Business of Sport Nicolas Julia, Sorare Founder: ‘Building a $4bn Fantasy Sports Empire’ (Ep64)
Today we welcome Nicolas Julia, founder of Sorare, the record breaking platform that blends fantasy sport with digital collectibles. This is a step beyond the fantasy football/F1/rugby you may already be a part of. It’s an open market, providing the chance to show your skills and talent identification to buy, select and trade tangible assets in the form of player cards. They are reimagining sport for the digital age, combining NFT’s, global partnerships, and strategic gameplay to create a fan-owned, athlete connected future of sports entertainment.
From signing partnerships with the Premier League, NBA, and over 350 teams to generating nearly half a billion dollars of translations on the platform, Sorare has pioneered a new era of fan engagement while empowering athletes with their own data and IP. Serena Williams, Gerard Pique, Kylian Mbappe; they’re all backing the company to deliver on their objective of making every fan an owner or manager. But how did this bridge between digital fandom and the world’s biggest sporting entities form?
Big numbers, big partners, big ambitions. Nico delivers the thesis of a company at the heart of the modern sports industry.
In today’s show we discuss:
Building a Fantasy Sports Business
- What was the opportunity Nicolas and his partners identified when establishing Sorare?
- Born in the era of cryptocurrency and NFT’s, how has Sorare been able to navigate this highly volatile landscape and become THE fantasy sports platform?
- What does the business model look like? From attracting players to the platform to signing global partnerships with major leagues.
- What has the hardest part of working with very traditional organisations been? How much education is required when demonstrating the value Sorare can bring to a league?
Value of Athlete Partnerships
- Athletes are becoming more and more active in investment markets. How have Sorare leveraged the talent on their cap table to develop the brand and product?
- How did Nico encourage the likes of Gerard Piqué, Serena Williams, Kylian Mbappe, Lionel Messi to invest in the business?
- Are agents a blocker to getting access to athletes when it comes to presenting ‘long term’ business opportunities?
- Signing big brands and major rights deals is significantly aided by athlete participation; the story of how Serena Williams won Sorare the NBA contract.
Difference Between US & European Markets
- There is a major difference between the evolution of US and European markets when it comes to fan engagement, technology adoption, and athlete investing models. How has this shown itself in the growth of Sorare?
- Did the approach to winning contracts in the US have to change from the football model implemented in Europe?
- How do Sorare identify and prioritise new markets? The NFL is one of the biggest sports leagues in the world. Is this a target area?
- How does the development of the US betting market impact Sorare, if at all?
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