Mark Taffet, President of Mark Taffet Media, delivers his keynote at the SiGMA Malta summit 2019 on the power live sports can bring to the iGaming world
If there’s one thing Mark Taffet knows about, it’s the power of live sports and entertainment and their ability to generate tremendous amounts of revenue from audiences.
With 32 years at HBO under his belt, Mark has helped launch pay-per-view for sports in the US; working with Olympic athletes, including some of the top boxers and MMA fighters in the world. Fights like the Mayweather vs Pacquiau superfight brought in consumers who were paying more than they ever had before for the experience - nothing quite delivers like boxing.
“In the entertainment business content is king, but in today’s world content plus iGaming is going to be a pair of aces. Consumers want what they want when they want it and when you give it to them they will pay you at rates you never imagined before.”
People are unbundling and moving to individual program services. Sports programming is perhaps the most effective of all of that, ‘Sports betting is going to yield tremendous revenues over the next few years’ he explains.
Mark (seen left with SiGMA founder Eman Pulis, and Harold Pia at SiGMA 2019) goes on to highlight the chain of digital change and the impact it’s had, from the large screens to home theatre and surround sound. From cable television to satellite television, and from telcos on your TV to the internet on your computer - digital and social media has exploded with the viewing of short form video on mobile devices today.
“And now we experience the current rage: streaming video, not only on your mobile devices but to your televisions and it’s causing a game change in video viewing and in how people spend their money and those changes in revenue can benefit your business.
“You can't stop change and you can’t stop technology. To be on top and to stay on top you’ve got to recognise the change and be ahead of the change and you’ve got to manage the change successfully."
Watch the SiGMA 2019 keynote in full:
Of course there are obstacles he says, everyone today is talking about the legislative obstacles and the bureaucracy they have to go through. But every new business goes through this - ‘very often change is met with regulation. Uncertainty breeds a bureaucratic process.’
“Digital delivery will replace existing technology and entertainment on demand, with sports on demand becoming the new paradigm.”
A supercharged consumer experience:
- Netflix: 158 million subscribers worldwide
- Amazon Prime video: 100 million subscribers worldwide
- Hulu: 29 million subscribers worldwide
- Disney Plus: expected to reach 75 million subscribers within 4 years
- Global online video revenue growth is forecast to reach $129 billion in 2024
- Next year 21 countries will have over $1 billion in video streaming revenue
The combination of live sports video content, video streaming and iGaming in one integrated experience on the consumer’s video devices will change the way video is consumed forever and will change the revenue paradigm forever - 'offering a supercharged consumer experience with turbo charged consumer revenues,' he elucidates.
The existing paradigm is to provide a wagering opportunity on casino and betting platforms and have sports fans who are interested find those betting services, seek them out and place their bets. There’s nothing like live sports to drive betting at home, he says. For sports fans there’s nothing they’re more passionate about than the outcome of their sports.
“The new paradigm will increase engagement rates and response rates because consumers will access betting directly and betting will access the consumers directly. Simultaneously one will not have to leave the experience to find the other.”
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SiGMA Group Americas Digital Summit is running from the 22nd to 24th September, bringing well-known faces from the Latin American gaming and tech sector to a series of in-depth debate panels, with content offered in Spanish, Portuguese, and English.
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