1 00:00:08,000 --> 00:00:11,480 Speaker 1: Welcome to another episode of Strictly Business, the podcast in 2 00:00:11,480 --> 00:00:13,760 Speaker 1: which we speak with some of the brightest minds working 3 00:00:13,800 --> 00:00:17,520 Speaker 1: in the media business today. I'm Andrew Wallenstein with Variety. 4 00:00:18,360 --> 00:00:21,360 Speaker 1: The sports world will converge in Phoenix next Sunday for 5 00:00:21,400 --> 00:00:23,720 Speaker 1: the Super Bowl, and though it may be Fox in 6 00:00:23,760 --> 00:00:27,120 Speaker 1: the broadcast booth for the Big Game, another brand will 7 00:00:27,120 --> 00:00:30,040 Speaker 1: make its presence known there in its own distinctive way, 8 00:00:30,560 --> 00:00:34,320 Speaker 1: our Stool Sports. But the company expected to finalize it 9 00:00:34,440 --> 00:00:38,639 Speaker 1: sail the casino owner, Penn Entertainment later this month. It's 10 00:00:38,640 --> 00:00:40,360 Speaker 1: a good time to check in on the state of 11 00:00:40,360 --> 00:00:44,000 Speaker 1: the business with its CEO, Erica Airs. Will be back 12 00:00:44,040 --> 00:00:56,000 Speaker 1: with her in just a moment. Welcome back to the podcast. 13 00:00:56,440 --> 00:01:00,360 Speaker 1: Erica Air, CEO of bar Stool Sports. She was first 14 00:01:00,400 --> 00:01:05,120 Speaker 1: on Strictly Business back in October often and Erica, I 15 00:01:05,160 --> 00:01:08,479 Speaker 1: remember then feeling as if I still had to explain 16 00:01:08,600 --> 00:01:10,880 Speaker 1: the bar Stool brand to those who might not have 17 00:01:10,959 --> 00:01:14,319 Speaker 1: been fans. But not this time around. Which isn't to 18 00:01:14,319 --> 00:01:16,520 Speaker 1: say everyone in the world is a bar Stool fan, 19 00:01:16,600 --> 00:01:19,520 Speaker 1: but I feel like it's big enough where everyone should 20 00:01:19,600 --> 00:01:22,240 Speaker 1: know by now, right, I mean, do you when you 21 00:01:22,240 --> 00:01:25,119 Speaker 1: look back on these last three years does it feel 22 00:01:25,160 --> 00:01:29,720 Speaker 1: like an incremental evolution or a quantum leap for the brand? 23 00:01:31,560 --> 00:01:35,399 Speaker 1: I think it's probably more the quantum leap um. You know, 24 00:01:35,440 --> 00:01:41,360 Speaker 1: It's funny when I think back to we were always 25 00:01:41,400 --> 00:01:45,039 Speaker 1: explaining who Barstool Sports was, what did we do, why 26 00:01:45,040 --> 00:01:49,480 Speaker 1: did we matter, how did we exist? And more often 27 00:01:49,600 --> 00:01:53,320 Speaker 1: than not these days, people you know, know us before 28 00:01:53,320 --> 00:01:55,440 Speaker 1: we walk in the door. And you know when I 29 00:01:55,520 --> 00:01:58,760 Speaker 1: when I got to barstool originally in I was just 30 00:01:58,760 --> 00:02:00,600 Speaker 1: trying to get us out of the North East Corridor. 31 00:02:00,800 --> 00:02:02,960 Speaker 1: Like the idea that someone in the middle of the 32 00:02:02,960 --> 00:02:06,640 Speaker 1: country or in California knew about Barstool Sports was slim 33 00:02:06,680 --> 00:02:10,040 Speaker 1: to none. And now you you know, you know, you 34 00:02:10,080 --> 00:02:12,440 Speaker 1: not only see us all across this country, you're starting 35 00:02:12,480 --> 00:02:15,160 Speaker 1: to see us in other countries. So I would say 36 00:02:15,160 --> 00:02:20,000 Speaker 1: that the brand growth has been intense, and to say 37 00:02:20,080 --> 00:02:23,840 Speaker 1: that these last three years in change, it feels almost 38 00:02:23,880 --> 00:02:27,079 Speaker 1: like a century in bar stool years. But back then 39 00:02:27,320 --> 00:02:31,000 Speaker 1: Erica Sports gambling was not part of the bar stool 40 00:02:31,040 --> 00:02:33,760 Speaker 1: game plan. And yet I want to play for you 41 00:02:34,000 --> 00:02:37,200 Speaker 1: the very last question I asked you in that interview, 42 00:02:37,240 --> 00:02:39,480 Speaker 1: because it was very telling, Just hang on a moment, 43 00:02:40,040 --> 00:02:41,760 Speaker 1: where else are you guys going to go that we 44 00:02:41,800 --> 00:02:45,040 Speaker 1: need to pay attention to going into you need to 45 00:02:45,080 --> 00:02:47,480 Speaker 1: pay attention to sports betting. So I think that we 46 00:02:47,560 --> 00:02:50,880 Speaker 1: will be a force in sports betting in the type 47 00:02:50,880 --> 00:02:53,480 Speaker 1: of content we create, in the way we create it, 48 00:02:54,040 --> 00:02:57,799 Speaker 1: in the level of passion and originality, and in what 49 00:02:57,840 --> 00:03:00,000 Speaker 1: we do. So sports betting is a place you should 50 00:03:00,040 --> 00:03:03,600 Speaker 1: definitely look out for us. So there was you knew 51 00:03:03,680 --> 00:03:06,520 Speaker 1: gambling was coming. I'm just curious back then with was 52 00:03:06,639 --> 00:03:09,560 Speaker 1: pen even on the horizon, Like, what did you know 53 00:03:10,200 --> 00:03:14,160 Speaker 1: about the gambling future of bar stool back in late 54 00:03:15,560 --> 00:03:17,800 Speaker 1: It's so funny that that was your question. It's like, 55 00:03:17,840 --> 00:03:22,200 Speaker 1: what did you know? Um, you know, I knew that 56 00:03:22,240 --> 00:03:26,200 Speaker 1: we had very passionate gamblers in the house. Um, I 57 00:03:26,240 --> 00:03:28,760 Speaker 1: watched them gamble all the time. I watched them talk 58 00:03:28,840 --> 00:03:33,679 Speaker 1: about gambling. Um. You know. In twenty nineteen, we were 59 00:03:33,720 --> 00:03:38,200 Speaker 1: starting to see everyone be ready for sports betting, right 60 00:03:38,320 --> 00:03:43,280 Speaker 1: the fantasy companies were building their databases really aggressively. That 61 00:03:43,440 --> 00:03:47,040 Speaker 1: at the timeless FanDuel and DraftKings. We were starting to 62 00:03:47,240 --> 00:03:54,640 Speaker 1: see advertising become you know, gambling advertising or fantasy advertising 63 00:03:54,640 --> 00:03:58,680 Speaker 1: really at the time become a major ad category for 64 00:03:58,800 --> 00:04:01,480 Speaker 1: us and the way that a sports You know, at 65 00:04:01,520 --> 00:04:03,880 Speaker 1: that point, the fantasy companies let's call them, the way 66 00:04:03,920 --> 00:04:07,520 Speaker 1: they were vying for our audience was extremely telling. So 67 00:04:07,960 --> 00:04:10,880 Speaker 1: you know, we were always very hopeful that sports betting 68 00:04:11,040 --> 00:04:14,520 Speaker 1: and PASPA would be repealed and sports betting would be legal, 69 00:04:14,680 --> 00:04:17,760 Speaker 1: because we knew that the way we talked about sports, 70 00:04:17,760 --> 00:04:20,640 Speaker 1: the way we covered the sports sports, the way we 71 00:04:20,680 --> 00:04:23,799 Speaker 1: had sports gamblers in our house and in our midst 72 00:04:24,440 --> 00:04:28,600 Speaker 1: was really really different than how most traditional company. We 73 00:04:28,680 --> 00:04:30,880 Speaker 1: knew that that was very very different than how most 74 00:04:30,920 --> 00:04:34,880 Speaker 1: traditional companies were going to approach this space. So you know, 75 00:04:34,960 --> 00:04:38,320 Speaker 1: even back to I think our hope was that we 76 00:04:38,360 --> 00:04:41,680 Speaker 1: would be acquired by a gambling company or a sports 77 00:04:41,680 --> 00:04:45,039 Speaker 1: betting company, and you know, flash forward to that's about 78 00:04:45,080 --> 00:04:49,600 Speaker 1: to be true, and the acquisition by Pen first happened 79 00:04:50,080 --> 00:04:53,680 Speaker 1: in twenty right, I think about thirty of the company 80 00:04:53,720 --> 00:04:57,800 Speaker 1: they took at that time, and now it's five and 81 00:04:57,880 --> 00:05:01,200 Speaker 1: fifty million dollars later there to scoop up the rest. 82 00:05:01,880 --> 00:05:08,520 Speaker 1: So is Barstool a fundamentally different property under PEN Entertainment? 