to comply during the restriction of activities.

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Members had credits to use for activities or food consumption at the club, while fan members were able to exchange credits for additional tickets upon their return. It was also possible to use them to purchase products in the store, in addition to recommending establishments for the club to establish partnerships with and get discounts.

These benefits were maintained for 2021, but there was a drop in revenue for the second consecutive year, to R$18.7 million. Brazil was still under the effects of the pandemic, with most competitions behind closed doors, and only in October were the stadiums allowed to receive 30% of their audience capacity.

The 2023 numbers, therefore, mark Palmeiras’ recovery after two seasons of sudden declines, in an increase that the club is working to maintain in 2024.

• 2023: R$58,717,000
• 2022: R$49,728,000
• 2021: R$18,786,000
• 2020: R$22,513,000
• 2019: R$46,086,000*
• 2018: R$47,870,000
• 2017: R$47,014,000

*There is a discrepancy of R$5 thousand in the values ​​declared in the 2019 and 2020 balance sheets regarding the 2019 finances. The most updated balance sheet was considered. The 2019 report states R$46,091,000.

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