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- Playmakers Brew: Highest-paid Paris Olympics athletes – Global gold rush is changing sport – No ‘long list of crypto ETFs’
Playmakers Brew: Highest-paid Paris Olympics athletes – Global gold rush is changing sport – No ‘long list of crypto ETFs’
Highest-paid Paris Olympics athletes – Global gold rush is changing sport – No ‘long list of crypto ETFs’ | Business briefing beyond sports by Irg Torben Bührer
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ATHLETE EARNINGS
Highest-paid Paris Olympics athletes: Top 20 earn $1.35B
Coco Gauff is the highest-paid female Olympian at $25.6M, but outside the top 20 overall
The Paris Olympics, which run from July 24 until Aug. 11, will feature 20 athletes who each earned more than $35 million in the 12 months ending June 30. They collectively made $1.35 billion from salaries, bonuses, prize money and endorsements. Yes, many Olympians juggle full- or part-time jobs while training at an elite level to make ends meet, but the Olympics featuring only amateurs is a relic.
Spain’s Jon Rahm is the top earner at $210 million and leads a quintet of golfers in the top 20 who will tee it up at Golf National southwest of Paris. Rahm’s sky-high paycheck was fueled by a nine-figure bonus when he swapped sides in golf’s Cold War in December and joined LIV Golf, funded by Saudi Arabia’s sovereign wealth fund, PIF.
The 20 top-earning Olympians features 13 NBA players, including the four highest-paid athletes after Rahm with LeBron James ($127.7 million), Stephen Curry ($101.9 million), Giannis Antetokounmpo ($100.8 million) and Kevin Durant ($89.7 million). Each of these stars earned at least $45 million last season from their NBA contract and more than $40 million from income off the court.
The shift from amateur to professional athletes in the Olympics has significantly altered the landscape, making it a platform for both sports and business. These athletes' earnings are a testament to their influence and marketability, reflecting the commercial potential of sports in the modern era.
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SPORTS BROADCASTING
A global gold rush is changing sport
Fans may be cooling on the Olympics, but elsewhere technology is transforming how sport is watched
The message to audiences (and corporate sponsors) is clear: in a fractious, divided world, nothing unites people like sport.
The idea is inspiring—but, to a surprising extent, untrue. Though the quadrennial Olympics and the men’s football World Cup both have audiences that span the planet, most of the world’s most valuable sporting properties have stubbornly resisted globalisation. America’s National Football League (nfl), the biggest of the lot, makes 98% of its media-rights revenue at home. India’s cricket Premier League, whose media rights are worth more than those of the Olympics on an annualised basis, makes 96% of its money inside its host country. In European football, only England’s Premier League makes more money abroad than at home.
However, streaming services are revolutionizing sports broadcasting, allowing fans worldwide to access content previously restricted to local markets. Netflix's "Drive to Survive" has introduced Formula 1 to American audiences, while Apple’s streaming of Major League Soccer is expanding its global footprint. This digital shift presents a lucrative opportunity for leagues to monetize new markets and for fans to engage with diverse sports content.
Moreover, the rise of individual athletes' global followings, facilitated by social media, is reshaping fan engagement. Iconic players like Lionel Messi are drawing international audiences to leagues such as MLS, highlighting a trend where fans follow athletes over teams. This phenomenon is further bolstered by younger audiences' preference for highlight reels and sports betting, which encourage a league-wide rather than team-specific viewership.
As sports globalize, the competition will intensify. Media companies with extensive reach and sports leagues that adapt to these new dynamics will thrive. The integration of women's sports and niche content into mainstream streaming platforms underscores the growing diversity and inclusivity within the sports entertainment industry.
The evolution of global sports broadcasting not only promises substantial financial rewards but also enhances the viewing experience for fans worldwide. The future of sports is undoubtedly international, driven by the confluence of technology and changing consumer behaviors.
Top Tickers
Some of the most active and relevant securities and quotes (compared to previous day's closing price)
Ticker | Name Bitcoin Gold Spot Copper 3m Euro Tesla Microsoft Nvidia Apple Meta Alphabet | Quote ⬇️ 68,084.58 ⬆️ 2,385.58 ⬇️ 9,111.00 ⬆️ 1.0860 ⬆️ 220.65 ⬆️ 425.45 ⬇️ 113.00 ⬇️ 217.90 ⬆️ 465.84 ⬇️ 167.00 |
CRYPTO
There won’t be a ‘long list of crypto ETFs,’ BlackRock’s Robert Mitchnick says
Bitcoin’s risks are fundamentally different from those of traditional assets, such as banking crises, geopolitical disorder, inflation, deficits, debt and currency debasement
Robert Mitchnick, the head of digital assets at the world’s largest asset manager, BlackRock, said that despite the launch of spot Ethereum ETFs this week, it’s unlikely to open the door to funds that track other crypto assets like Solana’s SOL or Polygon’s MATIC, on the mainstage at the Bitcoin 2024 conference.
“I don't think we're going to see a long list of crypto ETFs,” Robert said in a conversation with Bloomberg Intelligence ETF analyst James Seyffart. “If you think of bitcoin, today it represents about 55% of the market cap. ETH is at 18%. The next plausible investible asset is at, like, 3%. It’s just not close to being at that threshold or track record of maturity, liquidity, et cetera.”
That said, it has been “increasingly clear” that crypto as an asset class is “not going away,” and there will likely be future opportunities for firms like BlackRock to get further involved in the market. Competitor VanEck, for instance, was the first firm to file to launch a Solana ETF, which experts see as a longshot for approval.
Then, a burgeoning force in men’s soccer for the past decade has been the investors assembling collections of clubs around the world. Among them are City Football Group, the owner of Manchester City and New York City FC, and Fenway Sports Group, the parent of Liverpool FC.
Now Michele Kang — the American who owns Olympique Lyonnais Féminin in France, Washington Spirit in the U.S. and London City Lionesses in Britain — wants to do the same for women’s soccer.
Michele will announce the creation of Kynisca Sports International, DealBook is first to report. That said, it remains to be seen how interest in women’s soccer translates into financial success, at least in the near term. Revenue at women’s soccer clubs in Europe is growing, for instance, but profit is still missing, according to a report by Deloitte.
Still, Michele suggested that the multi-team approach would help compound success at the clubs Kynisca eventually assembles. “We will provide opportunities for girls and women worldwide to access high-level sport, reach their potential under the best conditions, and play football in the clubs of the global elite,” she said.
Feel free to enjoy the rest of the day as much as possible!
Irg
Your legacy. Your choice.
Get in touch to find mentors and business opportunities, add the missing link to build your legacy as an entrepreneur or investor beyond sports and check out our Playmakers Squad community on Common Ground (THE Web3 alternative to Discord, Teams, Slack, … for people serious about blockchain).
👉 In any case, feel free to drop me a line via [email protected].
I look forward to reading from you or welcoming you as a Playmaker!
Subscribe here to Playmakers Brew