Wyc Grousbeck, co-owner Boston Celtics; Noah Whinston, CEO Immortals; David Stern, NBA commissioner... [+]
David Stern, NBA commissioner emeritus, turns to Noah Whinston, CEO of professional eSports team Immortals, to thank him for not mentioning that League of Legends drew a larger crowd to the Staples Center in Los Angeles than a Lakers game. "If I hear that one more time," he says with a laugh. Noah smiles before responding: "This year's League of Legends World Championship held at Staples is the most requested ticket on Stubhub of all time."
Technology is changing what society deems a sport and a sports brand. Not long ago it would have been unthinkable that Stern and Whinston would share a stage. But at the Forbes 30 Under 30 Summit in Boston Tuesday the unlikely pair was joined on a panel by Wyc Grousbeck, co-owner Boston Celtics, and Paul Rabil, a lacrosse icon and entrepreneur, to discuss how new tech will transform the modern day business of sports.
Topics ranged from virtual reality to who owns game footage to electric car racing and even the ethics of collecting players' real time health data. But the biggest immediate take away from the conversation was how social media, streaming and fantast sports are changing the way sports are monetized and who gets a cut of that money.
Backstage at the @Forbes #Under30Summit with sports (and e-sports) execs. Great panel! pic.twitter.com/feSoyRK5xs
— Paul Rabil (@PaulRabil) October 18, 2016
“I wouldn’t be on this stage without social media. For a sport like lacrosse, traditional linear media doesn’t cover us regularly,” says Rabil. “With social media we are automatically able to build an audience and engage with passionate fans that make our sport relevant. It has created a more cost effective way to engage, create content, share our stories, share our games.” Lacrosse players earn "close to nothing" on the field, so Rabil is building a video content platform where players can post clinics and earn a little extra cash.
Wages are not a problem for basketball players, but Grousbeck still encourages his players to build their own brands. "We want fans to cheer for players not just the team. Even casual fan can connect with players which is great for business."
