Ben Gilbert

Totally.

Ooh, all right.

We'll have to see in a few years.

I think they've reached a plateau.

I don't think we're going anywhere north of $8-9 billion in the near future.

You don't think they're going to deflate?

The average revenue multiple in 2012 of a team went from about 4x to about 8x between 2012 and 2022.

Wow.

So yeah, multiple expansion along with the rest of the market.

Potentially justified by the fact that most people don't actually own these things for their cash-generating characteristics anyway.

It's a very fancy gem.

Yep, the NFL will make the transition to digital distribution.

And it's pretty amazing that they didn't need to build it themselves.

MLB did the whole BAM tech thing.

The NFL has built basically no technology, basically no distribution, and basically no direct relationship with the audience.

And they'll still be fine.

And they'll still be fine.

They outsourced all the hard parts.

Is that interesting that people don't want to follow NFL stars the way they want to follow NBA stars on social media?

And the NFL is control the message.