Speaker 1: Broadcasting live to New York, Bloomberg eleventh to Washington, d C.
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Speaker 1: This is taking stock. I'm Kafe and Hayes along with
Speaker 1: Pim Fox. A first for professional sports in the United
Speaker 1: States is the Philadelphia seventy six announced today that stub Hub, yes,
Speaker 1: that ticket company, will have its logo on the team's
Speaker 1: jersey's beginning next year. Find out why the leaders of
Speaker 1: both the seventy sixers and the stub Hub group feel
Speaker 1: this is going to be a success. Pim and will also,
Speaker 1: I guess, be wondering what that two and a half
Speaker 1: by two and a half inch logo patch. Maybe find
Speaker 1: out a little bit how much it costs to get
Speaker 1: that on the jersey. But right now, let's go to
Speaker 1: Charlie Peel and Bloomberg newsroom for a Bloomberg Business Flamanda.
Speaker 1: Thank you, Pim, thank you, Kathleen. We're brought to you
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Speaker 1: Business Flash, Charlie Pellett, thank you so very much. Big
Speaker 1: news as the seventies Sixer is announcing today the ticket
Speaker 1: company's StubHub will have its logo on the team's jersey's
Speaker 1: beginning in the eighteen season, when the NBA decided a
Speaker 1: three year pilot program will start the first team and
Speaker 1: the four major U sports to sell an ad on
Speaker 1: a jersey. So we sat down with Scott O'Neil, the
Speaker 1: CEO of the seventies Sixers, and Scott Cutler, president of
Speaker 1: stub Hub, to discuss what this means for the team
Speaker 1: and for the sport. The NBA continues to set trends
Speaker 1: and while this is very commonplace in Europe, the four
Speaker 1: major sports in America have yet to put a logo
Speaker 1: on the jerseys. And you have a commissioner in Adam
Speaker 1: Silver who is a true leader and a visionary and
Speaker 1: continues to provide opportunities for teams to drive engagement with
Speaker 1: their fans and in the end of the day, increased revenue. So,
Speaker 1: Scott Cutler, stub Hub continues to build its brand and
Speaker 1: to take the franchise, take the business in all kinds
Speaker 1: of new directions. What does this mean to stub hub
Speaker 1: For us as a brand, this is about brand consideration
Speaker 1: and the thought that individuals going to event experiences can
Speaker 1: connect emotionally with the brand, and it's important for us
Speaker 1: to be on that jersey because that's where the emotive
Speaker 1: experience is contained, and that's where the moment is captured
Speaker 1: and we want to be associated with that emotion. Okay,
Speaker 1: it's not just about emotional, it's about the bottom line.
Speaker 1: It's about money. So, Scott O'Neill, what's in it for
Speaker 1: the seventies sixers from the revenue standpoint, Well, we've had
Speaker 1: a long standing relationship with with stub Hub. We've worked
Speaker 1: on a really incredible ticketing platform that will launch this fall.
Speaker 1: We have the Jersey patch. The way we look at
Speaker 1: partnership is we are successful if we help drive your business,
Speaker 1: and if we can do that with a partner that's
Speaker 1: part of the overall fabric of the sport, it's better UM.
Speaker 1: And this is a good example of that. In terms
Speaker 1: of revenue, of course, there's always an exchange of goods
Speaker 1: for services. That's that's UM in the American way for
Speaker 1: some time UM. But but for us, this is much
Speaker 1: more about do we have the right partner that are
Speaker 1: is led by the right right people in this case
Speaker 1: Scott Cutler, that have the same values that we share
Speaker 1: about innovation and breaking through and doing things differently and
Speaker 1: being first, but yet all on the confines of moments
Speaker 1: and memories, because that's the business we're actually in. Cutler,
Speaker 1: the same question to you. I mean, this is kind
Speaker 1: of an historic move in the world of professional sports,
Speaker 1: StubHub helping to lead the way. What does it mean
Speaker 1: for your penny? Again in terms of revenues, in terms
Speaker 1: of building the brand, it's a big moment in time,
Speaker 1: and it's the opportunity for us as a corporate brand
Speaker 1: to be the first in American sports history to be
Speaker 1: on the jersey. And so it's huge for us as
Speaker 1: a brand, and I think it's a moment in time
Speaker 1: where we're going to look forward from here and say,
Speaker 1: this is the first time that we've connected with a
Speaker 1: fan in a unique and experiential way. And so for us,
Speaker 1: that's super exciting, and it's great to be the innovator,
Speaker 1: to be partnered with an innovator, and to be first
Speaker 1: in this initiative. You're either gonna love this or hate this,
Speaker 1: but we have some fun activations around this. I actually
Speaker 1: love this. So we called the U S Constitution, the
Speaker 1: Constitution Center in Philadelphia and asked if we could put
Speaker 1: the jerseys with the stuff Hubbalo Goo on each of
Speaker 1: the founding fathers and the Constitution Center loba the fact
Speaker 1: the pictures are spectacular, it's really fun. And we did
Speaker 1: and and and on Wednesday, we're gonna roll down the
Speaker 1: kind of the iconic Rocky Steps in front of the
Speaker 1: Philadelphia Art Museum a big stuff up jersey that will
Speaker 1: cover all the stuff. So we're doing some fun things,
Speaker 1: like at the end of the day, this is sports
Speaker 1: entertainment and and we're trying to engage fans. I mean,
Speaker 1: this is not rocket science, but there's certainly an opportunity
Speaker 1: to have some fun, drive some business and make sure
Speaker 1: we do it in a tasteful way that that encourages
Speaker 1: more and more fans to experience stubbub in the sixers.
