While some leagues are more diversified than the NFL, the major predicament faced by traditional sports leagues is the same: big media pays for big sports because of big advertising. Big advertising in 2020 has more places to put it's money than ever before, and American consumers are increasingly spending their entertainment time with streaming se... See more

While this has largely held true, they don’t have a lower cost of capital, which is critical to a banks revenue potential under their existing business models. As some of these companies are looking to go public there will be enhanced scrutiny on monetization which, we believe requires innovation on the business model to a subscription model.