The Green Bay Packers have experienced a historic high in national revenue, reporting $402.3 million in the fiscal year 2024. This milestone is not only significant for the franchise but also for the NFL as a whole. For the first time, each of the league's 32 teams received over $400 million in national revenue, bringing the NFL’s total revenue distribution to nearly $13 billion, a remarkable increase from the previous fiscal year when the league first breached the $12 billion threshold.
Mark Murphy, the Packers' President and CEO, remarked, "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." Indeed, the figures speak to the continued dominance of the league, which saw 93 of the 100 most-watched TV broadcasts in 2023 as NFL games. Murphy added, "It's one of the few things that people watch live anymore."
Despite this surge in national revenue, the Packers faced a slight dip in operational profit, which stood at $60.1 million, down from the previous year's $68.6 million. This decrease in profit was primarily due to rising 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," Murphy explained. Nevertheless, the local revenue itself saw a notable increase from $235.9 million to $251.8 million, marking a 6.7 percent rise.
Although the Packers are in a "good, strong financial position,” Murphy acknowledged that “there will be challenges along the way." The shifting dynamics within the league, including new ownership structures and the influx of private equity and billionaire owners, are reshaping the NFL landscape. "The economics of the league are changing pretty dramatically," Murphy commented. He highlighted the stability provided by revenue sharing but also hinted at potential uncertainties: "The revenue sharing, I don't see that changing in the short term, but if that ever changes, that could be an issue."
Murphy's reflective yet optimistic outlook is timely as he approaches his planned retirement in July 2025 upon reaching the mandatory age of 70. His successor, Ed Policy, will inherit both opportunities and challenges. Among these are navigating the evolving media landscape, where traditional broadcasting is increasingly supplemented by streaming services. "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," Murphy noted.
On the field, the Packers remain competitive, making the playoffs in 2023 with quarterback Jordan Love at the helm. As the NFL continues to adapt to changes both on and off the field, the Packers exemplify how traditional franchises can thrive amidst evolving conditions. Murphy summed it up aptly: "Things are changing within the league with the new ownership, the private equity, new owners, billionaires."
Through financial peaks and operational challenges, the Green Bay Packers provide a compelling testament to the enduring popularity and economic vitality of the NFL. Buoyed by historic revenues and resilient amidst rising costs, the team—and the league it belongs to—appear poised for continued success. "One of the things the league has talked about is trying to meet people where they are," Murphy observed, signaling the continued relevance of the sport to its fans.