Ben Gilbert: belief

Transcript context

…To me it’s the three things we kept harping on that are basically with some fudging on the first one—the Disney playbook of content—i.e., the players be the stars, internationalization, and technology. Yup. I think that’s a good way to sum it up. I have some others that are little offshoots from that that we’ve discussed, but I think it’s worth tying a bow on them. I think they made very intentional decisions to attract young fans. That investment, like the extent that anything is valued as the discount of future cash flows, there’s just a lot more years in the future in the average age of the NBA fan versus the average age of the lifespan of a human who likes the MLB. Literally, the number of years of future cash flow that you can pull forward to today to do an evaluation, it’s an easy way to make the value go up, expand the number of years. The other big one (I think)—I can’t figure out if this was intentional or not—the NBA franchises have managed to attract a younger and much more tech- and business-savvy group of owners. I mentioned before that 16 are tech VC or PE, people who made their money in those ways and lots of entrepreneurs. That’s half the league.…

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