Cristopher Miller

Start paying attention to sports tech. Club valuations keep climbing. Recent example: the Eagles' latest deal places them at a 12-15x revenue multiple. At these numbers, buyers invest in operational excellence, world-class products, and cutting-edge data capabilities. Now ask yourself: What industry with these fundamentals hasn’t seen tech become a dominant market mover? If someone’s buying at 15x revenue, they expect smarter, faster, better. Full stop. Or, as Lester wisely said in The Wire: “Follow the money.”

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Biggest media story of the year: the explosion in women’s sports. The combination of big stars emerging in soccer and basketball with the need for live content for streaming services should drive huge growth. Not to mention the desire for people to go live events and the affordability of taking a family to a game. A lot of strong secular trends should set up the NWSL and WNBA for really good runs.

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Multiple baseball teams set records for single game ticket sales revenue during the 2024 playoffs. That achievement is the byproduct of strong demand for Major League Baseball (MLB)’s postseason product and a savvy –albeit debatable– ticket sales strategy intended to recapture revenue leakage. Clubs recognize that “fans are agnostic to where they get their tickets and have started making pricing decisions for both the primary market, which they obviously control in full, and large portions of the secondary market, which is a mix of the organization and other sellers,” one BI executive said. That is why the two have moved more in concert with one another this fall than typically seen. But while the blending of ticketing markets is enabling teams to maximize gate receipts, it is also contributing to a potentially troublesome trend across sports: loyal fans are getting priced out. “The short-term gain that comes with overcharging your core fans is juxtaposed with the long-term problem that creates with fandom in general,” the club exec said. #sports #sportsbiz #ticketing #ticketsales #strategy cc: JohnWallStreet Shripal Shah Ryan Dastrup, PhD Randall Friedman Jacie Brandes https://lnkd.in/ejrBAAfu

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Well look at that! SBJ is finally coming around to the opportunity sports DTC streaming can provide teams/leagues. The bottom line, is that as viewing habits continue to shift towards digital platforms and devices, sports entities with built in fan bases and star athletes can exploit DTC streaming: 👉 A DTC approach allows for direct relationship with fans. Teams can personalize the communication, target marketing and tailor offerings to fans to increase engagement and revenue. 👉 A DTC model will be able to better to measure advertisement spending with viewership numbers and post-advertisement behavior. This allows teams to target marketing efforts and to make investment decisions more wisely. 👉 DTC sports streaming can utilize data and algorithms to create a more immersive and engaging viewing experience and allows fans to enjoy live and on-demand sports content at their convenience. 👉 DTC models are likely to be less lucrative [than current RSN rights fees] at the outset, but allows teams to be in control of their own fortunes and to maximize revenue and fan engagement in meaningful ways that are more sustainable for the long-term health of the franchise. Ask me how MK can help you... https://lnkd.in/d-J_6Qsx.

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Sports investments are everywhere. It's not uncommon for active investors to hear about a new sports related investment opportunity weekly these days. From pickleball teams, to women's sports franchises, to European soccer clubs, to sports technology. The opportunities are everywhere. On top of that we are seeing the democratization of sports investing with exciting startups making it simple for fans to invest in racehorses, amateur golf and tennis players, baseball players and so much more. I am personally excited to see what areas of sports investing catches the next wave of attention. Golf, sports data/analytics & making the space investable for fans are all things we actively are involved in at Social Leverage I think we see a lot more buzz continuing around women's sports from basketball to soccer, cricket, men's soccer, and more alternative new sports leagues. https://lnkd.in/g9nYw_RE

