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Speaker 1: This is the business of sports.

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Speaker 2: The business of sports can be intimidating or hard for

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Speaker 2: a starting to break into.

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Speaker 3: We really appreciate what our owners are actually there, you

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Speaker 3: know with us through the journey.

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Speaker 4: Teams ours especially have been very intentional to diversify at

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Speaker 4: all levels of the company. I think we're in the

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Speaker 4: bolden years for the NFL and college football. Our demographic

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Speaker 4: reach has continued to explode.

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Speaker 5: This is going to be really unlocking the streaming platform

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Speaker 5: for sports fans, sports evaluations arising, We'll see when they peak.

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Speaker 2: You don't have to be the best in your sport

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Speaker 2: to make a whole ton of money.

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Speaker 1: Bloomberg Business of Sports from Bloomberg Radio.

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Speaker 2: This is the Bloomberg Business of Sports. We explore the

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Speaker 2: big money issues in the world of sports. I'm Michael Barr,

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Speaker 2: along with my colleagues Damian Sasawer and Vanessa Bernomo. Coming

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Speaker 2: up on the show, we talk a little baseball now

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Speaker 2: that the season's well underway. We take a look at

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Speaker 2: the growing divide between MLB's haves and have not with

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Speaker 2: Bloomberg News Global Business reporter Ira Bodway. Plus we talk

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Speaker 2: with the founder and CEO of vow and innovative event

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Speaker 2: management company will learn about what they're doing to enhance

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Speaker 2: the fan experience.

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Speaker 3: That hoosts up to ten thousand guests in seats, So

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Speaker 3: we have a proprietary seating software that integrates with all

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Speaker 3: the tools in our platform. We have a proprietary ticketing software,

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Speaker 3: so everything is all in one. But what's very cool

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Speaker 3: is not only do we host up to ten thousand

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Speaker 3: guests in seats, you can have up to four hundred

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Speaker 3: people working in the platform in real time.

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Speaker 2: All that is straight ahead on the Bloomberg business of sports.

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Speaker 2: But first, we've got winners in the NCAA basketball tournaments.

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Speaker 2: Paige Becker's and the Yukon Husky is one on the

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Speaker 2: women's side, while the Florida Gator is one in a

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Speaker 2: thriller for the men. Sounds like a great time for

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Speaker 2: Vanessa Berdomo. She recently did a write up on Bloomberg's

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Speaker 2: Bracket for Cause and can take us through her final

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Speaker 2: thoughts on this year's March Madness.

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Speaker 6: So it's the ten year anniversary of Brackets for Cause

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Speaker 6: that we do here at Bloomberg, and it's just a

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Speaker 6: mix of, you know, lots of people who have big

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Speaker 6: money and they want to, you know, put it in

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Speaker 6: and they actually raise money for charity. So it's a

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Speaker 6: twenty thousand dollars buy in. They each have a different

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Speaker 6: charity that they vie for and it's CEOs, it's hedgehunder managers, vcs,

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Speaker 6: everything like that. And this year actually saw the first

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Speaker 6: ever back to back winner for the men's bracket, the

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Speaker 6: Bumble founder Whitney wolf Hurt. She said before that she

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Speaker 6: can't give away her secrets, doesn't like to give away

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Speaker 6: her secrets in failing out her bracket. But a couple

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Speaker 6: of other people I talked to the women's bracket winner,

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Speaker 6: Jeffrey Taupins and George Walker. They tied for like, they

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Speaker 6: both at two hundred and eleven points. This was a

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Speaker 6: different year for the brackets and a lot of people

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Speaker 6: had the higher seeds going further. But they both like

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Speaker 6: and you know, filling out their brackets to business and

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Speaker 6: risk taking and calculated risks.

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Speaker 2: By the way, that's a back to back is the

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Speaker 2: first time that has ever happened doing this. Like you're saying,

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Speaker 2: but it's hard, it's hard to pick a winner out

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Speaker 2: of this. I mean it's because, like you said, it's

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Speaker 2: like if you go off the board and you try

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Speaker 2: to like, Okay, maybe I can zoom in and this

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Speaker 2: and that whatever and win it that way. But no,

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Speaker 2: this was one of those where you know, you had

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Speaker 2: the number ones pretty much going Yeah.

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Speaker 6: This was the first time in since two thousand and

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Speaker 6: eight that all number one seeds made the final four

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Speaker 6: for the men's side. And you know, I think one

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Speaker 6: of the reasons we've seen that a lot of people

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Speaker 6: are liking it to nil in the transfer portal, and

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Speaker 6: you know, now mid majors are losing their players after

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Speaker 6: a year or so, so we're seeing a lot of that.

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Speaker 6: But obviously the top seeds were just really good this year.

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Speaker 6: But I think one of the interesting things for Whitney

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Speaker 6: winning again was she didn't get swept up and the

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Speaker 6: Duke you know wagon that I got swept up in

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Speaker 6: Cooper Flag and that. So that was another reason I

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Speaker 6: didn't do too great on the men's side.

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Speaker 2: And we should add too that Whitney wolf heard she

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Speaker 2: was playing for Baby to Baby.

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Speaker 6: Correct, Yes, she was playing for Baby to Baby. Jeffrey

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Speaker 6: Talpins is playing for American Prairie, which is doing a

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Speaker 6: really interesting thing with you know, they're trying to make

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Speaker 6: the largest reserve in the US. George Walker was playing

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Speaker 6: for the MSK Cancer Center, which is the research institute

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Speaker 6: here in New York City. So obviously a lot of

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Speaker 6: these people were just playing for really really big charities

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Speaker 6: that they have a lot to do.

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Speaker 7: With overall year rounds. So it was good for them.

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Speaker 6: And because of Jeffrey and George both tied, they got

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Speaker 6: first place and second prize split between their two Cheriteys.

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Speaker 2: When you fill out a bracket, folks, and I've always

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Speaker 2: said this, and I have to wait till next year

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Speaker 2: to do it again, I like to fill it out

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Speaker 2: in reverse. I like to fill out who I think

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Speaker 2: is going to win. That's how I filled out the

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Speaker 2: women's brackets because I thought, Okay, Yukon's going to win it,

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Speaker 2: and then I went and reverse the other way. I

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Speaker 2: had all Auburn going all the way, which, well, we.

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Speaker 7: Know, how yeah, yeah, I think you know.

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Speaker 6: Obviously a lot of people were split between Yukon and USC,

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Speaker 6: and obviously South Carolina has been a top of the

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Speaker 6: women's bracket for a long time, so I think it

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Speaker 6: was easy easy there. But I think a lot of people,

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Speaker 6: obviously including me, had USC going far because of Juju

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Speaker 6: Wawkins and but we're happy for pagebackers. She's going to

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Speaker 6: get drafted in to the WNBA.

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Speaker 4: Let's give a little forward look to this for audience. Yeah,

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Speaker 4: I mean, I think DraftKings and Fandel are picking who

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Speaker 4: duke in Houston to lead to win it next year, right,

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Speaker 4: so again, and they're looking for some repeat performances here.

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Speaker 7: Sim could you know do it?

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Speaker 6: I think, I mean, after that way of losing, I

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Speaker 6: think you come back very very hungry because that was

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Speaker 6: that was a rough way to lose.

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Speaker 2: Oh yeah, Duke, I'm sorry. I'm watching that game and

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Speaker 2: I'm like, no, the refs had nothing to do with this. Unfortunately,

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Speaker 2: you know, things happened, but they're young men and uh,

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Speaker 2: you know they're going to bounce back next year. And

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Speaker 2: I always support that.

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Speaker 6: It's all about character building, come back hunger than you

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Speaker 6: were before.

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Speaker 2: We forgot to add that everybody who plays on this

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Speaker 2: puts up twenty grand.

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Speaker 7: They put in twenty thousand dollars for the overall prize pool.

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Speaker 3: One.

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Speaker 6: Because this has been going on for ten years, over

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Speaker 6: six million dollars has been raised by a brakfast fair cause.

