WEBVTT - 76ers' O'Neil, StubHub's Cutler, on New Ads on Jerseys (Audio)

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<v Speaker 1>Broadcasting live to New York, Bloomberg eleventh to Washington, d C.

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<v Speaker 1>Bloomberg to Boston, Bloomberg twelve hundred to San Francisco, Bloomberg

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<v Speaker 1>nine to the country, Joe's Exam General one nine and

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<v Speaker 1>around the globe the Bloomberg Radio plus Appen Bloomberg Got Gone.

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<v Speaker 1>This is taking stock. I'm Kafe and Hayes along with

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<v Speaker 1>Pim Fox. A first for professional sports in the United

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<v Speaker 1>States is the Philadelphia seventy six announced today that stub Hub, yes,

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<v Speaker 1>that ticket company, will have its logo on the team's

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<v Speaker 1>jersey's beginning next year. Find out why the leaders of

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<v Speaker 1>both the seventy sixers and the stub Hub group feel

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<v Speaker 1>this is going to be a success. Pim and will also,

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<v Speaker 1>I guess, be wondering what that two and a half

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<v Speaker 1>by two and a half inch logo patch. Maybe find

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<v Speaker 1>out a little bit how much it costs to get

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<v Speaker 1>that on the jersey. But right now, let's go to

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<v Speaker 1>Charlie Peel and Bloomberg newsroom for a Bloomberg Business Flamanda.

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<v Speaker 1>Thank you, Pim, thank you, Kathleen. We're brought to you

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<v Speaker 1>fifty now twelve seventy four twenty viounce and vance there

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<v Speaker 1>point one percent. A busy week for Federal Aated News.

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<v Speaker 1>Here's Bloomberg Intelligence Chief US economists call Rickadona. The combination

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<v Speaker 1>of the Fed minutes on Wednesday afternoon, and then UH

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<v Speaker 1>New York Fed President Bill Dudley speaking on Thursday morning.

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<v Speaker 1>And the real focus here is to see how strong

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<v Speaker 1>to support it is, how much cohesion there still is

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<v Speaker 1>for two hikes this year, and if there's two hikes

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<v Speaker 1>this year, UH, the second one is probably December. So

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<v Speaker 1>the question is when is that first hike? Uh, And

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<v Speaker 1>there's debate between June, July, maybe September. I think novembers

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<v Speaker 1>off the table because that's too close to the presidential election,

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<v Speaker 1>and I think there's a realistic probability that the September

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<v Speaker 1>may be too close for comfort as well. We love

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<v Speaker 1>fed Wednesdays, and we will be all over those seven

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<v Speaker 1>minutes as they break right here on taking stock SMP

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<v Speaker 1>up twenty four points now to two thousand seventy, a

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<v Speaker 1>gain of one point two percent, down, industriels up two

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<v Speaker 1>oh eight, a gain of one point two percent, as

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<v Speaker 1>stack up one and a half percent to thirty two

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<v Speaker 1>on Wall Street, and now look at some of the

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<v Speaker 1>other stories making us Thank you, Charlie from the Bloomberg

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<v Speaker 1>news room. I'm Sherry Ann. Should birth control be free

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<v Speaker 1>even for employees of religious organizations? The Supreme Court is

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<v Speaker 1>dodging the question, sending the latest challenge to the Affordable

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<v Speaker 1>Care Act back to the lower course today telling them

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<v Speaker 1>to work out a compromise. White House spokesperson Josh Ernest

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<v Speaker 1>reacted to the news to these briefing that we obviously

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<v Speaker 1>were pleased with h the announcement from the Supreme Court today,

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<v Speaker 1>it will allow millions of women across the country to

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<v Speaker 1>continue to get the healthcare coverage that they need. Presumptive

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<v Speaker 1>Republican presidential nominee Donald Trump was asked how he felt

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<v Speaker 1>about British Prime Minister Cameron, saying his proposed Muslim ban

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<v Speaker 1>is stupid and divisive. Well, number one, I'm not stupid, Okay,

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<v Speaker 1>I can tell you that right now. Just the opposite

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<v Speaker 1>number two in terms of divisive. I don't think I'm

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<v Speaker 1>a divisive person. I'm a unifier. Unlike our president now,

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<v Speaker 1>I'm a unifier. Trump says he and Cameron may not

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<v Speaker 1>have a good relationship if he becomes president. Thunderstorms in

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<v Speaker 1>southern Texas have dumped up to a foot of rain.

