Special Copa Libertadores final. Includes Conmebol finances and the finalists´ financial & digital comparison: Fluminense vs. Boca Juniors

This coming Saturday, the Copa Libertadores final will take place at the Maracanã stadium. It is considered the second most important club competition in the world.

Although it has a significant impact in South America, it holds low significance in important markets such as the USA, Europe, and Asia.

Today's publication analyzes Conmebol's management (numbers that explain this low global appeal) and provides a financial and digital comparison of the finalists: Club Atlético Boca Juniors vs Fluminense Football Club

Conmebol finances:

The CONMEBOL is the governing body for South American football. Although revenues are growing, it is undeniable that its revenues are low, considering the global potential of  the business.

UEFA Europa League generates US$ 379 million every year.

Conmebol revenues - US$ million

In 2022, the Copa Libertadores generated US$ 350 million in revenues, which represents 77% of the total revenue for the entity.

Participating teams received US$ 203 million, equivalent to the prize money earnings of two UEFA Champions League teams.

Conmebol revenues By competition- US$ million

The Copa Libertadores champion receives US$ 18 million, while the runner-up gets US$ 7 million. In contrast, the 32nd-placed team in the Champions League receives approximately US$ 20 million.

Libertadores - Prrize Money - US$ million

Conmebol's expenditures on marketing and rights commercialization are excessive, reaching Only rights commercialization accounted for US$ 41 million or US$ 150 million over four years.

Conmebol expenditures- US$ million

A significant amount of money that could change the Copa Libertadores in terms of marketing and commercial global impact. And also the financial situation of the clubs, leading to higher revenue in dollars.

Finalists’ financials

The 2023 Copa Libertadores final features teams with similar revenues, but due to Argentina's economic situation, the top Argentine club is on par with the 9th-revenue club in Brazil.

The difference in the Brazilian TV market (significantly larger than the Argentine market) favors Fluminense.

Biggest revenues in 2022- Brazillian teams- US$ million

Financial KPIs for the teams:

Boca Juniors

Boasts a strong fan base with substantial membership revenues and a stadium.

Generates higher sponsorship and merchandise sales revenues.

Manages lower football-related expenses due to a more austere budget, given the country's financial situation.

Fluminense

Earns more from player transfers in addition to high TV revenues.

The Flu brand has high potential among the affluent, although the club doesn't fully exploit this advantage.

Membership revenues are low, and the stadium could generate more income.

Spends considerably more than Boca and relies on bank loans, which are larger than those of their Argentine rival.

Here's an analysis published in La Nacion in Argentina

Digital Comparison

Thanks to our partnership with Zeeng - Data Driven Platform we analyze the movement of more than 2.5 billion fotball fans around the world.

Historically, Club Atlético Boca Juniors has had a stronger presence on social media compared to Fluminense Football Club . The Argentine club has 27 million social media followers, while the Brazilian club has just over 7 million followers.

Normally, Boca generates a significantly higher impact on social media.

However, since Fluminense hired Marcelo Vieira (Marcelo12), a former Real Madrid player, the difference has become narrower.

Annual Interactions x Commercial Revenues

In all of 2021, Boca generated a total of 141 million interactions on major social media platforms, compared to Fluminense's 83 million. In 2022, Boca recorded 206 million interactions, while Fluminense had 146 million.

In the first 10 months of 2023, the difference was the smallest in any historical series.

Total Interacions- Main Social Media- In million

The Brazilian club posts prolifically and leads by a significant margin on YouTube, experiencing substantial growth on Instagram and TikTok.

The growth in total social media interactions is closely following Boca,, with a significant increase since Marcelo's arrival.

Fluminense has yet to fully harness this potential, including for internationalization with just US$ 7 million in commercial revenues.

What the fans said in 2023?