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Speaker 2: Wow, very good. I wish I had that money to right.

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Speaker 7: You know.

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Speaker 6: Actually Douglas, who was overall globally said, you know, he

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Speaker 6: reached out to me and said, you know, great story.

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Speaker 6: You know, I was so excited to get the top

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Speaker 6: score overall, but he said, you know, hopefully.

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Speaker 7: One day it can be a part of that.

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Speaker 6: You know, I can be a part of the giving

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Speaker 6: up twenty thousand dollars here for charity and really have

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Speaker 6: some skin in the game. And I think that it's

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Speaker 6: a really fun thing for the CEOs, for the managers,

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Speaker 6: for everyone who's involved in Breakast for cause.

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Speaker 7: I think they love to do it. People do it clearly.

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Speaker 6: Whitney's done it, you know, multiple times, winning back to back,

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Speaker 6: so I think people like to come back to It's

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Speaker 6: it's more fun even when you when you have skin

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Speaker 6: in the game for someone else, you know, you're donating

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Speaker 6: money to a good cause.

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Speaker 8: In one thing that.

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Speaker 2: We were looking at Vanessa and we were talking about

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Speaker 2: how the NCUBLEA, how they're doing well in you know,

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Speaker 2: with the ratings and that's going on. But they also

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Speaker 2: had a settlement with involving nil and hopefully this will

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Speaker 2: bring a path toward at least giving the money to

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Speaker 2: people who said, hey, we couldn't make any money because

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Speaker 2: you guys held us back college athletes. And now there's

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Speaker 2: been a ruling in that.

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Speaker 7: There hasn't been a ruling quite yet, you know.

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Speaker 6: On April seventh, there was another hearing and the federal

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Speaker 6: judge basically kind of nodded her head and said, you know,

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Speaker 6: this will most likely be approved, but there's another hearing,

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Speaker 6: I believe in either Junior's lie where she will make

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Speaker 6: that final decision. But there was a couple of things

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Speaker 6: that she needed, you know them to address. One of

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Speaker 6: those being there's this revenue sharing model that is really

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Speaker 6: what's gonna change everything that people like players will actually

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Speaker 6: finally get paid. And that's what you're talking about there, Michael.

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Speaker 6: Schools will be able to opt in for this and

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Speaker 6: about share about twenty point five million dollars with their

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Speaker 6: student athletes in revenue sharing models that they've never been able.

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Speaker 7: To do before.

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Speaker 6: But the problem there is that not everyone you know,

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Speaker 6: makes money, and now they're gonna have to give money

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Speaker 6: to the players and know how to sparse it out.

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Speaker 6: So there's like threats to Title nine that because they're

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Speaker 6: gonna give most likely a lot of money to football players,

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Speaker 6: and men's and women's basketball players, and then they want

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Speaker 6: to make sure that addressing Title nine, they give scholarships

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Speaker 6: to every player on a roster, which means any sport.

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Speaker 6: But the problem is colleges can't really afford to do that.

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Speaker 6: So the threat was players are going to start getting cut.

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Speaker 6: Like I spent I played college soccer the way that

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Speaker 6: it works for college for women's college soccer, we get

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Speaker 6: twelve scholarships or so, and they sparse them out through

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Speaker 6: the team. I mean, you can't really make a soccer

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Speaker 6: team with twelve people. So we had about a roster

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Speaker 6: of like thirty players. A few players were walk ons,

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Speaker 6: they didn't have scholarships at all, but most of us

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Speaker 6: had partial scholarships and then they're made up by with

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Speaker 6: whatever else they can be made up with. But the

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Speaker 6: problem is they want the whole twenty to thirty people

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Speaker 6: to have full, you know, full scholarships, and that's where

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Speaker 6: there's a miscommunication and they think that that's where a

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Speaker 6: lot of the tension could come from. And the judge

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Speaker 6: wants them to rule that grandfather and the players who

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Speaker 6: are already on rosters and things like that.

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Speaker 2: Can you imagine if you had nil when you were

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Speaker 2: playing soccer.

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Speaker 6: You know, I think about it a lot, and I think,

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Speaker 6: but you know, I talk about I talked to other

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Speaker 6: you know, college players. You know, my step siblings also

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Speaker 6: played in college and they played Revenue gener explains, Yeah,

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Speaker 6: they played. You know, my stepsters were played basketball at

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Speaker 6: Georgetown and my steps brother played a football at BC.

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Speaker 7: So you know he would have made some money. Okay,

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Speaker 7: So we talked about it a lot.

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Speaker 6: I mean, I personally, as a women's soccer player, I

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Speaker 6: think I would have had a hustle really hard to

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Speaker 6: you know, make money because we don't really see a

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Speaker 6: lot of women's soccer players getting those sorts of deals.

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Speaker 6: But hey, if it was a possibility, I would have

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Speaker 6: made that hustle, you know what I'm saying, Like, I

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Speaker 6: would have made it happen. And it all depends on

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Speaker 6: the market you're in. We're I played in Pittsburgh, and

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Speaker 6: I could imagine a lot of Pittsburgh you know, companies

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Speaker 6: are really you know, focused on having duquane players out

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Speaker 6: of you know things and meet and greets and.

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Speaker 7: Things like that.

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Speaker 6: And I would have done anything I could have just

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Speaker 6: to just to get a little bit more money because

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Speaker 6: we couldn't really work.

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Speaker 2: We can't have jobs, no, I mean, but you could have,

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Speaker 2: like you know, and that's what a lot of nil

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Speaker 2: people are doing now. It's like, you know, but that's

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Speaker 2: a prodomo for the Ford Mustang. Yeah, and you could

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Speaker 2: have done that and now you're driving around in a Mustang.

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Speaker 6: Yeah, one hundred percent. I mean, that's what we see.

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Speaker 6: Like Livy Dunn, who's a gymnast at LSU. You know,

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Speaker 6: she's one of the only gymnastics you know, athletes who's

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Speaker 6: that high up.

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Speaker 7: She's I think she's third.

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Speaker 6: Overall an IL three million dollars or something, so for

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Speaker 6: net worth. You know, she just made it her own

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Speaker 6: and really really went for it. And that's what you

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Speaker 6: got to do.

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Speaker 7: You know.

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Speaker 6: We see some players who are walk ons, you know,

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Speaker 6: getting deals and it's.

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Speaker 7: All about the hustle.

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Speaker 6: It's all about the hustle, you know, unless you know,

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Speaker 6: you're a basketball player, football player at a power conference

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Speaker 6: and you don't really have to do anything to make

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Speaker 6: that money.

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Speaker 7: But good on you because you deserve it.

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Speaker 2: Actually, and you know, it's about name, image and likeness.

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Speaker 2: But I don't don't quit because you got to build

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Speaker 2: the name first to make name, image and likeness.

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Speaker 6: Yeah, I think that's the hard thing that we're seeing

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Speaker 6: again with with this March madness in particular, that was

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Speaker 6: like a little bit affected by that. You know, seven

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Speaker 6: out of the fifteen players that were all on the

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Speaker 6: All American you know, Associated Press, we were players that

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Speaker 6: went to mid majors and then you know, went on

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Speaker 6: to bigger schools after that. And I think that those

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Speaker 6: mid majors were just you know, struggling to pay them

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Speaker 6: what they could. But with revenue sharing, we're gonna see

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Speaker 6: that maybe those mid majors that are basketball centric, like

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Speaker 6: a big East like in Atlantic ten, that don't have

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Speaker 6: to play football players, they're gonna be able to compete

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Speaker 6: with those. So maybe we'll be able to see that

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Speaker 6: eventually get back, you know, up into you know, they'll

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Speaker 6: start we'll start happening hin. But this year was a

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Speaker 6: rough year for the mid majors.