83 00:05:08,560 --> 00:05:11,359 Speaker 1: What's what is the PEN influence here? How does it 84 00:05:11,440 --> 00:05:14,320 Speaker 1: change your game plan? Yeah? No, I mean I think 85 00:05:14,320 --> 00:05:18,440 Speaker 1: it's six fifty, So you can add a UM, but 86 00:05:19,960 --> 00:05:23,359 Speaker 1: I think you know what Pen is interested in, and 87 00:05:23,680 --> 00:05:27,440 Speaker 1: you know, frankly, most sports betting companies are interested in 88 00:05:27,480 --> 00:05:31,440 Speaker 1: our audience right there. Looking for an addressable market. They're 89 00:05:31,440 --> 00:05:35,400 Speaker 1: looking for an addressable market that exists across a wide 90 00:05:35,440 --> 00:05:39,160 Speaker 1: swath of states, because sports betting is still managed on 91 00:05:39,200 --> 00:05:42,640 Speaker 1: a state by state basis. What Barstool has in spades 92 00:05:42,960 --> 00:05:46,279 Speaker 1: is that audience. Right. We have two hundred million fans. 93 00:05:46,720 --> 00:05:50,240 Speaker 1: We're growing fans in different states, in different sectors, who 94 00:05:50,279 --> 00:05:53,839 Speaker 1: are passionate about different personalities and different types of content 95 00:05:54,400 --> 00:05:58,159 Speaker 1: on different platforms. So what's exciting about PEN, and what's 96 00:05:58,200 --> 00:06:02,360 Speaker 1: really great about this partnership is that Pen recognizes the 97 00:06:02,440 --> 00:06:05,679 Speaker 1: value that Barstool brings, and the value that we bring 98 00:06:06,040 --> 00:06:10,040 Speaker 1: is really as a dynamics sports media and entertainment company 99 00:06:10,120 --> 00:06:14,120 Speaker 1: that makes a robust and very broad swath of content 100 00:06:14,160 --> 00:06:17,480 Speaker 1: of a large you know, we cover a lot of brands. 101 00:06:17,520 --> 00:06:20,479 Speaker 1: We have eight brands in this house. We have over 102 00:06:20,480 --> 00:06:23,000 Speaker 1: a hundred personalities. So we talk about a lot in 103 00:06:23,040 --> 00:06:26,000 Speaker 1: a lot of places a lot of time. Um. The 104 00:06:26,120 --> 00:06:29,679 Speaker 1: second thing is we the way we've talked about sports 105 00:06:29,680 --> 00:06:33,239 Speaker 1: betting is to make it very conversational and to really 106 00:06:33,279 --> 00:06:37,200 Speaker 1: make sports betting and you know, organic and an authentic 107 00:06:37,279 --> 00:06:40,760 Speaker 1: and an integrated part of what we do. And you know, 108 00:06:40,839 --> 00:06:43,160 Speaker 1: for the most part, they've really let us do that. 109 00:06:43,200 --> 00:06:45,960 Speaker 1: There's been things we've had to change. There's guardrails we've 110 00:06:46,000 --> 00:06:48,719 Speaker 1: had to put up, there's processes we've needed needed to 111 00:06:48,760 --> 00:06:52,279 Speaker 1: put into place. But you know, the vision of you know, 112 00:06:52,320 --> 00:06:54,440 Speaker 1: what pen wants and the vision that Dave and I 113 00:06:54,640 --> 00:06:59,000 Speaker 1: had for the business are really very closely aligned. And Dave, 114 00:06:59,080 --> 00:07:02,560 Speaker 1: of course is the famous Dave Portnoy, founder of bar 115 00:07:02,640 --> 00:07:05,560 Speaker 1: stool twenty years ago this year. It's amazing to think 116 00:07:05,600 --> 00:07:10,280 Speaker 1: it's been twenty years. Um. A controversial figure. UM and 117 00:07:10,360 --> 00:07:14,520 Speaker 1: I think his he has been i'd say the best 118 00:07:14,560 --> 00:07:19,840 Speaker 1: salesman for sports betting. But it hasn't been without controversy. 119 00:07:19,880 --> 00:07:22,680 Speaker 1: You guys have run into some bumps in the road 120 00:07:22,720 --> 00:07:27,720 Speaker 1: in Massachusetts where there was a suitability preview a review, 121 00:07:27,800 --> 00:07:32,360 Speaker 1: i should say, and in Ohio and advertising violation. Um 122 00:07:33,480 --> 00:07:36,240 Speaker 1: is is this just sort of you know, at its 123 00:07:36,240 --> 00:07:38,920 Speaker 1: par for the course, this is how it is getting 124 00:07:38,920 --> 00:07:44,080 Speaker 1: into uh an interesting new marketplace like this, or is 125 00:07:44,160 --> 00:07:46,840 Speaker 1: Dave Portnoy going to complicate this for you every new 126 00:07:46,920 --> 00:07:51,280 Speaker 1: state you get into, no, you know, look, sports betting 127 00:07:51,360 --> 00:07:54,720 Speaker 1: is in its is in really early innings here to 128 00:07:54,840 --> 00:07:59,240 Speaker 1: use a sports analogy, like, it's not it's not national right, 129 00:07:59,360 --> 00:08:01,880 Speaker 1: as I mentioned, it's on a state by state basis. 130 00:08:01,920 --> 00:08:05,720 Speaker 1: Every state has you know, different tax rates, different rules 131 00:08:05,720 --> 00:08:10,680 Speaker 1: and regulations, different processes, different preferences. I think part you know, 132 00:08:10,760 --> 00:08:16,080 Speaker 1: for barstool getting into a highly regulated business was a big, 133 00:08:16,120 --> 00:08:19,480 Speaker 1: you know, big change for us, big transformation. We were 134 00:08:19,520 --> 00:08:21,720 Speaker 1: ready for that. We stepped up, we stepped up to 135 00:08:21,760 --> 00:08:24,720 Speaker 1: the plate for that, and I would say by and large, 136 00:08:24,720 --> 00:08:27,920 Speaker 1: we're doing a very very good job of that. Like anyone, 137 00:08:28,000 --> 00:08:31,440 Speaker 1: we tripped, we mess up, we correct those mistakes and 138 00:08:31,520 --> 00:08:35,200 Speaker 1: we move on. You know, Dave is arguably one of, 139 00:08:35,520 --> 00:08:38,720 Speaker 1: if not the most influential person on the Internet. He 140 00:08:38,920 --> 00:08:44,360 Speaker 1: is insanely prolific. He covers what's happening on TikTok in 141 00:08:44,360 --> 00:08:46,520 Speaker 1: one of the biggest shows on the internet. He's also 142 00:08:46,600 --> 00:08:50,800 Speaker 1: reviewed hundreds, if not thousands, of pizza places in this country, 143 00:08:50,880 --> 00:08:55,520 Speaker 1: so he has great range himself. I think Dave, you know, 144 00:08:55,679 --> 00:08:58,680 Speaker 1: is an incredible force of nature. He's been a force 145 00:08:58,720 --> 00:09:02,200 Speaker 1: of nature and making barth sports relevant and hot for 146 00:09:02,320 --> 00:09:05,240 Speaker 1: twenty years, which you know, and in the in the 147 00:09:05,880 --> 00:09:08,440 Speaker 1: in the era of media and the era of brands 148 00:09:08,480 --> 00:09:12,200 Speaker 1: and influencers, to have that kind of staying power is 149 00:09:12,280 --> 00:09:16,760 Speaker 1: pretty incredible. UM. And you know, I think the last 150 00:09:16,760 --> 00:09:18,720 Speaker 1: thing I would say to your question is, you know, 151 00:09:18,760 --> 00:09:22,439 Speaker 1: barstool is also bigger than Dave. You know, Dave. When 152 00:09:22,480 --> 00:09:25,640 Speaker 1: Dave launched Barstool Sports, Dave could have launched Dave portnoy 153 00:09:25,760 --> 00:09:28,040 Speaker 1: dot com and it could have been just about what 154 00:09:28,120 --> 00:09:29,959 Speaker 1: he had to say, how he had to say it, 155 00:09:30,080 --> 00:09:33,240 Speaker 1: what his takes and opinions were, the type of content 156 00:09:33,320 --> 00:09:36,600 Speaker 1: he wanted to make. He didn't choose that path, right. 