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It's interesting to look at the business of pro sports teams... The Atlanta Braves are publicly traded (𝘨𝘪𝘷𝘪𝘯𝘨 𝘶𝘴 𝘢 𝘨𝘰𝘰𝘥 𝘷𝘪𝘦𝘸): 𝗦𝘁𝗮𝗱𝗶𝘂𝗺-𝘀𝗽𝗲𝗰𝗶𝗳𝗶𝗰 𝗿𝗲𝘃𝗲𝗻𝘂𝗲 𝘀𝘁𝗿𝗲𝗮𝗺𝘀 𝗶𝗻𝗰𝗹𝘂𝗱𝗲: 🏟 • tickets • advertising • concessions • merchandising • parking/passes The "sports team" itself is the tip of the spear for monetization. Expanding product channels not only 𝘣𝘰𝘰𝘴𝘵𝘴 𝘵𝘰𝘱-𝘭𝘪𝘯𝘦 𝘳𝘦𝘷𝘦𝘯𝘶𝘦 but also deepens fan engagement. 𝗢𝘁𝗵𝗲𝗿 𝗿𝗲𝘃𝗲𝗻𝘂𝗲 𝘀𝘁𝗿𝗲𝗮𝗺𝘀 𝗶𝗻𝗰𝗹𝘂𝗱𝗲: 💰 • sponsorships • special events • online merchandise • national media rights • in-person experiences • local media rights (radio/tv) • entertainment (documentaries) • real estate development projects • licensing (sports betting, products, etc) The Atlanta Braves parent company (NASDAQ: BATRA) is valued at a market capitalization of $2.56 billion and an enterprise value of $3.01 billion. Warren Buffett is a shareholder of the Braves. 𝗜 𝘄𝗼𝘂𝗹𝗱 𝗲𝘅𝗽𝗲𝗰𝘁 𝘁𝗼 𝘀𝗲𝗲 𝗺𝗼𝗿𝗲 𝘁𝗲𝗮𝗺𝘀 𝗴𝗼 𝗽𝘂𝗯𝗹𝗶𝗰 𝗼𝘃𝗲𝗿 𝘁𝗵𝗲 𝗻𝗲𝘅𝘁 𝘁𝗲𝗻 𝘆𝗲𝗮𝗿𝘀.

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This will fly under the radar, but Reddit, Inc. striking multiple partnerships with major leagues that incorporate exclusive content and revenue share on advertisers should not be ignored. In many ways this type of arrangement is what we should expect to see more of: shared risk and reward and not just straight up rights fees. The result: huge increase in high quality reach and engagement, and new revenue streams unlocked that should have little impact on legacy rights deals. More of this please! https://lnkd.in/eeQMbwPh

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The U.S. sports betting market continues to grow as more Americans wager more money on live events. The AGA reported YTD commercial sports betting revenue reached $8.36bn through August (+30.4% YoY). However, the related advertising dollars are not flowing as easily as they once did with FanDuel and DraftKings Inc. entrenched as the regulated market leaders in all 30 legal mobile betting jurisdictions and the pace of states adding new OSB or online casino legislation having slowed to a crawl. Logic would suggest that reality will begin to impact sports rights owners and holders over time–if the trend doesn’t change. One “shouldn't assume that just because available ad dollars have dropped off this year, spending will stay at this level or drop off further in the future," Chris Grove (co-founding partner, Acies Investments) said. "There are numerous reasons why marketing spend could turn back upward.” But there is a new class of gaming companies –social sweepstakes casinos (think: VGW Play, Stake.us) and sportsbooks (think: Fliff Inc)– capable of helping sports properties and their media partners replace lost revenues in the interim. These entities are growing faster, operating in more states, and can be more profitable than regulated counterparts (though, none are nearly as profitable as FanDuel or DraftKings). For context, Virtual Gaming Worlds reported in September that it increased annual net profits by 30% YoY to $335mm on record revenues of $4.15bn. Sweepstakes are games of chance where no purchase is necessary to win. In a social sweepstakes sportsbook or casino players can also buy virtual coins that can be wagered and redeemed for real cash prizes. #sweepstakes #gaming #sportsbetting #sportsbiz #marketing #advertising #trends https://lnkd.in/egRbEuQp

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While sports data is the oil powering Genius Sports, it's the intelligence layers we add that really delivers value to our partners. #TrendGenius is a perfect example Trend Genius is an advertising tech honed through our long relationship with #X, analyzing conversational trends among social media users to activate display #ads from marketers who want to engage the right #audience at just the right moment. During the #Olympics, we saw user engagement jump 12% over the baseline and with week 1 of the National Football League (NFL) season almost hear, Trend Genius is a top conversation with #advertisers. https://lnkd.in/gEE7sCTm

