Pink's Bottom Line on Media, Money and Sports
Network of the future, strong savings and high school football
Thanks again to everyone who sent suggestions and ideas to me about our newsletter — I'll look to implement some of those top ideas in the coming weeks.
As for today's newsletter, I went a different direction in the media section, focusing on the phenomenon that is e-sports.
E-sports is huge and that’s why I think the newly launched VENN television network (more about VENN below) could become a very big deal very soon.
I hope you enjoy today's edition.
Media: VENN Diagrams Its Plans
If you hadn’t yet heard of VENN, a new, 24-hour e-sports, gaming and entertainment television network that launched last week, chances are you’re not part of their targeted demographic of Generation Z and Millennials.
VENN actually launched ahead of its original plan as gaming and e-sports activity grew sharply during the pandemic and quarantine.
Initially, viewers will be able to watch VENN free on services like Facebook, YouTube, Twitch and its own website. VENN’s website says it will soon be on other OTT (over-the-top) platforms including Xumo, Vizio and Stirr.
Pink’s Bottom Line
VENN’s initial programming looks slick and modern plus the timing of its launch is exquisite.
E-sports and gaming is big business, and live events work perfectly online. Though e-sports do draw huge crowds in person, no large arena or in-person event is necessary for their long-term viability. Millions of viewers watch and follow these competitions online.
If VENN can be a destination for fans to consume content related to e-sports and gaming, it could emerge as a media success story in the middle of a pandemic.
Money: Strong Savings
If you own a 401(k), and IRA or other retirement account, chances are you were pretty happy with your account’s second quarter performance.
Fidelity, which today releases its second quarter Retirement Analysis report, says the average 401(k) account grew 14% in the second quarter compared to the first and that the average IRA jumped 13% in value this quarter compared to last quarter.
Interestingly, Fidelity’s report also showed that 88% of people put money into their 401(k) accounts last quarter - that’s once of the five highest contribution percentages since 2002, according to Fidelity. (Here’s a link to the press release on Fidelity’s report.)
Pink’s Bottom Line
Fidelity’s report shows that saving for retirement appeared to stay on track for those with retirement accounts. The pandemic did not appear to dampen investor sentiment nor does it appear that investors got spooked by market volatility.
As we look back on the pandemic and its impact on investors five or ten years from now, I think we’ll see that investors stayed the course, invested for the long term and emerged from the pandemic with solid retirement portfolios.
Sports: Friday Night Lights Out?
As uncertainty swirls around when or if the college football season will happen, I wanted to take a look at plans for high school football in three key states: Florida, Ohio and Texas.
Each state is taking a slightly different approach, and like their college football counterparts, much appears subject to change.
In Florida, the state’s athletic association gave high school athletic directors a choice of three possible options, and it appears that the ADs prefer to postpone the season until late November/early December. A final decision should be in made by the end of the week.
In Ohio, the Ohio High School Athletic Association said last Friday that teams will play a six-game schedule beginning August 24, and that every team will be eligible for the playoffs. However, that schedule is still subject to the Ohio Department of Health lifting restrictions on contact sports. Currently, contact sports can practice only, but not play games.
In Texas, it’s a bit of a jumble. The large schools will see a delayed start of their schedule, with the first games being played starting in late September. The smaller schools will begin their games at the end of August.
Pink's Bottom Line
Not surprisingly, it’s a sea of uncertainty.
Unless safety can be assured for all high school football players, I’m not sure how the season can begin or if it will even happen in much of the country.
I think it’s worth watching what happens with high school football in Florida, Ohio and Texas as decisions made in these states could set the tone for the rest of the country. I'm not optimistic.
Jeremy Pink is former CEO of Broadcast Sports International and a former CNBC executive in New York, London and Singapore. He currently serves as an advisor to companies in the media, sports and financial tech.
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