157 00:09:36,640 --> 00:09:40,520 Speaker 1: He chose to bring other personalities along with him, even 158 00:09:40,559 --> 00:09:43,040 Speaker 1: from the very beginning, you know, when barstool was just 159 00:09:43,120 --> 00:09:47,280 Speaker 1: a newspaper, and now we've grown really exponentially. So you 160 00:09:47,280 --> 00:09:50,679 Speaker 1: look at million dollars worth of game, which is hosted 161 00:09:50,720 --> 00:09:54,160 Speaker 1: by two gentlemen in in Philadelphia. The way they talk 162 00:09:54,240 --> 00:09:56,880 Speaker 1: about sports, betting, the way they talk about culture, the 163 00:09:56,880 --> 00:09:59,559 Speaker 1: way they talk about music, and the way Dave thinks 164 00:09:59,559 --> 00:10:02,960 Speaker 1: about things, so couldn't be more diametric. But that's also 165 00:10:03,080 --> 00:10:06,960 Speaker 1: what makes Barstool Sports so captivating. UM. It's also what 166 00:10:07,040 --> 00:10:10,079 Speaker 1: makes us so confounding because it is so many different 167 00:10:10,120 --> 00:10:12,800 Speaker 1: things at once. Well, I think a lot of your 168 00:10:12,840 --> 00:10:15,960 Speaker 1: personalities will be on the ground in Phoenix this weekend. 169 00:10:16,280 --> 00:10:19,600 Speaker 1: Talk about what you guys are doing at the super 170 00:10:19,640 --> 00:10:23,520 Speaker 1: Bowl is a lot of different things, but it sounds 171 00:10:23,520 --> 00:10:26,800 Speaker 1: like you're gonna make your mark. Yeah, it's a great question, 172 00:10:26,840 --> 00:10:29,360 Speaker 1: Andrew So, and I think it really puts a pin 173 00:10:29,440 --> 00:10:33,079 Speaker 1: in what we're talking about. Right. So we're descending on 174 00:10:33,080 --> 00:10:36,920 Speaker 1: on the super Bowl on Phoenix today. We've got some 175 00:10:37,080 --> 00:10:40,120 Speaker 1: Chiefs fans, not really, We've got a whole rowdy bunch 176 00:10:40,120 --> 00:10:43,920 Speaker 1: of Eagles fans. Um. The biggest thing we're doing is 177 00:10:43,960 --> 00:10:46,720 Speaker 1: a mini golf tournament, right, which is probably not what 178 00:10:46,880 --> 00:10:50,040 Speaker 1: you would expect from a media company or sports company 179 00:10:50,120 --> 00:10:53,120 Speaker 1: covering the Super Bowl. We're going to cover a mini 180 00:10:53,240 --> 00:10:56,800 Speaker 1: golf event the way people are covering the Waste Management Open, 181 00:10:57,000 --> 00:10:59,520 Speaker 1: which is happening right down the street from the super Bowl. 182 00:11:00,320 --> 00:11:05,640 Speaker 1: We're also having a massive trivia massive trivia nights. So 183 00:11:05,720 --> 00:11:08,520 Speaker 1: we have a brand called The Dozen, which is one 184 00:11:08,559 --> 00:11:12,360 Speaker 1: of our newest but really a vibrant trivia brand where 185 00:11:12,360 --> 00:11:16,040 Speaker 1: all sorts of bar stool personalities compete. Um, they rip 186 00:11:16,120 --> 00:11:19,200 Speaker 1: each other their cutthroat with one another. But we're doing 187 00:11:19,240 --> 00:11:22,720 Speaker 1: trivia at our bar in Scottsdale, which is called the 188 00:11:22,720 --> 00:11:25,440 Speaker 1: bar Stool Bar. So I think the things that we're 189 00:11:25,480 --> 00:11:28,800 Speaker 1: doing that are very different are that we're doing. We're 190 00:11:28,800 --> 00:11:32,600 Speaker 1: covering everything from trivia nights to mini golf. We're having 191 00:11:32,600 --> 00:11:35,120 Speaker 1: a pick a ball tournament with Pardon My Take, which 192 00:11:35,120 --> 00:11:39,120 Speaker 1: is the number one sports podcast. We're doing live radio 193 00:11:39,320 --> 00:11:42,679 Speaker 1: with Bussing with the Boys. So we're bringing all sorts 194 00:11:42,720 --> 00:11:47,760 Speaker 1: of characters and personalities into environments and experiences which I 195 00:11:47,800 --> 00:11:52,319 Speaker 1: think are really fresh and unique. Um. What my experience 196 00:11:52,360 --> 00:11:55,200 Speaker 1: with the Super Bowl is, it's quite traditional. Right, you 197 00:11:55,240 --> 00:11:57,880 Speaker 1: go to the Super Bowl, all the media lineup and 198 00:11:58,000 --> 00:12:01,600 Speaker 1: desks on Radio Row will get funneled through Radio Row. 199 00:12:01,679 --> 00:12:05,160 Speaker 1: Everybody's promoting whatever product they were hired or sent to 200 00:12:05,200 --> 00:12:07,720 Speaker 1: the Super Bowl to create, and it's kind of like 201 00:12:07,800 --> 00:12:10,200 Speaker 1: Rinson repeat. There's a big party with a lot of 202 00:12:10,200 --> 00:12:14,319 Speaker 1: big talent. We we think about things totally differently, which 203 00:12:14,400 --> 00:12:18,559 Speaker 1: is what is it that young audiences or millennial audiences, 204 00:12:18,600 --> 00:12:21,679 Speaker 1: What do they care about? What will they think is funny? Um? 205 00:12:21,720 --> 00:12:24,040 Speaker 1: What are the opinions we want to feature? Who are 206 00:12:24,040 --> 00:12:26,920 Speaker 1: the personalities we want to pair up with one another 207 00:12:27,000 --> 00:12:30,760 Speaker 1: to create the most chemistry and the most excitement. Um. 208 00:12:30,800 --> 00:12:35,320 Speaker 1: And really no two super Bowls have been alike for us. Uh. 209 00:12:35,360 --> 00:12:39,760 Speaker 1: And you're actually having a you guys have so prior 210 00:12:39,800 --> 00:12:44,360 Speaker 1: to the to the Super Bowl a bar Stool branded 211 00:12:44,480 --> 00:12:49,240 Speaker 1: sports bar in Phoenix. Uh. And there's more than one 212 00:12:49,240 --> 00:12:51,960 Speaker 1: of these around the country. There are. Yeah, So we 213 00:12:52,080 --> 00:12:56,040 Speaker 1: have bars in Philadelphia, we have a sports bar in 214 00:12:56,280 --> 00:12:59,880 Speaker 1: Chicago on River North. We're building a sports bar right 215 00:13:00,040 --> 00:13:06,400 Speaker 1: now in Nashville. We opened Scottsdale in November. It's been insane. 