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Speaker 2: Check out Vanessa Bernomo's latest reporting on the tournament and

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Speaker 2: brackets for Cause now on the Terminal and at Bloomberg

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Speaker 2: dot Com. Up next, we turn to the baseball diamond,

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Speaker 2: and they're growing divide between the league's wealthy and the

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Speaker 2: teams trying to get by or Vanessa and Damien Sassaur.

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Speaker 2: I'm Michael Barr. You're listening to the Bloomberg Business of

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Speaker 2: Sports Bloomberg Radio around the world.

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Speaker 1: This is Bloomberg Business of Sports from Bloomberg Radio.

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Speaker 2: This is the Bloomberg Business of Sports. We explored the

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Speaker 2: big money issues in the world of sports Michael Barr,

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Speaker 2: along with Damien Sasaur and Vanessa Berdomo. The MLB season

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Speaker 2: as well underway, following an offseason that saw some of

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Speaker 2: the league's top teams last year, the New York Yankees, Mets,

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Speaker 2: and the Los Angeles Dodgers, adding big name stars to

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Speaker 2: their rosters and spinning a lot to do so. It's

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Speaker 2: adding to a growing divide between the haves and the

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Speaker 2: have nots of baseball. Bloomberg News Global Business reporter Ira

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Speaker 2: Budway did some reporting on that lately, and he's here

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Speaker 2: now to take us through it. Iral, Welcome back to

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Speaker 2: the Bloomberg Business of Sports.

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Speaker 5: Always a pleasure.

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Speaker 8: Hey, you wrote a great article. You talked about no

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Speaker 8: easy way to fix Major League Baseball's wealth gap. Obviously,

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Speaker 8: the big teams you've got the Yankees, You've got the Mets,

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Speaker 8: you've got the Dodgers.

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Speaker 2: And then on the end of the scale, our teams

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Speaker 2: like the Pittsburgh Pirates talk to us why we have

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Speaker 2: such a gap. I mean, I guess I look at

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Speaker 2: it like, Okay, yeah, people in the world that are

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Speaker 2: rich that can afford a portion. Then you got people

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Speaker 2: in the world that are doing okay, and maybe you

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Speaker 2: can afford to Lincoln, And then you got people like

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Speaker 2: me that can just afford a Chevrolet Vegas. So I

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Speaker 2: mean it seems like that's the same setup for baseball teams.

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Speaker 5: Yeah, in a way, you're right. It's like somebody went

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Speaker 5: in and bought a Volkswagen is trying to race the

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Speaker 5: people who bought a Ferrari. You know, in the same

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Speaker 5: field of teams, the revenue for the Dodgers or the

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Speaker 5: Yankees just far out paces what teams in you know,

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Speaker 5: what the Pittsburgh Pirates can bring in, or even the

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Speaker 5: Milwaukee Brewers or the Tampa Bay Rays, Baltimore, you name it.

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Speaker 5: There's a lot of teams that just don't have the

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Speaker 5: revenue because baseball is a sport that depends on local revenues.

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Speaker 8: In large part.

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Speaker 5: You get ticket sales, and you got your regional TV deals,

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Speaker 5: and those are local. Those are for that team mainly.

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Speaker 5: So it just sets up a huge imbalance that's coming

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Speaker 5: to the fore because now you're seeing that gap open

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Speaker 5: up in what they're spending on payroll, and the fans

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Speaker 5: look at that and they go, well, I start spring

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Speaker 5: knowing I'm not even in this race. We can't we

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Speaker 5: can't keep up.

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Speaker 2: And by the way, Benes, I don't want anybody from

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Speaker 2: any of their teams coming at me with a torpedo

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Speaker 2: bat and slapping me upside.

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Speaker 7: Now, you don't want to get hit with one of those.

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Speaker 6: I don't think it seems like they can hit pretty good.

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Speaker 8: I mean, I'm just stating, you know the obvious here

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Speaker 8: about money.

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Speaker 7: I think they know it too, though.

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Speaker 6: And one of the things that I thought was funny

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Speaker 6: in the pc row Ira is what how Steinbrenner had

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Speaker 6: said to you that even they can't compete, even the

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Speaker 6: Yankees can't keep up with the Dodger spending.

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Speaker 7: And I was like, reading that as.

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Speaker 6: A Yankee fan a little annoyed, And then I could

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Speaker 6: imagine fans of other teams being annoyed, like.

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Speaker 7: What are you talking about?

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Speaker 6: You you could if you wanted to, So how does

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Speaker 6: that even work?

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Speaker 7: Him saying that. I mean, they're still the most valued,

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Speaker 7: highest valued team in baseball.

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Speaker 5: Yeah, I mean he said that on his own network

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Speaker 5: to be clear, on Yes network, but he you know,

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Speaker 5: it's I think a lot of people heard that and

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Speaker 5: raise an eyebrow, certainly Yankees fans after you know, he

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Speaker 5: said that after Sodo went to the Mets, Right he

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Speaker 5: lost out on that bidding war. You look at the Yankees,

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Speaker 5: and yeah, they any team technically can deficit spend, right,

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Speaker 5: Steve Cohen, I'm not sure is balancing the books right

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Speaker 5: now in the Mets. So if hal Steinbrenner wants to

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Speaker 5: lose money or lose more money, then he could, right.

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Speaker 5: And but the question is, like what is reasonable to

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Speaker 5: expect of owners, Like where are there limits? You know,

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Speaker 5: you look at the Pirates. They their owner is apparently

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Speaker 5: losing money year over year a little bit. They've been

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Speaker 5: taken on debt the last three seasons to local reports. Right,

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Speaker 5: So that's what the fans would say is either keep

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Speaker 5: taking on more or sell the team because this isn't working.

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Speaker 5: But like you could argue that that they need some

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Speaker 5: help to restructure this whole thing so that it can

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Speaker 5: work for people like that who are rich but not

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Speaker 5: mega rich, have good markets but not great markets, Like

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Speaker 5: shouldn't it be possible for teams to compete without going

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Speaker 5: deep deep into debt? Or what is the model here?

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Speaker 4: I mean, I mean, Ira, this article is amazing. There's

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Speaker 4: no easy way to fix major League Baseball's wealth gap.

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Speaker 4: That's arab boodway. And here's the interesting thing. I can't

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Speaker 4: believe anyone's reading it because all IRA does is beat

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Speaker 4: up on the Pittsburgh Pirates. And let's be clear, this

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Speaker 4: is nothing new. The Pirates are one in five this year,

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Speaker 4: six straight losing seasons. I think we've had a losing

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Speaker 4: season in twenty eight of the last thirty two years.

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Speaker 4: This is nothing new. And by the way, the Players

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Speaker 4: Association isn't going to change. They're not going to put

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Speaker 4: a salary cap in, as you rightly point out. You know,

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Speaker 4: Tony Clark is not a meanable to putting a salary

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Speaker 4: cap in to stop the bleeding. So my question for

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Speaker 4: you is, what if anything is left to change the

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Speaker 4: endemic wealth gap in Major League Baseball.

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Speaker 5: I mean, there's a few things you can imagine, right.

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Speaker 5: They've been adding to the luxury tax, cointax, the coen tax,

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Speaker 5: keeps getting steeper, and that basically is a way to say,

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Speaker 5: all right, we don't have a salary cap, but if

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Speaker 5: you spend over a certain threshold going to be tax

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Speaker 5: I mean, at this point, the Dodgers the Mets, when

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Speaker 5: they sign a guy for thirteen million, they're basically paying

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Speaker 5: double that. Their marginal tax rate is one hundred and

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Speaker 5: ten percent, right, so if they get it, it's a

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Speaker 5: twenty six million, But they don't seem to care for

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Speaker 5: you know, for them to get a thirteen million dollar

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Speaker 5: player at this point. So that's one avenue you could

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Speaker 5: keep trying to push that lever to see where Steve

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Speaker 5: Cohen's paying threshold is.

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Speaker 7: That creates a war.

