The Sevens World Series will have an equal number of men's and women's events in the 2023/2024 season.
Black Ferns Sevens star Sarah Hirini. Photo: © Photosport Ltd 2021 www.photosport.nz
Men's and women's teams will also receive equal participation fees, with a 70 per cent uplift in World Rugby's investment in participation fees in the new model.
The remodelled Series will include seven festival style events played seven venues across seven months, featuring the best 12 men's and 12 women's teams.
Following a record breaking year for women's rugby, the new Series will feature combined men's and women's events, ensuring that women players have equal opportunities to showcase their talents.
The number of men's teams will be reduced from 16 to 12, aligning with the Olympic competition model.
The new format will kick off in December 2023.
An Annual 'Grand Finale' event will crown Series champions and offer pathway opportunity for four men's and women's teams to achieve promotion from the Challenger Series.
Hosts and competition dates will be unveiled by World Rugby in the next few months.
The Current edition of the World Sevens Series continues in Dubai this weekend with the Cape Town round the following week.
The 'Grand Finale' event will take place in the seventh round, which will see the top eight ranked teams after six rounds compete to be crowned Series champions, while the teams ranked ninth to 12th will join the top four ranked teams from the Challenger Series in a high stakes relegation play-off competition which will see four teams secure their places in the next edition of the Series.
The four unsuccessful teams will go into regional competitions to qualify for the next Challenger Series, which comprises of 12 men's and 12 women's teams competing in the second level of international rugby sevens.
World Rugby Chief Executive Alan Gilpin said: "The reimagined Sevens World Series will be a game-changer for the global growth of the game. Research insights have demonstrated that sevens plays a vital role in reaching and engaging new rugby fans, particularly in emerging rugby nations and with younger audiences. World Rugby is fully committed to the sustainable growth, innovation and success of rugby sevens as a highly impactful and successful Olympic sport with a bright future.
"We have consulted widely with a multitude of stakeholders to achieve our shared aim of making rugby more relevant and accessible to more young people, more of the time, and in doing so growing the reach of rugby while ensuring player welfare is sacrosanct and further cementing the successful positioning of rugby sevens on the Olympic sport programme.
"Moving to full gender parity between the men's and women's Series reflects not just our commitment to accelerating the women's game, but also recognition of the powerful personalities who are inspiring a new generation of fans across the globe.
"The increased promotion pathway opportunity for Challenger Series teams to reach the pinnacle Sevens World Series is also an important development, giving more teams the chance to attain a place at the top table of rugby sevens on an annual basis."