Reconnect, reboot and refresh
As live sport returns, live conferences are another signal of recovery from the Covid pandemic. The return of Leaders Week at Twickenham, London was a welcome experience for hundreds of executives from the sports and entertainment industry. Billed as ‘The Reunion’ it was the first opportunity for 18 months to reconnect with old friends, meet new ones and debate latest trends and developments. Cynics argue conferences are simply a platform for agencies, broadcasters, federations, investors, or innovators to sell their products and services. And quite often they are right. Leaders Week attracts a diverse selection of speakers and delegates that confirms, challenges, and enriches your own thoughts. And the enforced 18-month break allowed everyone to reflect on where the industry is heading and what needs to be done to achieve sustainable growth in the future.
Women’s sport was gaining momentum pre-covid and the publication of Women’s Sport Fans a report from The Space Between agency confirms there are different benefits and opportunities for brands than men’s sport. For example, this research shows that fans of women’s sport are more purposeful, quicker adopters of tech and far more likely to buy the product of the brand that sponsors it than fans of men’s sport. Sue Anstiss of Fearless Women and Kelly Simmons of The FA admitted there were mixed views about joining up men’s and women’s matches and events. Educating viewers about women’s sport is viewed as being critical to gain recognition. In a less crowded arena, women’s sport allows brands to tell their stories easier. In another shift that reflects changing times a philosophy of ‘values over victory’ is being promoted to embrace social justice and prioritize athletes over sport, which appeals more to the Gen Z audience. And there was plenty more food for thought.
Technology is synonymous with sport. Ex-Liverpool CEO, Peter Moore, now SVP of Unity Sports and Live Entertainment shared views on a constantly connected future in a metaverse where everything will have a digital twin. According to Moore, covid accelerated digital by 7 years. Unity has been investing for 17 years in this space and is now creating content that allows deeper fan engagement through high quality 2D and 3D games. Content is still king in the quest for monetization. Perhaps indicative of the world today, Moore’s advice for other innovators is to fail fast, fail cheap, present proof of concept and iterate. As a former executive at Sega, Microsoft, and EA, he should know.
Extending this theme of content, involvement and monetization was Andy Meikle, CEO of Recast Media who reminded delegates fans are willing to pay for content. Fortnite generated $5 billion from microtransactions in 2020. The traditional sports broadcast model is broken for many sports rightsholders who cannot monetize via broadcasts, social media, or OTT, according to Meikle. Recast is a shared revenue model where athletes can also repost and receive payment. This model and platform are aimed at the lower leagues but can also extend opportunities for higher tier levels and sits between Club TV and OTT or a subscription model. Content that does not often feature in broadcasts such as women’s matches, the academy team or behind the scenes footage until the live match starts is ideal for this model. At 4 pence per minute, it delivers 160 times more ROI than Facebook. Meikle’s philosophy is simple, share like social and monetize like gaming.
A sports conference would not be complete without a major football story. In a week when Newcastle United was finally sold to a Saudi backed consortium, it was the 30th addition to the MLS that grabbed my attention. In December 2019 David Tepper (owner of the NFL Carolina Panthers) paid $325 million for Charlotte FC to join the MLS in 2021. Eye watering figures for a team that has not played a single game yet. But as Charlotte President Nick Kelly reminded us, this is one club in a state with 15 million people. Cultures are different, fans are different and business models are different. Each to his own.
Chatri Sityodtong, Chairman of the One Championship, Asia’s largest sports media property advised, go after data, understand fans and offer a plethora of choices. Leaders Week, job done, refreshed.