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<v Speaker 1>No injuries were reported in Corpus Christie, where emergency management

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<v Speaker 1>The National Weather Service says he could reign in Corpus

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<v Speaker 1>Christie all week. A long Island park has removed signs

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<v Speaker 1>bearing the name of Disgrace. Former New York Sended Majority

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<v Speaker 1>leader A Dean Scalles Scalas was sentenced last week to

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<v Speaker 1>five years in prison on federal corruption charges. Global News

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<v Speaker 1>hundred journalists in more than a hundred and fifty news

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<v Speaker 1>Sherry Anne Charlie recapping s from p UP twenty four

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<v Speaker 1>a gain of one percent. I'm Charlie pale Petza, Bloomberg

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<v Speaker 1>Business Flash, Charlie Pellett, thank you so very much. Big

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<v Speaker 1>news as the seventies Sixer is announcing today the ticket

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<v Speaker 1>company's StubHub will have its logo on the team's jersey's

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<v Speaker 1>beginning in the eighteen season, when the NBA decided a

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<v Speaker 1>three year pilot program will start the first team and

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<v Speaker 1>the four major U sports to sell an ad on

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<v Speaker 1>a jersey. So we sat down with Scott O'Neil, the

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<v Speaker 1>CEO of the seventies Sixers, and Scott Cutler, president of

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<v Speaker 1>stub Hub, to discuss what this means for the team

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<v Speaker 1>and for the sport. The NBA continues to set trends

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<v Speaker 1>and while this is very commonplace in Europe, the four

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<v Speaker 1>major sports in America have yet to put a logo

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<v Speaker 1>on the jerseys. And you have a commissioner in Adam

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<v Speaker 1>Silver who is a true leader and a visionary and

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<v Speaker 1>continues to provide opportunities for teams to drive engagement with

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<v Speaker 1>their fans and in the end of the day, increased revenue. So,

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<v Speaker 1>Scott Cutler, stub Hub continues to build its brand and

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<v Speaker 1>to take the franchise, take the business in all kinds

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<v Speaker 1>of new directions. What does this mean to stub hub

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<v Speaker 1>For us as a brand, this is about brand consideration

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<v Speaker 1>and the thought that individuals going to event experiences can

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<v Speaker 1>connect emotionally with the brand, and it's important for us

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<v Speaker 1>to be on that jersey because that's where the emotive

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<v Speaker 1>experience is contained, and that's where the moment is captured

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<v Speaker 1>and we want to be associated with that emotion. Okay,

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<v Speaker 1>it's not just about emotional, it's about the bottom line.

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<v Speaker 1>It's about money. So, Scott O'Neill, what's in it for

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<v Speaker 1>the seventies sixers from the revenue standpoint, Well, we've had

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<v Speaker 1>a long standing relationship with with stub Hub. We've worked

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<v Speaker 1>on a really incredible ticketing platform that will launch this fall.

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<v Speaker 1>We have the Jersey patch. The way we look at

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<v Speaker 1>partnership is we are successful if we help drive your business,

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<v Speaker 1>and if we can do that with a partner that's

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<v Speaker 1>part of the overall fabric of the sport, it's better UM.

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<v Speaker 1>And this is a good example of that. In terms

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<v Speaker 1>of revenue, of course, there's always an exchange of goods

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<v Speaker 1>for services. That's that's UM in the American way for

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<v Speaker 1>some time UM. But but for us, this is much

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<v Speaker 1>more about do we have the right partner that are

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<v Speaker 1>is led by the right right people in this case

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<v Speaker 1>Scott Cutler, that have the same values that we share

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<v Speaker 1>about innovation and breaking through and doing things differently and

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<v Speaker 1>being first, but yet all on the confines of moments

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<v Speaker 1>and memories, because that's the business we're actually in. Cutler,

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<v Speaker 1>the same question to you. I mean, this is kind

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<v Speaker 1>of an historic move in the world of professional sports,

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<v Speaker 1>StubHub helping to lead the way. What does it mean

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<v Speaker 1>for your penny? Again in terms of revenues, in terms

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<v Speaker 1>of building the brand, it's a big moment in time,

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<v Speaker 1>and it's the opportunity for us as a corporate brand

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<v Speaker 1>to be the first in American sports history to be

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<v Speaker 1>on the jersey. And so it's huge for us as

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<v Speaker 1>a brand, and I think it's a moment in time

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<v Speaker 1>where we're going to look forward from here and say,

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<v Speaker 1>this is the first time that we've connected with a

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<v Speaker 1>fan in a unique and experiential way. And so for us,

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<v Speaker 1>that's super exciting, and it's great to be the innovator,

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<v Speaker 1>to be partnered with an innovator, and to be first

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<v Speaker 1>in this initiative. You're either gonna love this or hate this,

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<v Speaker 1>but we have some fun activations around this. I actually

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<v Speaker 1>love this. So we called the U S Constitution, the

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<v Speaker 1>Constitution Center in Philadelphia and asked if we could put

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<v Speaker 1>the jerseys with the stuff Hubbalo Goo on each of

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<v Speaker 1>the founding fathers and the Constitution Center loba the fact

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<v Speaker 1>the pictures are spectacular, it's really fun. And we did