Speaker 1: Over the years in professional sports, there seemed to be
Speaker 1: more and more fans who are just a little jaded.
Speaker 1: You know, at one time you joined a team and
Speaker 1: you stayed with that team for years and years, right,
Speaker 1: you were part of that that town, in that city's fabric.
Speaker 1: I think more and more a lot of people view
Speaker 1: professional sports players as higher guns. You know, you play
Speaker 1: where the money is highest. So does this move then
Speaker 1: putting the logo on the jersey, does that just turn
Speaker 1: players more and more like to walking billboards. Is there
Speaker 1: any chance that fans will will will not react positively?
Speaker 1: I don't know. You know this is so you know,
Speaker 1: if you go to Europe and I've seen football games
Speaker 1: in Europe and hockey games in Europe and basketball games
Speaker 1: in Europe, and it's really commonplace. I think what's important
Speaker 1: and too, in particular millennials, is that is it part
Speaker 1: of the fabric of the experience. I just had one
Speaker 1: other thing. I mean, for us, we're gonna be on
Speaker 1: this jersey in this moment in time, and so for
Speaker 1: the fans during this period of time. This is going
Speaker 1: to be the time where this jersey actually means something
Speaker 1: in the legions of history, and I think having that
Speaker 1: connection at this moment in time like that's gonna be
Speaker 1: really important for us. Speaking of this moment in time,
Speaker 1: Scott Cutler, as president of stubhob, I just have to
Speaker 1: ask you, who are you in any talks with the
Speaker 1: New Jersey Devils, which your good friend Scott O'Neil here
Speaker 1: is very intimately associated with, going to do the same
Speaker 1: thing with him. Well, it's this is a this is
Speaker 1: a league deal, so first has to be approved by
Speaker 1: the lead. The NBA is the first um and all
Speaker 1: were exclusive with the Sixers, So I don't know. Maybe
Speaker 1: Scott has a view on that. We should talk afterwards.
Speaker 1: But this was a good lead in Okay, Well, I
Speaker 1: think so too. Just just about the team in the
Speaker 1: kind of year you had last year, the year looking
Speaker 1: you know this year, are you a little bit frustrated
Speaker 1: with the performance before? No, you know, it's all been
Speaker 1: part of a process that we've gone through over the
Speaker 1: last three years to make sure that we are building
Speaker 1: up enough assets and momentum to start, you know, And
Speaker 1: so we hate ground zero last year, and so now
Speaker 1: we walk into tomorrow is the NBA lottery where we'll
Speaker 1: have an opportunity to get a very high draft pick,
Speaker 1: maybe two. We've got fifty million dollars in cap space,
Speaker 1: we have a new GM Brian Colangelo, who's a tremendous dealmaker,
Speaker 1: and so we think we're poised to go. So it's
Speaker 1: it's times been three years of very difficult basketball and
Speaker 1: that is over. In the next phase will be a
Speaker 1: lot more fun, and that will be a lot happier
Speaker 1: and nicer. Well, maybe I'll be calling you both for
Speaker 1: some advice on how to get stub Hub on the
Speaker 1: Kathleen Hayes taking stock Bloomberg Radio Jersey, Scott O'Neill, chief
Speaker 1: executive of the Philadelphia seventies sixers, as Scott Cutler, president
Speaker 1: of stub Hub. And as for the cost of the
Speaker 1: placement on the jersey, according to a league official who
Speaker 1: last not to be cited by name, five million dollars
Speaker 1: a year. This is Bloomberg Radio Lumbertaking Stock is brought
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