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Speaker 5: Between the big markets and the small markets. Right, the

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Speaker 5: owners who are receiving that revenue sharing money, that luxury

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Speaker 5: tax money are basically have a different set of interest

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Speaker 5: than the owners who are paying it out. And I

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Speaker 5: think that's why they're looking at the salary cap as

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Speaker 5: a more for the owner. From the owner's perspective, a

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Speaker 5: better option, because then you take the problem and you

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Speaker 5: put it in the players rather than on your fellow owners.

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Speaker 5: And I think that's why we're headed for a lockout

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Speaker 5: you know, at the end of next year, because I

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Speaker 5: think they're going to try to get a salary cap

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Speaker 5: in baseball and that's going to be a real fight.

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Speaker 2: Well, and Damian said it, I mean, the the average

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Speaker 2: there's just we have an article is out there on

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Speaker 2: the terminal. The average MLB salary tops five million dollars

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Speaker 2: for the first time ever. And according to AP And

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Speaker 2: it's like Damian saying, you put a salary cap in, well,

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Speaker 2: the toothpaste out of the tube. I mean, who's gonna say,

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Speaker 2: all right, I'll take a pay cut.

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Speaker 1: Yeah.

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Speaker 8: I mean.

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Speaker 5: The way salary caps tend to work in other sports

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Speaker 5: is they benefit the middle class, so to speak, of

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Speaker 5: that league, the players who are not the superstars. And

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Speaker 5: if you look at baseball, it's interesting. You got these

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Speaker 5: massive eye popping contracts one Soto seven hundred and sixty

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Speaker 5: five million dollars, but the amount of money of revenue

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Speaker 5: going to players on in total is less in baseball

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Speaker 5: than it is in the NFL. In the NBA, where

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Speaker 5: they have salary caps, and they have negotiated an amount.

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Speaker 8: Basically half that goes to the players.

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Speaker 5: In Major League Baseball, it's forty six percent, and it's

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Speaker 5: going down, and so there are a lot of rank

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Speaker 5: and file players who actually might stand to benefit from

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Speaker 5: a salary cap, and so that's that's another sort of

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Speaker 5: tension in this that's going to have to get resolved.

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Speaker 5: The Wan Sotos of the world don't actually necessarily share

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Speaker 5: an interest in how this works with your journeyman player

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Speaker 5: who's you know, trying to you know, gone into free agency,

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Speaker 5: but is not going to set a record on their deal.

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Speaker 7: But is it not, like, wouldn't it just changed a

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Speaker 7: little bit? Maybe they're like shorter deals or something like us.

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Speaker 6: We do see fifty million dollar you know, quarterback deals

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Speaker 6: in the NFL.

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Speaker 7: It's not like they don't get paid a.

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Speaker 5: Lot, right, No, I mean the NBA and NFL, they

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Speaker 5: the stars do great, but relatively the guys who are

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Speaker 5: like a tier or two down, you see eye popping

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Speaker 5: deals for those guys in the NFL and in the NBA.

438
00:20:46,359 --> 00:20:49,119
Speaker 5: Because of the way the cap is structured, basically, it

439
00:20:49,240 --> 00:20:52,919
Speaker 5: sort of creates a slightly fatter middle, right, which I

440
00:20:52,920 --> 00:20:55,080
Speaker 5: think is what if you see a salary cap come

441
00:20:55,160 --> 00:20:58,199
Speaker 5: to baseball, it's going to be at the cost of

442
00:20:58,480 --> 00:21:02,400
Speaker 5: ownership saying we promise you you're going to get fifty one

443
00:21:02,440 --> 00:21:05,320
Speaker 5: percent of revenue or something like that. Right, they're not

444
00:21:05,359 --> 00:21:07,640
Speaker 5: going to be able to get it without shelling out.

445
00:21:07,880 --> 00:21:11,080
Speaker 6: And is that something that is that a compromise they'd

446
00:21:11,080 --> 00:21:11,800
Speaker 6: be willing to give.

447
00:21:12,119 --> 00:21:14,639
Speaker 5: I mean, that's what we're gonna we're gonna see. I mean,

448
00:21:14,680 --> 00:21:17,360
Speaker 5: I honestly from people I talk to, no one knows. Right,

449
00:21:17,480 --> 00:21:20,040
Speaker 5: Baseball's going to push for a salary cap. The Union's

450
00:21:20,080 --> 00:21:22,080
Speaker 5: going to say no, there's going to be a lockout.

451
00:21:22,080 --> 00:21:25,520
Speaker 5: Everyone seems to agree on those parts of this. But

452
00:21:25,720 --> 00:21:28,760
Speaker 5: then what happens next? Right, how long does it last?

453
00:21:28,800 --> 00:21:31,520
Speaker 5: Who blinks? If they do get a salary cap? What

454
00:21:31,520 --> 00:21:35,040
Speaker 5: does that look like? I don't think anybody knows.

455
00:21:35,160 --> 00:21:37,840
Speaker 4: Well, here's the thing. There has to be some sort

456
00:21:37,880 --> 00:21:39,800
Speaker 4: of a blueprint here. I mean, there are teams out

457
00:21:39,800 --> 00:21:42,520
Speaker 4: there in recent memory, like the Royals, like the Devil Rays,

458
00:21:43,480 --> 00:21:45,080
Speaker 4: you know, the Tampa Double Rays that have won the

459
00:21:45,160 --> 00:21:47,880
Speaker 4: World Ship Series championship, and they are small market teams.

460
00:21:47,960 --> 00:21:51,400
Speaker 4: Right now, riddle me this? Is it just that ownership

461
00:21:51,400 --> 00:21:54,240
Speaker 4: for those for those ball clubs are willing to spend

462
00:21:54,520 --> 00:21:56,560
Speaker 4: you know, on par with the Yankees, or maybe it's

463
00:21:56,600 --> 00:21:58,440
Speaker 4: something because the Double Rays play in the Al East.

464
00:21:58,760 --> 00:22:01,240
Speaker 4: They're getting incremental revenue from playing the Red Sox and

465
00:22:01,240 --> 00:22:02,919
Speaker 4: the Yankees. I mean, I'm just trying to wrap my

466
00:22:02,960 --> 00:22:06,920
Speaker 4: brain around why the Pirates are stuck in this twenty

467
00:22:06,960 --> 00:22:08,879
Speaker 4: eight of the last thirty two years, they've had a

468
00:22:08,880 --> 00:22:11,160
Speaker 4: losing season and no one seems to be taking notice.

469
00:22:11,160 --> 00:22:12,800
Speaker 4: I mean, I guess people in pat Pittsburgh are taking

470
00:22:12,880 --> 00:22:13,200
Speaker 4: notice of it.

471
00:22:13,240 --> 00:22:13,960
Speaker 8: But who cares about that?

472
00:22:14,240 --> 00:22:14,280
Speaker 9: No?

473
00:22:14,400 --> 00:22:16,359
Speaker 4: Yeah, I mean Iras, seriously, is there a rec.

474
00:22:19,080 --> 00:22:19,720
Speaker 8: It is a shame.

475
00:22:19,800 --> 00:22:23,200
Speaker 5: It's a great franchise with a great history. But yeah,

476
00:22:23,359 --> 00:22:26,160
Speaker 5: I think the you know, one answer is moneyball, right,

477
00:22:26,320 --> 00:22:30,320
Speaker 5: be smarter, But obviously not everyone can be smarter, right.

478
00:22:30,359 --> 00:22:33,399
Speaker 5: The definition is you're you're you're at a level above

479
00:22:33,440 --> 00:22:36,560
Speaker 5: and your ability to identify talent and and develop it

480
00:22:36,680 --> 00:22:40,480
Speaker 5: and and make trans smart transactions. I think being smarter,

481
00:22:40,880 --> 00:22:43,199
Speaker 5: you know, can get you the razor proof that you

482
00:22:43,200 --> 00:22:46,680
Speaker 5: can do it on a consistent basis. But even they

483
00:22:46,880 --> 00:22:49,919
Speaker 5: haven't won the World Series. And if you look at like,

484
00:22:50,840 --> 00:22:53,119
Speaker 5: which teams are you know, last year in the in

485
00:22:53,160 --> 00:22:56,840
Speaker 5: the NLCS, right, in the ALCS, who are the teams?