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<v Speaker 1>and and and on Wednesday, we're gonna roll down the

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<v Speaker 1>kind of the iconic Rocky Steps in front of the

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<v Speaker 1>Philadelphia Art Museum a big stuff up jersey that will

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<v Speaker 1>cover all the stuff. So we're doing some fun things,

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<v Speaker 1>like at the end of the day, this is sports

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<v Speaker 1>entertainment and and we're trying to engage fans. I mean,

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<v Speaker 1>this is not rocket science, but there's certainly an opportunity

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<v Speaker 1>to have some fun, drive some business and make sure

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<v Speaker 1>we do it in a tasteful way that that encourages

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<v Speaker 1>more and more fans to experience stubbub in the sixers.

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<v Speaker 1>Over the years in professional sports, there seemed to be

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<v Speaker 1>more and more fans who are just a little jaded.

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<v Speaker 1>You know, at one time you joined a team and

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<v Speaker 1>you stayed with that team for years and years, right,

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<v Speaker 1>you were part of that that town, in that city's fabric.

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<v Speaker 1>I think more and more a lot of people view

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<v Speaker 1>professional sports players as higher guns. You know, you play

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<v Speaker 1>where the money is highest. So does this move then

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<v Speaker 1>putting the logo on the jersey, does that just turn

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<v Speaker 1>players more and more like to walking billboards. Is there

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<v Speaker 1>any chance that fans will will will not react positively?

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<v Speaker 1>I don't know. You know this is so you know,

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<v Speaker 1>if you go to Europe and I've seen football games

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<v Speaker 1>in Europe and hockey games in Europe and basketball games

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<v Speaker 1>in Europe, and it's really commonplace. I think what's important

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<v Speaker 1>and too, in particular millennials, is that is it part

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<v Speaker 1>of the fabric of the experience. I just had one

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<v Speaker 1>other thing. I mean, for us, we're gonna be on

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<v Speaker 1>this jersey in this moment in time, and so for

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<v Speaker 1>the fans during this period of time. This is going

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<v Speaker 1>to be the time where this jersey actually means something

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<v Speaker 1>in the legions of history, and I think having that

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<v Speaker 1>connection at this moment in time like that's gonna be

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<v Speaker 1>really important for us. Speaking of this moment in time,

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<v Speaker 1>Scott Cutler, as president of stubhob, I just have to

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<v Speaker 1>ask you, who are you in any talks with the

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<v Speaker 1>New Jersey Devils, which your good friend Scott O'Neil here

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<v Speaker 1>is very intimately associated with, going to do the same

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<v Speaker 1>thing with him. Well, it's this is a this is

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<v Speaker 1>a league deal, so first has to be approved by

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<v Speaker 1>the lead. The NBA is the first um and all

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<v Speaker 1>were exclusive with the Sixers, So I don't know. Maybe

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<v Speaker 1>Scott has a view on that. We should talk afterwards.

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<v Speaker 1>But this was a good lead in Okay, Well, I

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<v Speaker 1>think so too. Just just about the team in the

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<v Speaker 1>kind of year you had last year, the year looking

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<v Speaker 1>you know this year, are you a little bit frustrated

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<v Speaker 1>with the performance before? No, you know, it's all been

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<v Speaker 1>part of a process that we've gone through over the

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<v Speaker 1>last three years to make sure that we are building

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<v Speaker 1>up enough assets and momentum to start, you know, And

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<v Speaker 1>so we hate ground zero last year, and so now

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<v Speaker 1>we walk into tomorrow is the NBA lottery where we'll

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<v Speaker 1>have an opportunity to get a very high draft pick,

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<v Speaker 1>maybe two. We've got fifty million dollars in cap space,

0:10:20.480 --> 0:10:24.079
<v Speaker 1>we have a new GM Brian Colangelo, who's a tremendous dealmaker,

0:10:24.320 --> 0:10:26.319
<v Speaker 1>and so we think we're poised to go. So it's

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<v Speaker 1>it's times been three years of very difficult basketball and

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<v Speaker 1>that is over. In the next phase will be a

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<v Speaker 1>lot more fun, and that will be a lot happier

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<v Speaker 1>and nicer. Well, maybe I'll be calling you both for

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<v Speaker 1>some advice on how to get stub Hub on the

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<v Speaker 1>Kathleen Hayes taking stock Bloomberg Radio Jersey, Scott O'Neill, chief

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<v Speaker 1>executive of the Philadelphia seventies sixers, as Scott Cutler, president

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<v Speaker 1>of stub Hub. And as for the cost of the

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<v Speaker 1>placement on the jersey, according to a league official who

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<v Speaker 1>last not to be cited by name, five million dollars

0:10:57.400 --> 0:11:02.520
<v Speaker 1>a year. This is Bloomberg Radio Lumbertaking Stock is brought

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