216 00:13:06,440 --> 00:13:09,880 Speaker 1: There's lines across the blocks. So, you know, I think 217 00:13:09,880 --> 00:13:12,880 Speaker 1: it's a really good example. I think it's a really 218 00:13:12,960 --> 00:13:16,000 Speaker 1: good example of when you have a brand that means 219 00:13:16,040 --> 00:13:20,280 Speaker 1: something and stands for something, how that brand take shape 220 00:13:20,400 --> 00:13:23,680 Speaker 1: can be unlimited, so long as you're purposeful and you 221 00:13:23,720 --> 00:13:27,400 Speaker 1: have integrity to what you stand for, who you serve, 222 00:13:27,480 --> 00:13:29,960 Speaker 1: and how you do it. And you know, in the 223 00:13:30,000 --> 00:13:33,360 Speaker 1: case of our sports bars, you know, they run by 224 00:13:33,400 --> 00:13:36,600 Speaker 1: a great operating partner that we work with. They look 225 00:13:36,679 --> 00:13:39,280 Speaker 1: like bar Stool, they feel like bar Stool. They're great 226 00:13:39,280 --> 00:13:42,040 Speaker 1: place to watch the game where they're doing trivia or 227 00:13:42,080 --> 00:13:45,360 Speaker 1: streaming the game. Itself. We're doing our you know, live 228 00:13:45,480 --> 00:13:48,160 Speaker 1: streaming shows from that bar, so we put we put 229 00:13:48,200 --> 00:13:51,640 Speaker 1: it into the center of our ecosystem, and I think 230 00:13:51,679 --> 00:13:54,600 Speaker 1: that's you know, that's what makes bar stool really different. 231 00:13:54,760 --> 00:13:58,080 Speaker 1: We've launched, you know, one of the top flavored vodkas 232 00:13:58,160 --> 00:14:01,040 Speaker 1: in the world. Because we think about products, we think 233 00:14:01,040 --> 00:14:04,640 Speaker 1: about places, we think about experiences, and we think about 234 00:14:04,679 --> 00:14:09,840 Speaker 1: content in the same machine. Almost that's definitely unique. Not 235 00:14:09,920 --> 00:14:13,080 Speaker 1: a lot of businesses out there doing it quite like that. 236 00:14:13,640 --> 00:14:15,600 Speaker 1: And I want to go back to what you're saying, 237 00:14:15,640 --> 00:14:19,080 Speaker 1: just the best sort of coverage of sports, because there's 238 00:14:19,080 --> 00:14:22,200 Speaker 1: been a number of events in recent months where you 239 00:14:22,240 --> 00:14:26,000 Speaker 1: guys have functioned kind of almost like a traditional though 240 00:14:26,160 --> 00:14:29,880 Speaker 1: very not traditional rights holder in terms of covering the event. 241 00:14:30,120 --> 00:14:32,200 Speaker 1: To tell me about some of the things you've done 242 00:14:32,240 --> 00:14:35,640 Speaker 1: and how you've done it differently. Yeah, it's cool. Like 243 00:14:35,720 --> 00:14:38,280 Speaker 1: just thinking back to when we spoke in twenty nineteen, 244 00:14:38,400 --> 00:14:41,480 Speaker 1: like I would never have said out loud our hope 245 00:14:41,480 --> 00:14:45,240 Speaker 1: and the dream to be able to broadcast live sports. 246 00:14:46,120 --> 00:14:49,200 Speaker 1: You would have laughed me off of the podcast. No 247 00:14:49,200 --> 00:14:52,240 Speaker 1: one would have taken us seriously in that, But in 248 00:14:52,360 --> 00:14:56,400 Speaker 1: fact that's exactly where we are which is and this 249 00:14:56,480 --> 00:14:58,960 Speaker 1: is really what I love about Barstool Sports is that 250 00:14:59,040 --> 00:15:01,800 Speaker 1: we are not a afraid to try things. I think 251 00:15:02,360 --> 00:15:08,600 Speaker 1: media sometimes rests on tradition and rules and the established 252 00:15:08,640 --> 00:15:12,120 Speaker 1: way of quote unquote doing things, um and we just 253 00:15:12,200 --> 00:15:14,880 Speaker 1: don't believe in that. And because no one really ever 254 00:15:14,960 --> 00:15:17,200 Speaker 1: wanted to help Barstool Sports and we were kind of 255 00:15:17,320 --> 00:15:21,200 Speaker 1: left on our own, we we we emphasize figuring stuff 256 00:15:21,240 --> 00:15:23,960 Speaker 1: out for ourselves. So you know, we did it with 257 00:15:24,040 --> 00:15:27,080 Speaker 1: We had a college basketball double head header in November 258 00:15:27,240 --> 00:15:33,160 Speaker 1: in Pennsylvania called the Barstool Invitational. We broadcast and sponsored 259 00:15:33,200 --> 00:15:35,960 Speaker 1: the Arizona Bowl, which was a college football game between 260 00:15:36,000 --> 00:15:41,560 Speaker 1: Wyoming and Ohio University. Both were massive, massive successes for us, 261 00:15:41,640 --> 00:15:44,320 Speaker 1: and that we had, you know, hundreds of thousands of 262 00:15:44,360 --> 00:15:47,960 Speaker 1: concurrent viewers, which translates into millions and millions of views. 263 00:15:48,440 --> 00:15:51,880 Speaker 1: They were comedic, they were funny, but we also covered 264 00:15:51,960 --> 00:15:55,360 Speaker 1: sports in a way that your traditional sports viewer still 265 00:15:55,440 --> 00:15:58,800 Speaker 1: got the game that they're used to seeing. And what 266 00:15:58,920 --> 00:16:02,040 Speaker 1: I really believe is is the infusion of comedy and 267 00:16:02,160 --> 00:16:07,800 Speaker 1: entertainment and in a broadcast experience of a live sporting experience, 268 00:16:08,320 --> 00:16:10,520 Speaker 1: that's going to be the future and I really see 269 00:16:10,600 --> 00:16:13,600 Speaker 1: us at the forefront of that. And hopefully, look, you 270 00:16:13,640 --> 00:16:16,280 Speaker 1: and I'll be talking in another four years and you'll 271 00:16:16,320 --> 00:16:20,320 Speaker 1: be like, wow, now you're broadcasting football, you're broadcasting college sports. 272 00:16:20,360 --> 00:16:23,680 Speaker 1: Like I think that's the that's the tip of where 273 00:16:23,680 --> 00:16:28,080 Speaker 1: we're going. I love the ambition, but you know very well, 274 00:16:28,840 --> 00:16:32,800 Speaker 1: the barrier to entry for rights to you know, college 275 00:16:32,800 --> 00:16:37,320 Speaker 1: football or pro sports is obscene. Could we really get 276 00:16:37,360 --> 00:16:39,560 Speaker 1: to a place where bar stool is going to be 277 00:16:39,680 --> 00:16:45,600 Speaker 1: bidding for you know, top shelf sports entertainment? You know, 278 00:16:45,800 --> 00:16:49,200 Speaker 1: I wouldn't say I agree with you. It is obscene. Um. 279 00:16:49,720 --> 00:16:52,840 Speaker 1: And in some ways the business model is very broken, right. 280 00:16:52,880 --> 00:16:55,240 Speaker 1: You know, most companies that take a big flyer on 281 00:16:55,360 --> 00:16:59,160 Speaker 1: live sports, live live rights are taking a bath on 282 00:16:59,200 --> 00:17:03,720 Speaker 1: the economic now today, could we compete for you know, 283 00:17:03,840 --> 00:17:08,400 Speaker 1: college football rights? Obviously we're never getting NFL rights, um, 284 00:17:08,480 --> 00:17:13,239 Speaker 1: college basketball, NBA probably not. But that's also you know, 285 00:17:13,800 --> 00:17:16,440 Speaker 1: I think the world in five years from now is 286 00:17:16,480 --> 00:17:20,520 Speaker 1: going to look really different. Um. I also really believe, 287 00:17:20,760 --> 00:17:23,600 Speaker 1: you know, I think we're in an era of you know, 288 00:17:23,640 --> 00:17:27,399 Speaker 1: if you think about social media, it's for you, right, 289 00:17:27,520 --> 00:17:29,800 Speaker 1: you go to Twitter now you used to go to Twitter, 290 00:17:29,880 --> 00:17:31,920 Speaker 1: and now you go for you and who you're following. 