FIFA或IPL赛事未来转播方式：不断演变的供应链

Venugopal Garre+65 6326 7643venugopal.garre@bernsteinsg.comMark Shmulik+1 917 344 8508mark.shmulik@bernsteinsg.comLaurent Yoon+1 917 344 8502laurent.yoon@bernsteinsg.comIan Moore+1 917 344 8434ian.moore@bernsteinsg.comAnnick Maas+44 20 7676 6683annick.maas@bernsteinsg.comChristophe Cherblanc+41 582 723 540christophe.cherblanc@bernsteinsg.com by Venugopal Garre, Nikhil Arela wages enough to create disposable incomes, and compression ofthe workweek to give people disposable time to enjoy sports asentertainment. An 1858 baseball game between New York andBrooklyn was the first ever instance of sports game admissionbeing “paid” - fans spent 50 cents each to watch the game. As the FIFA World Cup progresses in a land not known to be soccer-crazy and yet managing attendance and viewership records, it’salso a time worth reminding ourselves how quickly the mediaecosystem is evolving. The behemoths raking in big money fromsports may get blown away amidst the current storms of change,while new champions emerge. We have already written aboutsports leagues and their business before. Now it’s time to look atthe business that brings their matches to your homes. FROM GATE RECEIPT TO THE MEDIA-ERA By the 1870s, professionalisation of sports was in place, withthe formation of formation of baseball’s National League in 1876and English Football League in 1888. The early years of sportswere more about the equipment/kit manufacturers and tobaccomonopolies rather than large media rights. AG Spalding and Bros,Wilson Sporting Goods and Allen & Ginter are some earliest knownbrands associated with sports. Adidas too cemented its positionas a top global sports merchandize brand by the Berlin Olympics.As for media, though newspapers were running popular sports So what’s at the center of this media revolution? Imagine watchingyour favorite team play with instant multi-angle replays, real-time stats and fan engagement, and your highly region-specificcommentary, all tailored to the screen in front of you. It is the quietbut profound shift from traditional, hardware-bound television toIP-driven, cloud-native workflows powered by Artificial Intelligence.In place of rigid schedules and fixed channels, we now havesoftware-defined media pipelines that spin up pop-up feeds,personalize experiences, and adapt in real time. A new cropof media-tech startups is already enabling broadcasters to dothis in practice. This note explores how that transformation isunfolding behind the scenes and why it is reshaping both theeconomics of broadcasting and the way fans experience sports andentertainment at home. sections, it was the arrival of television in mid-20thcentury thatchanged everything. The 1961 sports broadcasting act culminatedin bidding wars and TV deal booms. In 2002, media revenueexceeded the gate receipts for an average MLB team; signalling acrossover marking the end of the gate receipt dominant era. SPORTS MEDIA IN THE 21STCENTURY - FROMDOMINANCE TO FRAGMENTATION EMERGENCE OF SPORTS AS A BUSINESS AND MEDIAIN ITS VALUE CHAIN Media is the kingmaker of sports today - keeping many leaguesfinancially viable and profitable. With ~40% share in globalsports revenues (Exhibit 1), its importance applies equally to apexinternational sports bodies (eg FIFA) as well as well as leagues(eg NFL) - where its share of revenues remains exceptionallyhigh (35-50% for FIFA and over 60% for NFL and IPL). However,within this media ecosystem, there appears to be a seismic shiftunderway. For over five decades, a handful of broadcastersand cable networks held near-monopoly control over sportsbroadcasting and extracted enormous economic rent from leaguesas well as advertisers. Even till the 2010s, sports rights marketswere relatively concentrated. A single broadcaster would typically Before discussing the contemporary trends, it’s worthwhile toquickly go through sporting history and the role media has playedso far. Sports have existed in some form since 7000 BCE. AncientGreece formalized it much later with the first recorded Olympicgames. The purpose, for much of their history - was functional:warfare readiness and religious rituals dominated sports. Around the industrial revolution, the three catalysts neededto monetize sports saw a convergence: urbanization whichconcentrated demand in one area, industrialization to drive up secure near-exclusive access to a given sport/league in a territory,selling the property on a single linear channel. The leveragewas with the broadcasters - they controlled the distribution, theadvertising and the subscriber base. THE SHRINKING ROI OF TRADITIONAL TV - A DOUBLEWHAMMY Sports valuations have surged for decades, and traditionalbroadcasters raked in the profits for a long period. However,the math is turning unfavorable. Sports rights costs have risenover 120% in the US in the past decade, the total TV industryrevenues have grown only 24% over the same period. The fee persubscriber hasn’t caught pace, and the cable trap is a