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This week, Mark Donnigan and I recap [🎙 https://lnkd.in/emt4mXcF] all the recent sports news involving FIFA, DAZN, IPL, NBA, WNBA, Apple TV, NBA, NHL, Peacock, Indianapolis 500, U.S. Soccer, WBD, Wimbledon, Sky Sports and the Olympics. We highlight some of the recently released sports viewership stats across streaming and pay TV, discuss the recent price hikes by Max and Spotify, and Amazon's acquisition of video streaming service MX Player. Finally, we explain why the number of app downloads is a worthless metric for tracking usage, ARPU, engagement, subscriber lifetime value, or any other real metric tracked and utilized by streaming companies with Wall Street. Listen here: 🎙https://lnkd.in/emt4mXcF

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Virtual reality is still on its journey to mass adoption, but Apple is betting big on its potential. In the latest episode of StreamTime Sports, Chris Stone and I dive into whether Apple can succeed where others have struggled, and examine the tech giant's strategic moves and upcoming challenges. 🎙️ Key Talking Points: - Can the Vision Pro enhance the sports viewing experience? - What could the mainstream adoption of #VR mean for sports? - Why does Apple need live sports rights? - What are the implications of Apple’s legal battle with the European Commission? Tune in for an insightful discussion on the future of sports and technology! #SportsTech #VirtualReality #Apple #StreamTimeSports 🔗 https://lnkd.in/ezRn24S8

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16 investors walk into a room… No joke—we just had 10 sports tech startups pitch to 16 investors. The founders ? Brilliant. The pitches? Not always. Many missed what investors actually want to see. Don’t make the same mistake—find out how to stand out: https://lnkd.in/dHz-2BuB And on December 12th, you can pitch directly to 10 top sports tech investors. Ready? Write ‘yes’ in the comments, and I’ll send you a quick application form! #SportsTech #Startups #PitchPerfect #HYPEInvestorsClub Let me know if this works!

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American Dan Friedkin’s The Friedkin Group (TFG) has seemingly outmaneuvered American John Textor’s Eagle Football Holdings Ltd. Holdings for control of Everton Football Club. The deal remains subject to regulatory approval. Months before Friedkin emerged as a bidder, outgoing club owner Farhad Moshiri came to terms with a third American investment group, 777 Partners. That company was unable to close due to widely reported legal and financial challenges. The heavy American presence in Everton negotiations (MSP Capital was also reportedly engaged in exclusive talks with Moshiri at one point) is reflective of a broader trend–U.S. investors and/or investment firms investing in European sports assets. Eight of 20 English Premier League clubs are now controlled by Americans (it’ll be nine when this deal closes). Two others have Americans as LPs. The Americanization of European sport began in 2003 when the late Malcolm Glazer bought a 2.9% stake in Manchester United for £9mm. Two years later, the Glazer family executed a leveraged buyout to secure the balance of the club for £790mm (£600mm of which was reportedly borrowed against team assets). The logic amongst those who followed was clubs in Europe could be acquired on the cheap given that they are often heavily levered and under-commercialized. While European sport undoubtedly provides savvy investors with upside potential, investments on the continent come with nuanced risk that may not be understood by foreigners. There is over-spending abound, and cultural differences make it difficult to replicate the familiar American operational playbook. “Sport in Europe has historically been more about winning than profits,” one senior executive at a major global bank said. And that “point of view is not usually aligned with U.S. private equity’s expectations which are to prioritize profits.” Americans investing overseas ought to beware. Former Euroleague commissioner Marshall Glickman explains in his new Transatlantic Investment Roadmap column. #Investment #Europe #soccer #football #sportbiz #sports cc: JohnWallStreet Ryan Dastrup, PhD Jacie Brandes Randall Friedman https://lnkd.in/eY2gZWSv

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Some great data from Carta: 👍🏻 VCs invested total of $20.9B in Q2 (+12% from Q1) 👍🏻 Down rounds across all stages fell from 24.2% to 17.4% 👍🏻 Positive moves across multiple metrics could mean better days are coming for U.S.-based #startups https://lnkd.in/g_mQ3GbM