291 00:17:32,240 --> 00:17:36,200 Speaker 1: When you go to TikTok, it's personalized. Your discover page 292 00:17:36,480 --> 00:17:40,879 Speaker 1: is algorithmically personalized for you. I think sports will be 293 00:17:40,960 --> 00:17:43,719 Speaker 1: somewhat of the same thing, right you see Amazon playing 294 00:17:43,720 --> 00:17:47,480 Speaker 1: with playing with this now, which is, Hey, I may 295 00:17:47,480 --> 00:17:49,359 Speaker 1: want to watch an NFL game, but I want to 296 00:17:49,400 --> 00:17:52,760 Speaker 1: listen to the mannings, right, I want to listen to 297 00:17:52,800 --> 00:17:57,200 Speaker 1: the game in Spanish with particular common commenters. Why can't 298 00:17:57,200 --> 00:18:00,280 Speaker 1: couldn't Barstool Sports play in that world? And I think 299 00:18:00,280 --> 00:18:02,480 Speaker 1: that's more so where you're going to see things go 300 00:18:03,280 --> 00:18:05,720 Speaker 1: and then look over time, you know. I think the 301 00:18:05,760 --> 00:18:10,040 Speaker 1: other piece that makes bar stool so captivating is you know, 302 00:18:10,080 --> 00:18:13,280 Speaker 1: when you looked at the Arizona Bowl, you know, we 303 00:18:13,359 --> 00:18:17,760 Speaker 1: did not have Ohio State in Michigan. We had Wyoming 304 00:18:17,800 --> 00:18:21,520 Speaker 1: and Ohio University. But it was an electric overtime game. 305 00:18:22,320 --> 00:18:26,119 Speaker 1: And there's something about the uncertainty and the drama and 306 00:18:26,160 --> 00:18:29,960 Speaker 1: the excitement of live sports and the humor and relevance 307 00:18:30,080 --> 00:18:33,679 Speaker 1: and kind of its factor that we bring where it 308 00:18:33,760 --> 00:18:38,040 Speaker 1: doesn't have to be top shelf to be interesting. And 309 00:18:38,240 --> 00:18:40,640 Speaker 1: you know, that's what I think is interesting is part 310 00:18:40,680 --> 00:18:43,320 Speaker 1: of this, Well, what also strikes me when you say that, 311 00:18:43,520 --> 00:18:47,399 Speaker 1: is is why not just have bar Stool invent a 312 00:18:47,520 --> 00:18:50,440 Speaker 1: sport of its own or a tournament of its own? 313 00:18:50,480 --> 00:18:53,159 Speaker 1: Similar to say, you know, over Time is a company 314 00:18:53,240 --> 00:18:55,199 Speaker 1: out there that's sort of blazing its own path. Is 315 00:18:55,200 --> 00:18:58,080 Speaker 1: that something you guys would think about? Maybe? You know, 316 00:18:58,119 --> 00:19:00,600 Speaker 1: I think over Time is really interesting. I think over 317 00:19:00,640 --> 00:19:02,520 Speaker 1: Time is very smart. And the way they're looking to 318 00:19:02,600 --> 00:19:05,840 Speaker 1: create leagues, you know, the way they're creating their own 319 00:19:05,920 --> 00:19:07,920 Speaker 1: league in Atlanta, to be honest with you, I think 320 00:19:08,000 --> 00:19:12,520 Speaker 1: is super interesting. Yeah. I also think it's very labor intensive. 321 00:19:12,760 --> 00:19:17,400 Speaker 1: It's insanely physical, and it's kind of finite. And we 322 00:19:17,560 --> 00:19:20,000 Speaker 1: have a little bit of a different ethos, which is 323 00:19:20,000 --> 00:19:22,080 Speaker 1: we're not going to commit to one sport or one 324 00:19:22,119 --> 00:19:25,000 Speaker 1: set of player or one set of teams. This is 325 00:19:25,080 --> 00:19:27,920 Speaker 1: almost like the ultimate a d h D company, which 326 00:19:27,920 --> 00:19:30,800 Speaker 1: is we're flying all over the place, um, which is 327 00:19:30,840 --> 00:19:34,239 Speaker 1: I think where we'll stay. Well, But you say that 328 00:19:34,280 --> 00:19:36,359 Speaker 1: with like a you know, a badge of pride. But 329 00:19:36,520 --> 00:19:39,480 Speaker 1: couldn't I criticize and say, guys, get some focus here. 330 00:19:40,800 --> 00:19:45,000 Speaker 1: I mean you could. But we're the fastest growing brand 331 00:19:45,040 --> 00:19:48,200 Speaker 1: on TikTok. I think to actually be successful right now, 332 00:19:48,320 --> 00:19:53,840 Speaker 1: you have to have a d h D. In a moment, 333 00:19:53,920 --> 00:19:58,040 Speaker 1: we'll be back with more with Barstool Sports CEO Erica Ayers. 334 00:19:58,359 --> 00:20:08,679 Speaker 1: Stick around, HM, we are back with the CEO of 335 00:20:08,760 --> 00:20:11,840 Speaker 1: bar Stool Sports. And you know, Barstool now is a 336 00:20:11,920 --> 00:20:16,040 Speaker 1: brand that I think has earned the right through its 337 00:20:16,080 --> 00:20:19,560 Speaker 1: growth over the years, to be mentioned in the same 338 00:20:19,600 --> 00:20:25,080 Speaker 1: breath as more established sports brands espn UH, Fox Sports, 339 00:20:25,200 --> 00:20:31,560 Speaker 1: the Athletic. When you look at your your competition, how 340 00:20:31,600 --> 00:20:35,280 Speaker 1: do they deal with sports betting because it's so central 341 00:20:35,320 --> 00:20:39,080 Speaker 1: to what you're doing, It's clearly something that is becoming 342 00:20:39,119 --> 00:20:42,480 Speaker 1: bigger and bigger for them. Or are you those zagging 343 00:20:42,480 --> 00:20:44,800 Speaker 1: in a way to their zig and what is that? 344 00:20:45,680 --> 00:20:50,679 Speaker 1: It's a great question and a complicated one because there's 345 00:20:50,800 --> 00:20:55,399 Speaker 1: really no one size fits all approach. The way I 346 00:20:55,520 --> 00:21:00,520 Speaker 1: see the world is you have the the Daily Annecy 347 00:21:00,720 --> 00:21:05,320 Speaker 1: slash sports betting companies. Let's say like a Draft Kings. 348 00:21:06,160 --> 00:21:09,719 Speaker 1: They're trying to build their own media brands, right, so 349 00:21:09,840 --> 00:21:14,840 Speaker 1: DraftKings is invested in meadow Lark. Meadow Lark has you know, 350 00:21:14,920 --> 00:21:19,880 Speaker 1: built a bunch of personalities, um, you know, they have Lebotard, etcetera. 351 00:21:19,920 --> 00:21:22,639 Speaker 1: Where they're trying to build media as a bolt on 352 00:21:22,840 --> 00:21:27,000 Speaker 1: to their sports betting company. So there's one approach where 353 00:21:27,040 --> 00:21:31,720 Speaker 1: the where the betting companies are becoming media companies. UM. 354 00:21:31,760 --> 00:21:35,440 Speaker 1: That is a long road and an extremely expensive road. 355 00:21:36,040 --> 00:21:39,640 Speaker 1: UM And as you know, it's hard to grow brands 356 00:21:39,760 --> 00:21:43,879 Speaker 1: and it's hard to command attention and have to convert 357 00:21:44,000 --> 00:21:48,800 Speaker 1: that attention into transaction in a fairly low low amount 358 00:21:48,800 --> 00:21:51,320 Speaker 1: of time or a fairly quick amount of time. So 359 00:21:51,440 --> 00:21:55,760 Speaker 1: that's one flavor. The second flavor is you have you know, 360 00:21:55,800 --> 00:21:58,520 Speaker 1: the fan duels who are just signing influencers, which you 361 00:21:58,560 --> 00:22:00,440 Speaker 1: could say is a flavor of the same thing. Pat 362 00:22:00,520 --> 00:22:05,119 Speaker 1: McAfee who was at barstool Sports wildly wildly talented. He's 363 00:22:05,240 --> 00:22:08,280 Speaker 1: on ESPN, he does work with the w w E, 364 00:22:08,400 --> 00:22:11,639 Speaker 1: and he also has his own flagship shows. He's a 365 00:22:11,640 --> 00:22:15,840 Speaker 1: fan duel guy and he's going to promote and and 366 00:22:16,760 --> 00:22:21,320 Speaker 1: champion FanDuel in everything that he does. The third variety 367 00:22:21,400 --> 00:22:24,040 Speaker 1: is really if you look at you know, if you 368 00:22:24,119 --> 00:22:26,760 Speaker 1: look at Fox and what Fox was trying to do 369 00:22:26,800 --> 00:22:29,919 Speaker 1: with Fox, that Fox is like, okay, we'll do you know, 370 00:22:29,960 --> 00:22:33,840 Speaker 1: We'll sign up with an exclusive partner, will embed sports 371 00:22:33,840 --> 00:22:36,879 Speaker 1: betting into what we're doing. We'll have a stake in 372 00:22:36,960 --> 00:22:39,160 Speaker 1: that business, and we'll get a you know, we'll get 373 00:22:39,200 --> 00:22:43,520 Speaker 1: a vague or we'll get some incentive on the economics. Um. 374 00:22:43,560 --> 00:22:47,000 Speaker 1: But it's very traditional, and it's all expressed through really 375 00:22:47,080 --> 00:22:50,840 Speaker 1: TV viewing and live sports. And then you have us 376 00:22:51,000 --> 00:22:55,080 Speaker 1: where we're kind of doing all of those things to 377 00:22:55,200 --> 00:23:00,480 Speaker 1: your point in very with varying degrees of of commitment. 