Giannis Antetokounmpo, a renowned player in the NBA, is the most recent athlete to launch a media firm.
In addition to his extensive business holdings, endorsement partnerships, and new three-year, $186 million contract extension with the Milwaukee Bucks, Antetokounmpo is now adding the position of media operator to his resume.
Antetokounmpo’s cofounder at the as-yet-unannounced firm, Improbable Media, is Jay Williams, an ESPN anchor and former NBA player. (An Improbable link directs users to a private website.) Jonathan Stern, the CEO, has extensive experience in media and branded content, having held top positions at Fusion Media Network and Red Bull Media House.
The firm wants to produce original and commercial projects across media channels, and according to a LinkedIn profile, it is searching for a VP of Branded Entertainment position. The source of financing for the firm was unknown to Business Insider.
We’re building a cutting-edge content studio that will support passionate communities, create wealth, and provide companies with creative marketing solutions. We’re on a quest to change the world of branded entertainment with our media and brand consulting arm,” the job description said.
The company’s creative production should represent Antetokounmpo’s charitable and empowerment objectives for viewers. The six-month-old investment firm owned by him and his family, Ante Inc., is described on its website as a portfolio of holdings for social impact (it includes investments in the Milwaukee Brewers, a nutritional company, a candy company, and a golf team that Serena Williams and Venus Williams co-own, along with Serena’s husband, Alexis Ohanian), among other companies.
The Charles Antetokounmpo Family Foundation was established by Antetokounmpo and his brothers—three of whom have also competed professionally in basketball in the US—to aid the poor in the US, Greece, and Nigeria. The biopic “Rise,” which is available to view onDisney+, tells the family’s journey. Brands who are attempting to attract customers who shun advertisements by using video entertainment may find Antetokounmpo’s message appealing.
Athlete media brands have been more popular in recent years; well-known examples include LeBron James’ SpringHill, Stephen Curry’s Unanimous Media, and Derek Jeter’s The Players’ Tribune. Their experiences have been mixed: SpringHill received funds two years ago at a $725 million value, while Players’ Tribune was sold in 2019 after failing to attract a large enough following.
Despite Antetokounmpo’s compelling personal narrative and successful athletic career, celebrity-linked businesses carry some risk, particularly when their well-known founders are often in the public eye and may be preoccupied with other endeavors.
As streamers reduce their expenses in an attempt to turn a profit, the market for entertainment material has also become more competitive. For production businesses, branded entertainment has helped replace a portion of that income, but its dependability is questionable since brands find it difficult to demonstrate the value of their investment in this kind of content.
More in Sports: https://buzzing.today/sports/
Photo Credits: https://commons.wikimedia.org/