486
00:22:57,080 --> 00:22:57,280
Speaker 8: Right?

487
00:22:57,480 --> 00:22:59,800
Speaker 5: Who is in the World Series? You know there is

488
00:23:00,000 --> 00:23:02,320
Speaker 5: there is an opportunity to sneak in there. The Orioles

489
00:23:02,359 --> 00:23:04,760
Speaker 5: had a great season a couple of years ago. It's

490
00:23:04,800 --> 00:23:07,640
Speaker 5: not like it's impossible. With a little bit of luck, right,

491
00:23:07,680 --> 00:23:10,320
Speaker 5: and some and some smart ownership, you can you can

492
00:23:10,359 --> 00:23:13,120
Speaker 5: have moments as a small market team where you where

493
00:23:13,160 --> 00:23:16,959
Speaker 5: you get in there. But the imbalance is getting to

494
00:23:16,960 --> 00:23:19,679
Speaker 5: be I think pretty glaring, right, just in terms of

495
00:23:19,680 --> 00:23:22,840
Speaker 5: who has the opportunities to win it all compared to

496
00:23:23,520 --> 00:23:27,200
Speaker 5: you know, you don't. You don't have a Kansas City Chiefs, right,

497
00:23:27,320 --> 00:23:28,760
Speaker 5: there is no equivalent to that.

498
00:23:28,880 --> 00:23:30,600
Speaker 4: Right, Can I suggest for your next article you talk

499
00:23:30,640 --> 00:23:33,080
Speaker 4: about bigger market teams who can't seem to win it all.

500
00:23:32,920 --> 00:23:33,520
Speaker 8: Like the Digation.

501
00:23:33,920 --> 00:23:36,480
Speaker 6: Well, I say that The thing is it's really only

502
00:23:36,520 --> 00:23:39,320
Speaker 6: worked for the Dodgers. They're really the only team who's

503
00:23:39,320 --> 00:23:41,719
Speaker 6: spending this kind of money and it's really worked. I mean,

504
00:23:41,760 --> 00:23:44,479
Speaker 6: it hasn't worked for the Yankees in Uh, Well, so

505
00:23:44,520 --> 00:23:45,200
Speaker 6: the Dodgers.

506
00:23:45,280 --> 00:23:48,639
Speaker 5: The Dodgers are basically have the most money and have

507
00:23:48,720 --> 00:23:52,639
Speaker 5: smart management, right, And so if you're playing moneyball with

508
00:23:52,720 --> 00:23:56,440
Speaker 5: a huge bag of money, then you're going to be really,

509
00:23:56,440 --> 00:23:58,920
Speaker 5: really good. And and I think everyone's starting to wake

510
00:23:58,960 --> 00:24:00,560
Speaker 5: up to the fact that we might be reaching a

511
00:24:00,600 --> 00:24:03,520
Speaker 5: point where it's like you might as well. You know,

512
00:24:03,600 --> 00:24:06,600
Speaker 5: baseball's got a lot of randomness. Injuries are there. Nothing

513
00:24:06,640 --> 00:24:08,959
Speaker 5: is guaranteed, but you just look at it right now

514
00:24:09,000 --> 00:24:11,440
Speaker 5: and you go, well, if they're healthy, they're going to

515
00:24:11,480 --> 00:24:14,560
Speaker 5: be They're in October, right, you don't really need to

516
00:24:14,560 --> 00:24:15,480
Speaker 5: play the season.

517
00:24:16,840 --> 00:24:19,520
Speaker 2: I have a I know we're out of time pretty much,

518
00:24:19,520 --> 00:24:22,960
Speaker 2: but I got a creative idea on what maybe the

519
00:24:23,040 --> 00:24:26,680
Speaker 2: smaller markets can do, and that is I think of

520
00:24:26,760 --> 00:24:29,119
Speaker 2: Paul's schemes. I mean, you talk about a pitching ace.

521
00:24:29,560 --> 00:24:33,080
Speaker 2: It's great for the pirates. Okay, maybe in fact, his

522
00:24:33,320 --> 00:24:37,680
Speaker 2: rookie card went for more than his salary did when

523
00:24:37,800 --> 00:24:41,520
Speaker 2: he hopped in the league. That that's incredible. But what

524
00:24:41,680 --> 00:24:44,880
Speaker 2: if the team said, okay, listen, we can only pay

525
00:24:44,920 --> 00:24:47,760
Speaker 2: you so much, but we're going to call a place

526
00:24:47,840 --> 00:24:51,920
Speaker 2: like maybe Ford and say, listen, can you like give

527
00:24:52,000 --> 00:24:53,359
Speaker 2: him a deal or something?

528
00:24:53,440 --> 00:25:00,679
Speaker 5: Man from endorsement and this was not allowed, but I like, well.

529
00:25:00,640 --> 00:25:03,480
Speaker 2: See I'm always on BWLO. You can see what happens here.

530
00:25:03,520 --> 00:25:06,760
Speaker 2: But anyway, hirabud back, thank you, my man. We appreciate

531
00:25:06,840 --> 00:25:09,800
Speaker 2: you coming on the Bloomberg business of sports. We appreciate it.

532
00:25:09,800 --> 00:25:12,800
Speaker 2: Thank you. Check out his latest work now at Bloomberg

533
00:25:12,840 --> 00:25:15,920
Speaker 2: dot com and on the terminal. Up next, we take

534
00:25:15,920 --> 00:25:19,119
Speaker 2: a look at how an event management company is looking

535
00:25:19,160 --> 00:25:23,160
Speaker 2: to enhance the fan experience for my colleagues Damien Sasauer

536
00:25:23,280 --> 00:25:26,480
Speaker 2: and Vanessa Berdomo. I'm Michael Barr. You're listening to the

537
00:25:26,480 --> 00:25:30,119
Speaker 2: Bloomberg Business of Sports from Bloomberg Radio around the world.

538
00:25:35,560 --> 00:25:39,520
Speaker 1: This is Bloomberg Business of Sports from Bloomberg Radio.

539
00:25:40,760 --> 00:25:43,240
Speaker 2: Thanks for joining us on the Bloomberg Business of Sports,

540
00:25:43,280 --> 00:25:45,399
Speaker 2: where we explore the big money issues in the world

541
00:25:45,400 --> 00:25:48,399
Speaker 2: of sports. I'm Michael Barr, along with my colleagues Damian

542
00:25:48,440 --> 00:25:53,120
Speaker 2: Sasauur and Vanessa Berdomo. Joining us now is Jennifer Brisman.

543
00:25:53,440 --> 00:25:58,080
Speaker 2: She's founder and CEO of VOW, an innovative all in

544
00:25:58,200 --> 00:26:02,159
Speaker 2: one event management platform looking to power what's called the

545
00:26:02,400 --> 00:26:07,160
Speaker 2: experience economy in sports and entertainment. Well, first you got

546
00:26:07,160 --> 00:26:10,040
Speaker 2: to tell us what is VOW, because this looks like

547
00:26:10,080 --> 00:26:11,960
Speaker 2: a very interesting company.

548
00:26:12,359 --> 00:26:13,840
Speaker 9: Amazing. Thank you for asking.

549
00:26:14,000 --> 00:26:18,840
Speaker 3: Well, I am a twenty year event producer and I

550
00:26:19,240 --> 00:26:22,880
Speaker 3: very much built a B to B to VIP product

551
00:26:23,160 --> 00:26:29,600
Speaker 3: to manage premium and premier experiences across sports, entertainment, the

552
00:26:29,640 --> 00:26:34,840
Speaker 3: business of sports, corporate philanthropy, and more so are all

553
00:26:34,880 --> 00:26:40,480
Speaker 3: in one. System allows event professionals to be superheroes, to

554
00:26:40,680 --> 00:26:45,000
Speaker 3: essentially have an end to end interconnected tool that unifies

555
00:26:45,200 --> 00:26:49,120
Speaker 3: event management, so managing the details of an event as

556
00:26:49,200 --> 00:26:54,760
Speaker 3: well as people management, so what we call fans, guests, participants.