378 00:23:00,480 --> 00:23:03,000 Speaker 1: I would say, and that we're you know, we're experimenting here, 379 00:23:03,040 --> 00:23:06,200 Speaker 1: we're experimenting there. How do we make sports betting conversational? 380 00:23:06,640 --> 00:23:11,240 Speaker 1: How do we appeal to urban audiences around sports betting 381 00:23:11,400 --> 00:23:14,840 Speaker 1: via two highly captivating black men. How do we think 382 00:23:14,880 --> 00:23:18,960 Speaker 1: about sports betting as we talk about college football? How 383 00:23:18,960 --> 00:23:22,879 Speaker 1: do we think about sports betting in strictly creating betting 384 00:23:23,000 --> 00:23:26,120 Speaker 1: only or betting specific shows. How do we create drama 385 00:23:26,280 --> 00:23:30,240 Speaker 1: amongst our personalities based on their bets, are based on 386 00:23:30,400 --> 00:23:33,800 Speaker 1: who their allegiances from a team perspective. So I think 387 00:23:33,800 --> 00:23:36,560 Speaker 1: it's very early in terms of how this is all 388 00:23:36,600 --> 00:23:41,160 Speaker 1: going to shake out. I think the traditional companies, traditional 389 00:23:41,200 --> 00:23:45,280 Speaker 1: broadcast companies, it remains to be seen how successful that's 390 00:23:45,280 --> 00:23:48,600 Speaker 1: going to be. The bet is obviously Tonnage, right, you 391 00:23:48,600 --> 00:23:50,880 Speaker 1: can get so many impressions, you can get so many 392 00:23:50,960 --> 00:23:55,360 Speaker 1: views to a call to action to bet somewhere. Um. 393 00:23:55,400 --> 00:23:59,040 Speaker 1: I think the digital companies, the question is can you 394 00:23:59,119 --> 00:24:03,240 Speaker 1: convert this audiences on disparate platforms? Can you convert them 395 00:24:03,280 --> 00:24:05,399 Speaker 1: to be sports betters and to be loyal to the 396 00:24:05,440 --> 00:24:09,199 Speaker 1: sports betting platform? Obviously, Disney and ESPN is like the 397 00:24:09,240 --> 00:24:11,679 Speaker 1: elephant in the room of the big question of you know, 398 00:24:11,720 --> 00:24:15,399 Speaker 1: will Disney allow sports betting and will ESPN pick a 399 00:24:15,480 --> 00:24:19,400 Speaker 1: betting partner? Um? And I think if and when that happens, 400 00:24:19,440 --> 00:24:23,080 Speaker 1: that's really a watershed moment for for the trajectory of 401 00:24:23,119 --> 00:24:26,560 Speaker 1: sports betting as as well as the kind of the 402 00:24:26,640 --> 00:24:30,640 Speaker 1: acceptance of sports betting. So I realized that's super long winded, 403 00:24:30,640 --> 00:24:33,080 Speaker 1: but I think it's you know, there's different approaches with 404 00:24:33,160 --> 00:24:37,240 Speaker 1: different types of partners, with varying degrees of success um, 405 00:24:37,280 --> 00:24:40,840 Speaker 1: with everyone acknowledging its early days. But is it winner 406 00:24:40,880 --> 00:24:43,520 Speaker 1: takes all? Is there going to be one dominant brand 407 00:24:43,920 --> 00:24:47,200 Speaker 1: or is there more than enough to go around for 408 00:24:47,359 --> 00:24:51,399 Speaker 1: multiple winners. I don't think it's gonna be winner takes all. 409 00:24:51,880 --> 00:24:56,160 Speaker 1: I think it's like credit cards, like you're gonna maybe 410 00:24:56,200 --> 00:24:59,680 Speaker 1: prefer American Express, but you also have a Chase card, 411 00:24:59,720 --> 00:25:02,439 Speaker 1: and you might also have a you know, a Visa 412 00:25:02,520 --> 00:25:06,440 Speaker 1: card or a Discover card. Like I think there will 413 00:25:06,480 --> 00:25:09,280 Speaker 1: be some consolidation. I think there's too many players right 414 00:25:09,280 --> 00:25:12,320 Speaker 1: now in the space. But I don't think it's going 415 00:25:12,359 --> 00:25:15,639 Speaker 1: to be one player by any by any shape of 416 00:25:15,680 --> 00:25:19,440 Speaker 1: the imagination. Let's take a step back and just sort 417 00:25:19,480 --> 00:25:24,399 Speaker 1: of put bar stool in. Let's say the the the 418 00:25:24,440 --> 00:25:28,320 Speaker 1: macro economic reality of what's going on right now. You know, 419 00:25:28,440 --> 00:25:32,959 Speaker 1: economy not in the greatest place, digital advertising not as 420 00:25:33,040 --> 00:25:35,760 Speaker 1: high growth as it used to be, and you know, 421 00:25:35,880 --> 00:25:40,960 Speaker 1: other digital native brands like yourself, you know, Vice, buzz 422 00:25:41,000 --> 00:25:45,000 Speaker 1: Feeds seem to be in, frankly, worlds of pain. So 423 00:25:45,520 --> 00:25:49,159 Speaker 1: how do you guys avoid worlds of pain? Is it? 424 00:25:49,400 --> 00:25:54,919 Speaker 1: Is it a stressful struggle time given the challenges in 425 00:25:55,000 --> 00:26:01,640 Speaker 1: this macro environment. Yeah, um, great question. Um. This job 426 00:26:01,720 --> 00:26:04,760 Speaker 1: is for sure stressful. Um, some of it self inflicted 427 00:26:04,800 --> 00:26:10,360 Speaker 1: and some of it not. Um. In a lot of ways, 428 00:26:11,000 --> 00:26:14,520 Speaker 1: we are like the last of the Mohicans. Like I 429 00:26:14,560 --> 00:26:20,119 Speaker 1: think digital media really has lost its way. I was 430 00:26:20,240 --> 00:26:22,919 Speaker 1: lucky in the beginning of my career. The Internet was 431 00:26:23,000 --> 00:26:27,360 Speaker 1: just starting and digital brands were just burgeoning, and everything 432 00:26:27,440 --> 00:26:31,000 Speaker 1: was upside. It was all upside. But what you've seen 433 00:26:31,240 --> 00:26:34,119 Speaker 1: is that, you know, I think a lot of digital 434 00:26:34,160 --> 00:26:37,560 Speaker 1: publishers lost their power to Facebook and Google when they 435 00:26:37,600 --> 00:26:41,160 Speaker 1: started to give their content on terms that they didn't control, 436 00:26:41,320 --> 00:26:45,879 Speaker 1: for economics that they didn't control, um, with no certainty, 437 00:26:45,880 --> 00:26:49,679 Speaker 1: with very little guarantee. And you know, ultimately, you know, 438 00:26:49,720 --> 00:26:52,119 Speaker 1: the social networks took what they took and the publishers 439 00:26:52,119 --> 00:26:55,520 Speaker 1: were left with what they had. UM. I also think, 440 00:26:55,960 --> 00:26:59,480 Speaker 1: you know, television is in a tough spot just because 441 00:26:59,520 --> 00:27:03,040 Speaker 1: of a trip and and you know, the massive reduction 442 00:27:03,119 --> 00:27:07,199 Speaker 1: of lines of revenue which which falsely probably propped up 443 00:27:07,240 --> 00:27:11,080 Speaker 1: those businesses. You know, in our business, when I got 444 00:27:11,119 --> 00:27:13,000 Speaker 1: to Barstool Sports, we didn't have a whole lot of 445 00:27:13,040 --> 00:27:16,920 Speaker 1: money in the bank, and we didn't have a whole 446 00:27:16,920 --> 00:27:19,879 Speaker 1: lot of certainty about where the business would go, or 447 00:27:19,920 --> 00:27:22,680 Speaker 1: what it could become, or what it would do. And 448 00:27:23,240 --> 00:27:27,200 Speaker 1: I was just frankly worried about payroll um. And so 449 00:27:27,280 --> 00:27:31,640 Speaker 1: as a result, we built a business that was pretty diverse. Right. 