Fanatics, the renowned sports platform, is set to host its inaugural livestream shopping event during this week’s Major League Baseball All-Star Game festivities in Seattle. Fanatics Live, the platform’s new business division, aims to provide users with a unique shopping experience by enabling them to purchase trading cards and collectibles through the Fanatics Live app while simultaneously watching live streams hosted by collectors and other sellers.
In a strategic move, Fanatics brought on board Nick Bell, an industry veteran who previously led Google Search and held the position of global head of content and partnerships at Snap, to serve as the CEO of Fanatics Live. Bell expressed his excitement about the upcoming beta test, where a select group of consumers will have the opportunity to experience the platform during the MLB All-Star Game. Fanatics is collaborating with several trading card “breakers” to host live streams directly from T-Mobile Park in Seattle. Although the initial focus is on the “breaking” aspect―a social trading method where participants purchase spots in unopened packs or boxes of cards that are then opened live―Bell emphasizes that this is just a taste of Fanatics’ plans for live shopping once the platform officially launches later this month.
Bell confidently stated, “Our intention is for Fanatics Live to become the leader in the live commerce space. We recognize that live commerce in the U.S. is still in its early stages, but we anticipate substantial growth in the coming months and years, and we aim to drive that.”
Livestream shopping originated in China and has flourished across Asia, evolving into a $512 billion market, according to Coresight Research. This surge in popularity has prompted prominent e-commerce platforms such as Amazon, eBay, and Poshmark, as well as tech giants like Meta’s Facebook and Instagram, and TikTok, to venture into the livestream shopping realm. However, despite its success elsewhere, livestream shopping has been slow to gain traction in the United States. Earlier this year, Instagram discontinued support for live shopping, redirecting its focus toward other forms of selling.
Acknowledging the challenges faced by livestream shopping in the U.S., Bell considers them to be opportunities rather than setbacks. Citing data that indicates 74% of Chinese consumers have made a purchase while watching a livestream, Bell highlights the fact that 78% of U.S. consumers have never experienced livestream shopping. However, among those American consumers who have participated, a vast majority have made at least one purchase.
Fanatics aims to capture not only the dedicated group of trading card and sports fans but also a broader audience unfamiliar with this type of shopping experience. The platform is collaborating with various leagues, brands, creators, athletes, and personalities, expanding beyond the confines of sports to explore potential opportunities.
Chris Lamontagne, senior vice president of platform at Fanatics Live and former CEO of social commerce platform Spring, identifies an untapped combination of content, community, and commerce. He remarks, “Our focus is on building a platform that embraces these three elements―making commerce simple and gamified, all while fostering a sense of community and the notion that exclusive purchases can only be made here.”
To enhance the community aspect, Fanatics Live has welcomed Scott Rogowski, the former host of the widely popular HQ Trivia, as an official host on the platform. The company is actively searching for more hosts and content creators within the collector space to foster engaging community gathering spaces where products can be sold. The Fanatics Live app provides sellers with an array of tools to craft interactive and captivating livestreams.
Livestream shopping represents Fanatics’ latest endeavor as it expands beyond its origins as a sports merchandise e-commerce company founded by Michael Rubin in 2011. With apparel rights to nearly every sports property and a fan database exceeding 94 million, the company is making a significant foray into the sports betting sector, recently expressing interest in acquiring PointsBet’s U.S. assets. Furthermore, an IPO may be on the horizon for Fanatics, a three-time CNBC Disruptor 50 company valued at $31 billion in December 2022. While other aspects of the business are more established―with projected sales of roughly $8 billion in 2023, excluding trading card rights―Bell emphasizes that their livestream shopping endeavors are just beginning.
“Our journey has just begun, and we’re still in the early stages of learning,” Bell said optimistically. “We anticipate an exciting pace of innovation between now and the end of the year.”
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