The podcast covers topics such as the US Open's unpredictable women's field, the August jobs report, sponsorship and partnerships with American Express, the physical toll on athletes at the US Open, the growth of name, image and likeness in college sports, and the impact of the jobs market on financial markets.
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Quick takeaways
College tennis players have struggled to capitalize on name, image, and likeness (NIL) opportunities compared to football and basketball players in college sports.
The landscape of NIL deals in college sports is rapidly evolving and characterized as the 'wild, wild west.', creating a dynamic and uncertain environment.
American Express focuses on creating unique and memorable experiences for card members, partnering with artists and providing exclusive benefits at events like the US Open.
Deep dives
College tennis players not cashing in on NIL deals like football and basketball players
Since the Supreme Court ruling on name, image, and likeness (NIL) in June 2021, college athletes have been able to benefit from their own brand. However, data from Open Doors shows that college tennis players are not earning significant amounts from NIL deals compared to football and basketball players. Football and basketball account for approximately 90% of earnings, with football athletes making up about 70% and basketball athletes making up about 20%. The remaining 10% is divided among other sports such as lacrosse, soccer, and women's basketball. Tennis players make up a very small percentage of NIL earnings in college sports.
Wild West in the name, image, and likeness landscape
Since the US Supreme Court ruling on the Austin case, which supports college athletes' right to benefit from their name, image, and likeness, the landscape of the NIL world has been rapidly evolving. Richard Kettner, legal counsel and marketing consultant at St. Paul Student Athlete Name, Image, and Likeness, describes it as the 'wild, wild west.' The recent conference realignment announcements, such as Stanford, Cal, and SMU joining the ACC, can be seen as a result of the changing landscape in the wake of the Austin case ruling. The constant changes and evolving nature of the NIL landscape make it a dynamic and uncertain environment.
College tennis players missing out on the opportunity to cash in
Despite the potential to benefit from NIL deals, college tennis players have not been able to capitalize on the opportunity like their counterparts in football and basketball. The revenue generated by college tennis players through NIL deals is significantly lower compared to the revenue generated by football and basketball players. This is due to the fact that football and basketball are considered revenue sports, while tennis is not. As a result, tennis players have limited access to lucrative NIL deals, resulting in a smaller share of the overall earnings in the college sports landscape.
American Express invests in partnerships and unique experiences for card members
American Express emphasizes the importance of investing in partnerships and unique experiences for card members, both in terms of their current customer base and prospective customers. They strive to be present where their card members and potential card members are, whether it's through sponsorships, sports events like the US Open, or music festivals like Coachella. Their goal is to create memorable experiences that enhance people's overall satisfaction and perception of the brand.
American Express focuses on fan-centric experiences and benefits
American Express prides itself on offering fan-centric experiences and benefits, particularly in the realm of music and sports. They collaborate with artists like Ed Sheeran to provide exclusive pre-sale ticket access and exciting pop-up experiences. They prioritize authenticity and co-creation with artists to ensure that the experiences resonate with fans on a deeper level. Additionally, they offer various tiers of benefits for card members at different levels, including exclusive access to lounges and merchandise.
Bloomberg News Economics Editor Molly Smith shares the details of her story US Open Ushers in a Women’s Field More Unpredictable Than Ever. Amy Glaser, Senior Vice President at Adecco, discusses the August jobs report and employment trends. Shiz Suzuki, Vice President of Global Brand Sponsorships & Experiential Marketing at American Express, talks about experiences available to card members at the US Open. Dr. Rock Positano, Director and Founder of the Joe DiMaggio Heel Pain Center, discusses the physical toll on athletes competing at the US Open. Richard Kent, Legal Counsel and Marketing Consultant at SANIL, explains how name, image and likeness is growing in college sports. And we Drive to the Close with David Dietze, Senior Portfolio Strategist at Peapack Private Wealth Management. Hosts: Carol Massar and Tim Stenovec. Producer: Paul Brennan.