450 00:27:31,640 --> 00:27:35,439 Speaker 1: We built an advertising business and we built a commerce business. 451 00:27:35,440 --> 00:27:38,160 Speaker 1: And the reason I wanted the two businesses is when 452 00:27:38,160 --> 00:27:41,560 Speaker 1: the advertisers got a little nervous, or the advertisers started 453 00:27:41,600 --> 00:27:44,520 Speaker 1: to walk away, or the economy started to stoffen, I 454 00:27:44,520 --> 00:27:47,800 Speaker 1: could always turn to another line of business to cover 455 00:27:47,840 --> 00:27:51,880 Speaker 1: our expenses and make payroll. So it wasn't rocket science, 456 00:27:52,119 --> 00:27:54,960 Speaker 1: but it did enable me to ride a couple of 457 00:27:54,960 --> 00:27:58,760 Speaker 1: different horses at different times for different reasons, and and 458 00:27:58,840 --> 00:28:03,560 Speaker 1: it helped it helps shore up the business. So you know, overall, 459 00:28:03,600 --> 00:28:07,080 Speaker 1: what I would say is, I think we will buck 460 00:28:07,119 --> 00:28:11,520 Speaker 1: a lot of the trends softness and advertising, macro economy. 461 00:28:11,560 --> 00:28:14,080 Speaker 1: We will be immune to them. We're big enough now 462 00:28:14,080 --> 00:28:18,320 Speaker 1: where we couldn't be immune to them. But one is 463 00:28:18,600 --> 00:28:21,119 Speaker 1: we have a brand that stands for something and that 464 00:28:21,160 --> 00:28:26,120 Speaker 1: people love. The minute that barstool isn't loved and hated 465 00:28:26,240 --> 00:28:32,159 Speaker 1: and talked about and you know, over analyzed, and the 466 00:28:32,200 --> 00:28:34,040 Speaker 1: minute we lose that, we're going to be in the 467 00:28:34,080 --> 00:28:36,920 Speaker 1: same boat as everybody else. So the single most important 468 00:28:36,920 --> 00:28:39,760 Speaker 1: thing we can do is to keep this brand resonant 469 00:28:39,840 --> 00:28:44,000 Speaker 1: and relevant. The second thing is I like diversity. I 470 00:28:44,080 --> 00:28:47,880 Speaker 1: like diversity of business models, diversity of thought, diversity of perspective, 471 00:28:47,920 --> 00:28:51,800 Speaker 1: diversity of talent. And we will always have multiple lines 472 00:28:51,840 --> 00:28:55,560 Speaker 1: of business at the support this company, whether it's licensing businesses, 473 00:28:55,680 --> 00:28:59,640 Speaker 1: advertising businesses, commerce businesses, live event businesses, pay per viewing 474 00:28:59,680 --> 00:29:04,760 Speaker 1: business is, subscription businesses, etcetera. And so long as we can, 475 00:29:05,120 --> 00:29:07,360 Speaker 1: you know, as so long as we can continue those, 476 00:29:07,440 --> 00:29:09,640 Speaker 1: we should be in in good shape. And then the 477 00:29:09,720 --> 00:29:13,720 Speaker 1: last thing is we just perform. You know, as the 478 00:29:13,760 --> 00:29:18,280 Speaker 1: world becomes more digital and things become more quantifiable, whether 479 00:29:18,440 --> 00:29:20,840 Speaker 1: or not you move the needle for an AD partner 480 00:29:21,320 --> 00:29:24,800 Speaker 1: or a consumer brand or a partner, it's easier to 481 00:29:24,840 --> 00:29:28,320 Speaker 1: find out and track and measure, and we tend to 482 00:29:28,960 --> 00:29:32,760 Speaker 1: perform and track and measure very very well. Speaking of 483 00:29:32,760 --> 00:29:36,680 Speaker 1: our digital world, brands like your own, big and small, 484 00:29:37,000 --> 00:29:39,840 Speaker 1: are are looking ahead to sort of the next big trends, 485 00:29:40,320 --> 00:29:45,040 Speaker 1: the metaverse and f t s artificial and generative AI. 486 00:29:45,120 --> 00:29:48,200 Speaker 1: I should say, where you know you could conceivably have 487 00:29:48,760 --> 00:29:53,320 Speaker 1: computers or software pumping out content? Are you looking ahead 488 00:29:53,360 --> 00:29:59,160 Speaker 1: to these things? No? Not really? I think that you know, 489 00:29:59,520 --> 00:30:04,440 Speaker 1: when the a diverse arrives, we will do just fine 490 00:30:04,480 --> 00:30:09,040 Speaker 1: in the metaverse because we understand how to We understand 491 00:30:09,200 --> 00:30:12,800 Speaker 1: how to make our brands work in many, many different environments. 492 00:30:13,160 --> 00:30:16,280 Speaker 1: What Barstool Sports is, what we look like, what we feature, 493 00:30:16,400 --> 00:30:18,480 Speaker 1: how we do it. When we do it, why we 494 00:30:18,560 --> 00:30:21,720 Speaker 1: do it on Snapchat is totally different than TikTok, is 495 00:30:21,760 --> 00:30:25,240 Speaker 1: totally different than Twitter, is totally different than podcasts, totally 496 00:30:25,240 --> 00:30:29,200 Speaker 1: different than YouTube. When the metaverse shows up at scale, 497 00:30:29,520 --> 00:30:33,440 Speaker 1: will be ready to engage. I don't know that it 498 00:30:33,560 --> 00:30:36,680 Speaker 1: behooves us to go figure it out first. I think 499 00:30:36,720 --> 00:30:39,959 Speaker 1: we would spend a lot of energy on that with 500 00:30:40,200 --> 00:30:43,240 Speaker 1: not a lot of return. We're not the people to 501 00:30:43,320 --> 00:30:48,280 Speaker 1: go figure out necessarily the next frontier. But what we 502 00:30:48,400 --> 00:30:51,000 Speaker 1: are the people to do is when the frontier is 503 00:30:51,080 --> 00:30:54,480 Speaker 1: here and it looks like there's some amount of scale, 504 00:30:55,320 --> 00:30:58,000 Speaker 1: we're ready to engage. It's kind of like clubhouse. Like 505 00:30:58,120 --> 00:31:00,120 Speaker 1: I don't know if you're a big clubhouse guy, but 506 00:31:02,200 --> 00:31:05,360 Speaker 1: per minute, right, So everyone was like, Hey, you gotta 507 00:31:05,400 --> 00:31:07,720 Speaker 1: get Dave in a clubhouse. You've got to get Dave 508 00:31:07,760 --> 00:31:10,800 Speaker 1: in a clubhouse. Dave should clubhouse. And I was like 509 00:31:11,160 --> 00:31:14,680 Speaker 1: it was capped at like maybe it's five thousand or 510 00:31:14,720 --> 00:31:17,080 Speaker 1: five hundred, I can't remember. There was a cap and 511 00:31:17,160 --> 00:31:19,680 Speaker 1: how many people could be in the room. And I 512 00:31:19,720 --> 00:31:23,040 Speaker 1: was like, I, Dave Portnoy is going to bring a 513 00:31:23,160 --> 00:31:26,840 Speaker 1: hundred and fifty thousand people to this, not five hundred people. 