557
00:26:55,359 --> 00:26:58,439
Speaker 3: It allows an organizer to manage all of these things

558
00:26:58,440 --> 00:27:02,119
Speaker 3: at scale and in a guest or a fan's hand,

559
00:27:02,280 --> 00:27:05,800
Speaker 3: it puts an engagement app to drive an end to

560
00:27:05,880 --> 00:27:08,399
Speaker 3: end experience for that guest.

561
00:27:08,440 --> 00:27:09,440
Speaker 9: So that's what we're.

562
00:27:09,200 --> 00:27:14,640
Speaker 3: Doing over here, and we're modernizing how event pros planned

563
00:27:14,880 --> 00:27:18,879
Speaker 3: and we are making it more elegant and elevating the

564
00:27:18,920 --> 00:27:24,240
Speaker 3: guest experience at unbelievable scale and really ensuring that everybody

565
00:27:24,280 --> 00:27:29,240
Speaker 3: going to any gathering anywhere feels like VIP. And that's

566
00:27:29,320 --> 00:27:31,760
Speaker 3: really what our value system is and that's really what

567
00:27:31,800 --> 00:27:32,760
Speaker 3: we're driving towards.

568
00:27:33,200 --> 00:27:36,439
Speaker 6: Jennifer, I'm curious, you know what was missing in the

569
00:27:36,480 --> 00:27:39,080
Speaker 6: market that you felt like when you were planning things

570
00:27:39,119 --> 00:27:42,800
Speaker 6: that you really needed and what you're doing for these planners.

571
00:27:42,840 --> 00:27:46,360
Speaker 3: Now, what I found was missing was the ability for

572
00:27:46,480 --> 00:27:50,359
Speaker 3: an event professional to engage them right as opposed to

573
00:27:50,400 --> 00:27:54,280
Speaker 3: just hitting their inbox with email after email after email,

574
00:27:54,600 --> 00:27:57,880
Speaker 3: or just touching them with a flat ticket. And there's

575
00:27:57,920 --> 00:28:00,960
Speaker 3: a whole journey of things. Is that if you are

576
00:28:01,040 --> 00:28:04,320
Speaker 3: going to an NBA game, if you're going to an

577
00:28:04,359 --> 00:28:07,800
Speaker 3: investor day, if you're going to south By Southwest, you

578
00:28:07,840 --> 00:28:11,720
Speaker 3: are a guest and you need stuff, not just stuff

579
00:28:11,760 --> 00:28:14,479
Speaker 3: when you enter the facility or the venue or the

580
00:28:14,520 --> 00:28:17,040
Speaker 3: arena where they hit you with point a sale, point

581
00:28:17,080 --> 00:28:18,400
Speaker 3: of sale, point of sale.

582
00:28:18,400 --> 00:28:19,240
Speaker 9: You need things.

583
00:28:19,320 --> 00:28:23,240
Speaker 3: You might need hotel, nightlife, dining, parking, you might want

584
00:28:23,240 --> 00:28:25,800
Speaker 3: to have a sense of where your colleagues are staying.

585
00:28:26,119 --> 00:28:28,880
Speaker 3: If you're a speaker, you know, or what suite you're

586
00:28:28,920 --> 00:28:33,640
Speaker 3: going to. And so that really takes what, in my opinion,

587
00:28:33,720 --> 00:28:37,880
Speaker 3: is a really nineteen nineties experience that we all have

588
00:28:38,000 --> 00:28:42,440
Speaker 3: when we attend live events and VIP gatherings, and it

589
00:28:42,560 --> 00:28:46,840
Speaker 3: really blazes it into the future. And it also uses

590
00:28:46,880 --> 00:28:50,720
Speaker 3: your data in the right way. So right now, when

591
00:28:50,720 --> 00:28:52,600
Speaker 3: you guys are going anywhere, you guys are getting to

592
00:28:52,680 --> 00:28:56,960
Speaker 3: hit over and over again by emails, whether from the brand,

593
00:28:57,040 --> 00:29:00,600
Speaker 3: whether from the stadium, the event organizer, and that really

594
00:29:00,720 --> 00:29:04,320
Speaker 3: changes all that. It's really there as a personal assistant

595
00:29:04,320 --> 00:29:06,480
Speaker 3: in the palm of your hands to elevate and blaze

596
00:29:06,480 --> 00:29:09,320
Speaker 3: your guest experience. So what I found is an event

597
00:29:09,440 --> 00:29:12,280
Speaker 3: organizer is the only way that I could touch my guests,

598
00:29:12,360 --> 00:29:15,160
Speaker 3: or my fans or my attendees is just to hit

599
00:29:15,200 --> 00:29:18,200
Speaker 3: them more on email. And that's just not the right

600
00:29:18,240 --> 00:29:21,520
Speaker 3: way to go. And so we really built something that

601
00:29:21,600 --> 00:29:25,160
Speaker 3: we want the end user to love so that event

602
00:29:25,280 --> 00:29:29,760
Speaker 3: professionals can do more, can take time back and execute

603
00:29:29,800 --> 00:29:31,600
Speaker 3: more high level experiences.

604
00:29:31,920 --> 00:29:35,560
Speaker 2: Okay, so old man bar wants to go to his

605
00:29:35,760 --> 00:29:40,160
Speaker 2: favorite sporting event, a NASCAR race, and I'm trying to like, Okay,

606
00:29:40,240 --> 00:29:44,440
Speaker 2: I need your help. How can you help organize If

607
00:29:44,440 --> 00:29:46,680
Speaker 2: you can take me through the steps, I want to

608
00:29:46,880 --> 00:29:49,920
Speaker 2: organize it with my friends and we're going to go

609
00:29:50,000 --> 00:29:51,440
Speaker 2: see the Pocono four hundred.

610
00:29:51,600 --> 00:29:53,960
Speaker 9: Yeah, it's a great question. So there's two sides to that.

611
00:29:54,040 --> 00:29:59,600
Speaker 3: So we are for professionally organized experiences, meaning it's B

612
00:29:59,640 --> 00:30:03,080
Speaker 3: to B to So it typically starts with a brand

613
00:30:03,200 --> 00:30:07,920
Speaker 3: coming in. So maybe you're working for you know, Morgan

614
00:30:08,000 --> 00:30:12,000
Speaker 3: Stanley and to your point, they've bought you know, a block,

615
00:30:12,240 --> 00:30:15,760
Speaker 3: or they're organizing something for Formula one and you've got

616
00:30:15,760 --> 00:30:17,719
Speaker 3: a couple of friends going with you because you've been

617
00:30:17,720 --> 00:30:20,200
Speaker 3: given a couple of tickets and a bunch of other

618
00:30:20,280 --> 00:30:22,280
Speaker 3: colleagues have been given in as a couple of tickets

619
00:30:22,280 --> 00:30:24,440
Speaker 3: and a bunch more and so on and so forth,

620
00:30:24,720 --> 00:30:27,960
Speaker 3: and so an organizer will come in and they'll go

621
00:30:28,040 --> 00:30:31,480
Speaker 3: ahead and manage the event details in our product and

622
00:30:31,560 --> 00:30:35,240
Speaker 3: then be able to ship you a guest facing app

623
00:30:35,280 --> 00:30:37,400
Speaker 3: and say this is no before you go.

624
00:30:37,520 --> 00:30:38,840
Speaker 9: It's everything you need.

