By: Dan Gale, President at LEONA
Regardless of who I talk to in the industry, everyone wants to know who the best multimedia rights holder is in collegiate athletics. I have had the privilege of working for two and the pleasure of doing business with leaders of the other major players during my tenure in the private sector. This experience allows me to offer a unique perspective to administrators when consulting on projects.
However, I will burst your bubble and allow you to stop reading right now if you think I am going to give out some cheesy award and select one group over the other in this article!
Every one of them has their place in the market and offers a unique perspective, but what it comes down to is…
Who is the best multimedia rights company for YOU!
To answer this question, one must first know the answers discussed here in What are my Multimedia Rights Worth? mainly what is your MARKET VALUE and what ASSETS they can you offer to a partner.
Knowing who you are is the most important thing YOU can do in helping select the proper multimedia rights partner and ultimately generate the most revenue.
Taken one step further- There are three key characteristics to look for when choosing the rights holder that’s BEST FOR YOU:
1- The one who thinks and cares the SECOND most about YOU!
A while back I was debating taking time off graduate school to train for the Olympic Trials in Track and Field. I was nervous that it might negatively impact my reputation by people in the sports administration field.
I was worried about what might happen when I came back.Would I be looked at as a quitter? I was nervous and debating back and forth until I went to lunch with a good friend who gave me the greatest advice I ever received:
“No one thinks or cares about YOU as much as YOU think and care about YOURSELF!”
It hit me like a ton of bricks!
He was right and this advice is the exact same thing I tell every administrator when they are looking to partner with any third-party agency for ticketing, sponsorship, licensing or any external partnership.
You wake up every day thinking about YOUR school, YOUR revenue, YOUR brand, YOUR student athlete experience… the person you want to partner with to sell your rights better be the person who is thinking about you the SECOND most in the world!
It is truly a relationship built on trust as they must care about your brand ALMOST as much as you do.
Understanding this element is a major key to selecting the RIGHT partner for YOU!
2- The one who builds the RIGHT structure!
This topic I touched on in detail during the last article, so I will spare your time here! This is an essential part of a good relationship. You cannot build a house without a foundation, in the same way you cannot build a successful rights holder relationship with the right structure.
For more on this topic read our last post: Sponsorship and Multimedia Rights Dilemma: What is the Best Structure?
3- The one who hires the RIGHT leader!
This is hands down the number one determinant for success of a rights holder relationship. They may not tell you this, but finding that leader is the hardest part of starting a property and it will 100% make or break it.
I have seen it at both a mid-major and at one of the largest rights holders in the country, where a true stable leader can grow the property exponentially…and did!
Once they left, sales plummeted.
It is not because the other sellers forgot how to sell, it is because they lost the LEADER.
I have also seen properties struggle tremendously finding a leader and never hit their true potential from the start.
This is even more important for rights deals in which it is a one or two person show.
YOU need to make sure you have the right person in the chair who cares about YOU!
Hiring sales people is very hard and even harder when you may have a limited budget. Once you find that person who can grow your brand and revenue, they are more important than the parent company!
When selecting your rights holder, you must be certain you trust they will find you the right leader.
In summary, these three items are what will assist in determining Who the best multimedia rights company is for YOU!
Many administrators have built trust over years with a specific rights holder group and you see that relationship continue as they move jobs. This is because they truly believe that partners cares, will build them the right structure and will find them the right leader on top of generating the most revenue.
There are many other detailed nuances of the contract and business terms that come about during the negotiation process, but you need to know who you are first to maximize the partnership.