514 00:31:26,920 --> 00:31:29,880 Speaker 1: So we'll hold off and we'll show up when there's 515 00:31:29,920 --> 00:31:33,320 Speaker 1: a clubhouse for a hundred and fifty thou fans, not 516 00:31:33,440 --> 00:31:37,120 Speaker 1: five hundred fans. So it's I use that example not 517 00:31:37,160 --> 00:31:39,480 Speaker 1: to say the future isn't coming. AI is going to 518 00:31:39,520 --> 00:31:43,200 Speaker 1: be a huge force in media um and in content creation. 519 00:31:43,960 --> 00:31:47,680 Speaker 1: The metaverse is real. People will start living rich, robust, 520 00:31:48,080 --> 00:31:51,240 Speaker 1: you know, virtual lives with currency experiences in those lives. 521 00:31:51,880 --> 00:31:55,480 Speaker 1: What I'm saying is we'll show up once we understand 522 00:31:55,520 --> 00:31:58,760 Speaker 1: it and once it looks to be something that will scale. 523 00:31:59,480 --> 00:32:01,920 Speaker 1: And look, it's not like you guys don't have enough 524 00:32:02,200 --> 00:32:06,680 Speaker 1: irons in the fire. You know, we've covered a lot 525 00:32:06,720 --> 00:32:10,840 Speaker 1: of ground. You know, we're talking about video views, podcast downloads, 526 00:32:10,880 --> 00:32:15,360 Speaker 1: merchandise events, betting. Uh. I'm just curious though about the 527 00:32:15,440 --> 00:32:17,720 Speaker 1: mix here. I think when we spoke, you know, three 528 00:32:17,720 --> 00:32:21,320 Speaker 1: plus years ago, podcasts was very front and center. It 529 00:32:21,360 --> 00:32:24,760 Speaker 1: felt like that was So what's the shift like in 530 00:32:24,880 --> 00:32:29,320 Speaker 1: terms of you know, you've you've got a lot going here, 531 00:32:29,320 --> 00:32:32,600 Speaker 1: But I want to know what sort of front and center? Yeah, 532 00:32:32,960 --> 00:32:37,120 Speaker 1: the you know, we've had to I was interviewed a 533 00:32:37,240 --> 00:32:40,880 Speaker 1: candidate this morning and I was explaining to her that 534 00:32:41,560 --> 00:32:44,200 Speaker 1: what's made Barstool so great from a business point of 535 00:32:44,280 --> 00:32:48,040 Speaker 1: view is that we've had to break ourselves five or 536 00:32:48,080 --> 00:32:51,240 Speaker 1: six times over. When I got to Barstool, you know, 537 00:32:51,280 --> 00:32:54,120 Speaker 1: the chair and guys were awesome, but they were like, like like, hey, 538 00:32:54,240 --> 00:32:57,640 Speaker 1: we think that you'll do like million dollars in revenue 539 00:32:57,680 --> 00:33:02,600 Speaker 1: by and I was like, okay, that sounds good. I 540 00:33:02,640 --> 00:33:04,320 Speaker 1: was like, I'm not sure we'll be able to do that. 541 00:33:04,520 --> 00:33:08,080 Speaker 1: We did million dollars in revenue in like sixteen months. 542 00:33:08,720 --> 00:33:12,600 Speaker 1: And my point of sharing that is that we've had 543 00:33:12,640 --> 00:33:16,400 Speaker 1: to break ourselves several times over because the people, the 544 00:33:16,440 --> 00:33:19,800 Speaker 1: way we did things. What we did at five million 545 00:33:19,840 --> 00:33:22,720 Speaker 1: bucks was different than what we did at million bucks, 546 00:33:22,760 --> 00:33:25,240 Speaker 1: which was different at fifty, which was different at a hundred, 547 00:33:25,320 --> 00:33:28,160 Speaker 1: which was different at one fifty, and on and on 548 00:33:28,240 --> 00:33:33,360 Speaker 1: we go. So our our biggest challenge and the greatest 549 00:33:33,400 --> 00:33:36,120 Speaker 1: thing in front of us is continuing to break ourselves 550 00:33:36,360 --> 00:33:39,640 Speaker 1: so that we are super relevant, that we're insanely efficient, 551 00:33:40,160 --> 00:33:43,360 Speaker 1: and that we're making content that connects with people, makes 552 00:33:43,360 --> 00:33:47,080 Speaker 1: them laugh, makes them feel something, entertains them the way 553 00:33:47,120 --> 00:33:51,240 Speaker 1: the world looks right now. So when we talked, podcasting 554 00:33:51,320 --> 00:33:53,280 Speaker 1: was like the name of the game and we were 555 00:33:53,360 --> 00:33:57,360 Speaker 1: so early on podcasting. Um, it was free, it was 556 00:33:57,440 --> 00:34:00,440 Speaker 1: easy to produce, it was simple to distribute, it was 557 00:34:00,480 --> 00:34:04,920 Speaker 1: easy to monetize. Now, you know, it's not that I 558 00:34:04,920 --> 00:34:09,000 Speaker 1: would say podcasting is dead, but the mentality, at least 559 00:34:09,040 --> 00:34:13,160 Speaker 1: inside of Barstool Sports, that you're gonna press play recorded 560 00:34:13,280 --> 00:34:17,320 Speaker 1: or audio only the show, press, stop edited, and produce 561 00:34:17,440 --> 00:34:21,520 Speaker 1: one piece of content is over. And what we're thinking 562 00:34:21,560 --> 00:34:24,640 Speaker 1: about now is as we make content, if it's an 563 00:34:24,680 --> 00:34:28,839 Speaker 1: hour long piece of content, how many second videos are 564 00:34:28,840 --> 00:34:31,799 Speaker 1: in that and how many places could we put those, 565 00:34:32,560 --> 00:34:35,640 Speaker 1: you know, those those forty five second videos or thirty 566 00:34:35,640 --> 00:34:37,879 Speaker 1: second videos or a minu and a half videos. So 567 00:34:38,760 --> 00:34:43,960 Speaker 1: I think the future will be everything is secular, right, 568 00:34:44,040 --> 00:34:46,160 Speaker 1: Like we'll go to a really short form and then 569 00:34:46,160 --> 00:34:47,799 Speaker 1: it will go back to really long form, and then 570 00:34:47,800 --> 00:34:50,920 Speaker 1: we'll be back to short form. But I think for us, 571 00:34:51,000 --> 00:34:55,600 Speaker 1: it's about understanding where consumers are what they want. We've 572 00:34:55,640 --> 00:34:59,240 Speaker 1: always been a company that's grown in free and publicly 573 00:34:59,320 --> 00:35:03,400 Speaker 1: available platforms like we grow like anybody grows on the Internet, 574 00:35:03,840 --> 00:35:06,680 Speaker 1: and so understanding where people are on the Internet, what 575 00:35:06,760 --> 00:35:09,640 Speaker 1: they're doing, and why they care. So long as we 576 00:35:09,680 --> 00:35:11,520 Speaker 1: need to keep following that and so long as we 577 00:35:11,560 --> 00:35:15,200 Speaker 1: do will be successful. Sounds pretty dizzying, but a lot 578 00:35:15,280 --> 00:35:17,359 Speaker 1: of fun, and I'm sure you'll be having a lot 579 00:35:17,400 --> 00:35:21,120 Speaker 1: of fun in Phoenix this weekend. Enjoy the super Bowl 580 00:35:21,200 --> 00:35:24,680 Speaker 1: and thanks for talking to me today. Great. Thank you 581 00:35:24,719 --> 00:35:34,280 Speaker 1: Andrew so much. This has been another episode of Strictly Business. 582 00:35:34,440 --> 00:35:37,680 Speaker 1: Tune in next week for another helping of scintillating conversation 583 00:35:37,800 --> 00:35:40,360 Speaker 1: with media movers and shakers, and please make sure you 584 00:35:40,400 --> 00:35:43,839 Speaker 1: subscribe to the podcast to hear future episodes. Also, leave 585 00:35:43,880 --> 00:35:47,200 Speaker 1: a review in Apple Podcasts let us know how we're doing.