Weekly Newsletter 9/6
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INNOVATION IN ACTION
FINDING FANS IN THE COLLECTIBLE MARKETPLACE
Collectibles are not new to the sports industry. The Library of Congress estimates that in 1865 the first player cards were used, and while the industry has evolved over the last century plus, fans still want to show their allegiances through both physical and digital collectibles alike. In the last 30 years, for example, eBay has been a staple among online marketplaces, and continues to evolve: the company recently purchased sports card collection company, TCGplayer, for nearly $300 million, further solidifying its position in the market.
The next evolution of this collectible and memorabilia market is now taking shape through NFTs. There are plenty of skeptics and with good reason. But what we do know for sure is that sports fans are paying attention, and that is driving M&A activity, and product development efforts. Look no further than the fact that the largest ticketing operators are adding digital wallet features to their websites. Ticketmaster announced a partnership with Dapper Labs (creator of Top Shot) to create a new capability to issue NFTs before, during, and after live events. This is strategic because it can help draw in new fans, keep them at the event longer, and bring them back for unique experiences that they can show their communities.
Our data shows sports fans want collectibles while also showing caution towards overall market stability. Contrary to many pillars in the sports industry, the collectible space actually grew during the pandemic. There were feelings of nostalgia among trading card communities, and this thought process carried over into the virtual world among NFTs, cryptocurrency, and other digital collectibles. This begs the question: how can we create this kind of nostalgia that draws in new fans when live events are happening every day?
*Our data comes from a random panel of 10 million credit & debit card holders in the United States. Transactions portrayed here are from 1/1/2020 through 9/9/2022.
Among sports fans, the collector market skyrocketed alongside the crypto-boom leading into 2020 but leveled off heading into 2021. Early 2022 numbers show a similar pattern but the market can change towards the end of this year with football, basketball, and hockey all coming back in the coming months.
As an official ticketing partner of many teams, leagues, and entertainment properties, Ticketmaster is taking its fan engagement platform a step further by staying up to date with consumer trends. Through Dapper Labs, basketball has been a pioneer in engaging fans through digital collectibles. In addition, the NHL is also expanding into this space. In June of this year, the NHL & NHLPA announced an NFT partnership with Sweet to capture and auction historical moments.
As live events have come back, the big question for the industry is how to merge the physical and digital experiences in a way that feels natural, intuitive, and memorable. Memorabilia is just one example of how this kind of intersection can generate new revenue streams for forward-thinking properties, brands, and technology companies. Inherently, these are storytelling platforms, and the brands who leverage the technology to tell better stories will ultimately succeed in acquiring the Fluid Fan.
To learn more about the data behind golf fans and other fan intelligence insights reach out to our team at info@sportsilab.com
Sports Innovation Lab Events
WELCOMING A NEW FACE TO OUR TEAM!
This week we are thrilled to welcome Taylor Horine to our team as a Content Marketing Intern. Taylor is a Senior Communications major and member of the women's lacrosse team at Endicott College in Beverly Massachusetts. She has experience working within the sports and entertainment space, most recently with WWE. She'll be an amazing addition to our Marketing team throughout her fall semester. Welcome Taylor, we are so happy to have you!
The Fan Project Spotlight
DEVELOPING THE ROAD MAP OF GROWTH
Last week in New York City, we hosted the top executives investing in and a part of the women's sports industry at our Women's Sports VIP Breakfast. We discussed the recent momentum and investment in the market as well as the extensive growth opportunities that lie ahead of the industry. Our data shows there are numerous opportunities for brands, media rights holders, and others to invest and continue to grow the women's sports space. Huge thanks to all of our guests and partners that were in attendance, and a special thanks to NWSL Commissioner Jessica Berman for sharing the stage with our CEO Angela Ruggiero and CMO Gina Waldhorn to discuss the current state of the NWSL and the future of women's soccer.
If you're ready to create breakthrough fan experiences and connect with the Fluid Fan through technology, visit our website sportsilab.com or email info@sportsilab.com!