Harry Stebbings

The business of sport is dictated largely in Europe, at least.

The business of sport is dictated largely in Europe, at least.

I don't want to speak for America, but by media rights.

I don't want to speak for America, but by media rights.

If you see the personalization of media, whereby everyone gets very independent media that they consume, whether it's games, TV shows, they can customize, craft to their own preferences, and it impacts slash, to Jason's point, memes, the consumption of sports.

If you see the personalization of media, whereby everyone gets very independent media that they consume, whether it's games, TV shows, they can customize, craft to their own preferences, and it impacts slash, to Jason's point, memes, the consumption of sports.

then you have a significant impact on the digital rights package that teams get.

then you have a significant impact on the digital rights package that teams get.

That is very, very significant.

That is very, very significant.

And so if you wanted to paint a world where AI changes content consumption patterns, that has the ability to significantly maim digital rights for these sports teams, which would significantly impact their revenue generating ability.

And so if you wanted to paint a world where AI changes content consumption patterns, that has the ability to significantly maim digital rights for these sports teams, which would significantly impact their revenue generating ability.

That would be the bear case.

That would be the bear case.

Just to be very clear, this is a super US-centric perspective.

Just to be very clear, this is a super US-centric perspective.

Sports teams do not go up.

Sports teams do not go up.

Tottenham are on the brink of disaster.

Tottenham are on the brink of disaster.