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Gearing up for the start of the National Football League (NFL) and English Premier League seasons, and continuing the thrilling Major League Baseball (MLB) action, we're seeing clubs across all of these sports leverage the AIQ.team measurements to enhance athletic performance. For example, AIQ's measurement of Visual Spatial Processing (VSP) plays a pivotal role in optimizing performance for athletes in these leagues. 🏈 NFL: As the NFL season kicks off, quarterbacks rely heavily on Spatial Awareness and Navigation. These skills allow them to maintain pocket presence, identify throwing lanes, and make quick adjustments under pressure. ⚾ MLB: In the midst of the MLB season, players benefit from Visual Retention and Manipulation Rotation. Visual Retention helps them memorize and anticipate pitcher tendencies, while Manipulation Rotation aids in adjusting to the ball's trajectory mid-flight. These skills are crucial for both batters and fielders to react quickly and accurately to plays. ⚽ EPL: As the English Premier League gets underway, players' performance is bolstered by Spatial Awareness and Navigation. These abilities help players maintain positioning on the field, navigate through defenses, and create scoring opportunities. For instance, a midfielder's ability to retain visual information about player movements can lead to more strategic passes and plays. The AIQ measures more beyond just VSP; giving teams insights on reaction time, decision making, learning efficiency and more. By leveraging AIQ's comprehensive cognitive assessments, it's cool to see teams are gain a competitive edge, leading to more strategic gameplay and improved overall performance across these top leagues. #linkedinsports #NFL #MLB #EPL

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🌈 Shaving off 90 minutes? Easy. Just add a century of innovation, a few billion dollars in R&D 💸🏅 The question is where can we get 100 years from now? ‏👇Love to hear your thoughts in the comment below HYPE Sports Innovation #SportsInnovation #TechInSports #SportsTech #Innovation #Marathon2024 #AthletePerformance #FutureOfSports #SportsTechnology #AIinSports #PerformanceEnhanceme

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As per Netflix, Christmas Day National Football League (NFL) games will be played on the streamer. The major streamer’s aggressive move into LIVE sports, specifically the NFL, is incredibly encouraging. Despite the NFL's massive audience, which drew 97 out of the top 100 US broadcasts of 2023, the NFL audience is only monetized by its broadcasters five months out of the year. X League, positioned as America's No.1 sport's entry into Women's Sports and already drawing NFL audiences across its digital and social platforms, will become the perfect complimentary sports media IP leading into each NFL season to further monetize the built-in NFL audience that sits dormant for the remainder of the year. #football #linear #streaming #global #viewership #nfl #xleague #herturn

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You might think that combat sports athletes are rolling in dough, but here is the truth: 👇 MMA doesn't always offer big money unless you're a champ with pay-per-view points, so managing finances wisely is crucial. My insightful chat with MMA coach "Captain Americas" Eric albarracin explains his relationship with Broadstreet, Inc. and his athletes and the value he saw in teaming up with the fund. Eric's mantra is "fight smart, invest smarter," highlighting the need for fighters to avoid going broke. With Broadstreet's house in Brazil, they're attracting talent globally. Eric shared how this collaboration began after they flew him out and showcased their vision. He was impressed and saw the potential for the future of the athletes he lives and works with. It's unique to see a private equity venture capital company working specifically with athletes, providing them with essential financial guidance. As a person who knows the struggle that combat sports athletes engage in, I, for one, am here for this conversation. #linkedinsports #venturecapital #sportsbiz #athletes

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McKinsey & Company claims companies using AI in their sales processes have been able to grow revenues by as much as 5%. But there are two types of AI: traditional and generative. Both have roles in a modernized ticket sales strategy. However, the vast majority of teams, leagues, and federations still only leverage the former’s capabilities. Rights owners and event promoters across the landscape use platforms like Ticketmaster Sport, eventellect, and TicketSell, all built on traditional AI, to make better, data-informed decisions on pricing strategies. Far fewer are taking advantage of ChatGPT’s ability to analyze email correspondence for buyer, or potential buyer, intent. AI’s true power in the ticket sales process lies in its ability to produce deep, actionable insights on trends and fan behavior. #sports #sportsbiz #sales #AI #ticketing #tickets #revenue #strategy cc: Shripal Shah Jacie Brandes Ryan Dastrup, PhD Randall Friedman JohnWallStreet https://lnkd.in/ejH2UKe4

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