625
00:30:39,200 --> 00:30:41,800
Speaker 3: So in there for you and your friends, You're going

626
00:30:41,880 --> 00:30:45,240
Speaker 3: to have everything around where you need to park, where

627
00:30:45,240 --> 00:30:48,760
Speaker 3: you need to go, a timeline, a venue map, everything

628
00:30:48,800 --> 00:30:51,920
Speaker 3: and it's intuitive, it's real time. It's in the palm

629
00:30:51,920 --> 00:30:55,520
Speaker 3: of your hands. But more than that, today we are

630
00:30:55,520 --> 00:30:57,920
Speaker 3: a guest experience app. But tomorrow you're going to be

631
00:30:57,920 --> 00:31:00,320
Speaker 3: able to talk to that. You're going to be able

632
00:31:00,320 --> 00:31:02,400
Speaker 3: to say it about, Hey, I'm going to Formula one

633
00:31:02,440 --> 00:31:06,120
Speaker 3: with a bunch of my friends. You know, we're six people.

634
00:31:06,200 --> 00:31:09,120
Speaker 3: We need three hotel rooms. Can you tell us the

635
00:31:09,160 --> 00:31:12,959
Speaker 3: best places we can stay? Great val of course, and

636
00:31:13,000 --> 00:31:15,160
Speaker 3: then vow will help you book that experience. Do you

637
00:31:15,240 --> 00:31:17,920
Speaker 3: need parking? Do you want a place to dine? Do

638
00:31:18,000 --> 00:31:20,440
Speaker 3: you want to know where a lot of other groups

639
00:31:20,600 --> 00:31:24,720
Speaker 3: are dining nearby with similar interests, So it's moving you

640
00:31:24,800 --> 00:31:27,520
Speaker 3: to a place where you can interact with it as

641
00:31:27,520 --> 00:31:29,680
Speaker 3: opposed to you know, if you and your friends or

642
00:31:29,720 --> 00:31:32,360
Speaker 3: you and your wife did that transaction and you bought

643
00:31:32,360 --> 00:31:34,920
Speaker 3: those tickets to formula one, you then have to go

644
00:31:35,040 --> 00:31:37,040
Speaker 3: shopping for hotels. And when you were done that and

645
00:31:37,040 --> 00:31:41,320
Speaker 3: you had a very mediocre experience on Expedia, you then

646
00:31:41,440 --> 00:31:44,160
Speaker 3: kind of search on open Table or Rezi for dinner

647
00:31:44,200 --> 00:31:48,000
Speaker 3: experiences and you kind of piece this journey together, kind

648
00:31:48,000 --> 00:31:52,000
Speaker 3: of blocking and tackling, kind of like Mario Brothers, moving

649
00:31:52,040 --> 00:31:55,800
Speaker 3: between all these different functions. We really roll it up

650
00:31:55,960 --> 00:31:58,840
Speaker 3: in the palm of your hands and we kind of

651
00:31:58,880 --> 00:32:02,400
Speaker 3: take this flat call it ticketed experience, and we really

652
00:32:02,600 --> 00:32:03,280
Speaker 3: elevate it.

653
00:32:03,680 --> 00:32:06,880
Speaker 4: Jennifer, I'm looking at your app now and it looks awesome.

654
00:32:06,960 --> 00:32:10,080
Speaker 4: I mean the seeding charts and the access passes and

655
00:32:10,120 --> 00:32:11,680
Speaker 4: all this stuff. But this is the business of sports,

656
00:32:11,680 --> 00:32:13,400
Speaker 4: and we need to know about your business model. How

657
00:32:13,440 --> 00:32:17,959
Speaker 4: are you guys making money providing this application to you know,

658
00:32:18,040 --> 00:32:20,720
Speaker 4: your stakeholders number one and number two. You mentioned something

659
00:32:20,760 --> 00:32:24,479
Speaker 4: really interesting, right, the ability to you know, collect data

660
00:32:24,640 --> 00:32:27,560
Speaker 4: or collect information except from third party providers and vendors

661
00:32:27,600 --> 00:32:29,000
Speaker 4: and what have you and be able to offer that

662
00:32:29,040 --> 00:32:31,240
Speaker 4: through your app. And so you know, I'm just trying

663
00:32:31,280 --> 00:32:33,600
Speaker 4: to wrap my arms around. Is the is sort of

664
00:32:33,680 --> 00:32:36,480
Speaker 4: the the mote that you're trying to create around your company,

665
00:32:36,600 --> 00:32:39,360
Speaker 4: you know, those proprietary relationships and the access to their

666
00:32:39,480 --> 00:32:42,120
Speaker 4: data or is it something more so.

667
00:32:42,080 --> 00:32:45,600
Speaker 3: As far as the pricing structure, we have a traditional

668
00:32:45,760 --> 00:32:50,240
Speaker 3: SaaS business model. We engage brands, the biggest brands in

669
00:32:50,240 --> 00:32:52,120
Speaker 3: the world, and they come on and they pay an

670
00:32:52,120 --> 00:32:55,120
Speaker 3: annual subscription fee to use vow It's a premium product,

671
00:32:55,200 --> 00:32:57,800
Speaker 3: so it's at a premium price and in doing that,

672
00:32:57,840 --> 00:33:00,520
Speaker 3: they have a B to B to VIP trusted platform

673
00:33:00,560 --> 00:33:02,040
Speaker 3: to manage event details.

674
00:33:02,240 --> 00:33:04,720
Speaker 9: But we do have this really.

675
00:33:04,560 --> 00:33:07,200
Speaker 3: Interesting hub in what I call the business of sports,

676
00:33:07,480 --> 00:33:11,000
Speaker 3: so kind of building alongside what I would call the

677
00:33:11,040 --> 00:33:14,360
Speaker 3: decision makers in the sports arena for everything that happens

678
00:33:14,360 --> 00:33:17,120
Speaker 3: across sports. Right, sports has a huge corporate sector to

679
00:33:17,200 --> 00:33:20,120
Speaker 3: it that keeps it moving and grooving. We have a

680
00:33:20,200 --> 00:33:22,560
Speaker 3: SaaS fee for our brands. They come in and pay us.

681
00:33:22,760 --> 00:33:25,720
Speaker 3: What's nice about how they use val is today that

682
00:33:25,920 --> 00:33:28,520
Speaker 3: hosts up to ten thousand guests in seats so we

683
00:33:28,520 --> 00:33:31,840
Speaker 3: have a proprietary seating software that integrates with all the

684
00:33:31,880 --> 00:33:34,800
Speaker 3: tools in our platform. We have a proprietary ticketing software,

685
00:33:35,160 --> 00:33:38,560
Speaker 3: so everything is all in one. But what's very cool

686
00:33:38,640 --> 00:33:40,440
Speaker 3: is not only do we host up to ten thousand

687
00:33:40,480 --> 00:33:43,240
Speaker 3: guests in seats, you can have up to four hundred

688
00:33:43,280 --> 00:33:46,280
Speaker 3: people working in the platform in real time. There's very

689
00:33:46,320 --> 00:33:49,040
Speaker 3: few save buttons, you don't have to share logins. This

690
00:33:49,120 --> 00:33:53,680
Speaker 3: is a really big problem throughout both the event management

691
00:33:53,880 --> 00:33:56,960
Speaker 3: and the ticketing space. So you wouldn't believe it, but

692
00:33:57,000 --> 00:33:59,920
Speaker 3: there's a lot of legacy technology in the back end

693
00:34:00,160 --> 00:34:03,000
Speaker 3: where you're paying what we call perceive right, you're paying

694
00:34:03,080 --> 00:34:05,960
Speaker 3: for a number of access passes. So four people on

695
00:34:06,000 --> 00:34:08,120
Speaker 3: your team, five people on your team, we say, nope,

696
00:34:08,280 --> 00:34:11,480
Speaker 3: that's not the future. The future is all the stakeholders

697
00:34:11,560 --> 00:34:15,040
Speaker 3: working in real time, and that includes everybody within your

698
00:34:15,120 --> 00:34:18,440
Speaker 3: primary team, all of the stakeholders you could collaborate with.

699
00:34:18,520 --> 00:34:21,400
Speaker 3: It could be across agencies, boots on the ground, it

700
00:34:21,400 --> 00:34:23,400
Speaker 3: could be marketing, it could be ops, it could be

701
00:34:23,440 --> 00:34:27,600
Speaker 3: public relations, it could be a broadcast team, anything you need.

702
00:34:27,640 --> 00:34:31,279
Speaker 3: You're checking teams all live, all real time, and the

703
00:34:31,320 --> 00:34:33,200
Speaker 3: system can handle that much movement.

704
00:34:33,480 --> 00:34:35,239
Speaker 9: So that's how we tackle that side.

705
00:34:35,239 --> 00:34:38,120
Speaker 3: To answer your question about the data plays right now,

706
00:34:38,360 --> 00:34:42,000
Speaker 3: your data is being cannibalized no matter where you go.

707
00:34:42,760 --> 00:34:47,120
Speaker 3: If you walk into any stadium anywhere and you buy

708
00:34:47,120 --> 00:34:49,359
Speaker 3: two kids sweatshirts, the next thing you're going to get

709
00:34:49,360 --> 00:34:52,359
Speaker 3: in your inbox is emails for Disney on ice. That's

710
00:34:52,440 --> 00:34:54,839
Speaker 3: just how the world works. Everything is about point of sale,

711
00:34:54,920 --> 00:34:58,359
Speaker 3: everything is about commerce. Your data is being used being

712
00:34:58,360 --> 00:35:01,680
Speaker 3: sold to third parties. On Val takes such a different

713
00:35:01,880 --> 00:35:05,160
Speaker 3: view of data. And yes it's a mode. The data

714
00:35:05,239 --> 00:35:08,799
Speaker 3: belongs to the brand, to the organizer, but you, as

715
00:35:08,840 --> 00:35:13,320
Speaker 3: a guest, you are a single profile no matter where

716
00:35:13,360 --> 00:35:13,759
Speaker 3: you go.

717
00:35:14,400 --> 00:35:16,440
Speaker 9: And because THOU isn't just.

718
00:35:16,480 --> 00:35:20,279
Speaker 3: Let's say a Ticketmaster application, because THOU is for all

719
00:35:20,320 --> 00:35:24,479
Speaker 3: experiences everywhere, you are that same person. So you will

720
00:35:24,560 --> 00:35:28,080
Speaker 3: get an experience tied to the event, but more important,

721
00:35:28,200 --> 00:35:31,439
Speaker 3: tie to you. So your data is used to make

722
00:35:31,560 --> 00:35:36,960
Speaker 3: your experience better for that particular event, but everywhere you

723
00:35:37,080 --> 00:35:41,320
Speaker 3: go it's learning and getting more predictive, more powerful, stronger

724
00:35:41,360 --> 00:35:41,680
Speaker 3: for you.

725
00:35:41,800 --> 00:35:42,600
Speaker 9: Does that make sense?

726
00:35:43,160 --> 00:35:46,000
Speaker 2: It sounds like you guys plan this out and you

727
00:35:46,080 --> 00:35:48,280
Speaker 2: make it a super nuper experience.

728
00:35:48,600 --> 00:35:51,160
Speaker 3: We do, we do, and I do think, and this

729
00:35:51,440 --> 00:35:54,000
Speaker 3: really is my position of shapes a little bit about

730
00:35:54,040 --> 00:35:56,279
Speaker 3: how I think and I build this company. I do

731
00:35:56,400 --> 00:35:59,640
Speaker 3: believe that the ability to break through and cannibalize people's data,

732
00:36:00,040 --> 00:36:02,440
Speaker 3: once we're about five years out from now, is going

733
00:36:02,520 --> 00:36:05,520
Speaker 3: to become leaner and leaner. And so if you don't

734
00:36:05,560 --> 00:36:08,359
Speaker 3: offer not just better fan engagement, right, which is what

735
00:36:08,400 --> 00:36:10,719
Speaker 3: we call it today, what we call what I am

736
00:36:10,760 --> 00:36:14,560
Speaker 3: talking about today is just pure data data play fan engagement.

737
00:36:14,719 --> 00:36:14,919
Speaker 9: Right.

738
00:36:15,200 --> 00:36:17,560
Speaker 3: We see that you love this platform, so we're going

739
00:36:17,640 --> 00:36:21,120
Speaker 3: to push you to these three other platforms. We see

740
00:36:21,320 --> 00:36:23,759
Speaker 3: like these two things and you bought them point of sale.

741
00:36:23,800 --> 00:36:26,800
Speaker 3: We're going to push you these three more. And it's

742
00:36:26,880 --> 00:36:29,680
Speaker 3: all about pushing things to you. We take a different

743
00:36:29,719 --> 00:36:32,680
Speaker 3: position on you as a guest, as a fan, as

744
00:36:32,680 --> 00:36:34,279
Speaker 3: an attendee, as a participant.

745
00:36:34,520 --> 00:36:36,879
Speaker 9: I don't care what I call you.

746
00:36:36,880 --> 00:36:41,160
Speaker 3: You are gold, your eyeballs, your attention, and yes, your data.

747
00:36:41,200 --> 00:36:44,160
Speaker 3: But instead of selling that data, we use it to

748
00:36:44,360 --> 00:36:47,719
Speaker 3: make you a better experience. So for us, this is

749
00:36:47,760 --> 00:36:50,200
Speaker 3: a really important value prop. We believe that's where the

750
00:36:50,239 --> 00:36:53,320
Speaker 3: industry is removing. Doesn't matter if you are on sports

751
00:36:53,320 --> 00:36:57,520
Speaker 3: corporate Premier league, you know, rising league, emerging leagues women's sports,

752
00:36:57,719 --> 00:37:00,160
Speaker 3: and we believe that there's also a much more, a

753
00:37:00,280 --> 00:37:03,319
Speaker 3: much bigger value prop in this for women's sports where

754
00:37:03,360 --> 00:37:07,040
Speaker 3: women transact and do things differently than men do, and

755
00:37:07,080 --> 00:37:08,920
Speaker 3: they like in all in one's sperience.

756
00:37:08,960 --> 00:37:10,040
Speaker 9: So we do think it's.

757
00:37:09,880 --> 00:37:13,400
Speaker 3: Sort of tracks where a lot of these VIP experiences

758
00:37:13,440 --> 00:37:17,520
Speaker 3: oversees uk UAE, but certainly where women and women's sports

759
00:37:17,560 --> 00:37:19,879
Speaker 3: and women's engagement comes into play.

760
00:37:20,040 --> 00:37:22,080
Speaker 7: Well, we're the one who plan everything, so.

761
00:37:24,080 --> 00:37:28,880
Speaker 3: Yes we are, so hopefully I've done a decent of

762
00:37:29,000 --> 00:37:32,800
Speaker 3: job of explaining it. Look, we are early, but super powerful,

763
00:37:32,920 --> 00:37:36,080
Speaker 3: powerful brands that we're very proud of and excited to

764
00:37:36,120 --> 00:37:38,239
Speaker 3: make our mark and really delineate how we.

765
00:37:38,200 --> 00:37:41,000
Speaker 2: Make the space better or Thanks to Jennifer Brisbane for

766
00:37:41,080 --> 00:37:45,200
Speaker 2: joining us. She's founder and CEO of vow Thank you

767
00:37:45,480 --> 00:37:49,520
Speaker 2: for joining us. From my colleagues Damian Sasaur and Vanessa Bernomo,

768
00:37:49,680 --> 00:37:52,000
Speaker 2: I'm Michael Barr. Tune in again next week for the

769
00:37:52,040 --> 00:37:54,040
Speaker 2: latest one of the stories moving big money in the

770
00:37:54,040 --> 00:37:57,360
Speaker 2: world of sports. You're listening to The Bloomberg Business of

771
00:37:57,400 --> 00:38:00,279
Speaker 2: Sports from Bloomberg or Radio around the world. Earl