.svg)
Latest Business News
Fanatics Launches Livestream Shopping Platform During MLB All-Star Game
Fanatics Live: A New Way to Buy Trading Cards and Collectibles
Fanatics is introducing its new business division, Fanatics Live, with a livestream shopping event during the Major League Baseball All-Star Game. The Fanatics Live app will allow users to purchase trading cards and other collectibles while watching livestreams of hosts and other collector sellers. This beta test will focus on "breaking" - where participants pre-purchase spots in unopened packs or boxes of cards, which the seller will open live. However, Fanatics Live plans to expand its live shopping offerings once the platform fully launches later this month.
The Potential of Livestream Shopping
Livestream shopping is a $512 billion market, according to Coresight Research. While the trend originated in China and Asia, it has recently gained traction in the US, with platforms like Amazon, eBay, and Poshmark entering the space. Fanatics aims to capitalize on this growing trend and attract both trading card enthusiasts and a wider consumer audience who may not be familiar with livestream shopping.
Challenges and Opportunities in the US Market
Although livestream shopping is still relatively new in the US, Fanatics sees the launch of Fanatics Live as an opportunity for growth. While data shows that only 78% of US consumers have never watched a livestream shopping experience, the vast majority of those who have purchased at least one item. Fanatics is betting that its new livestream shopping platform will appeal not only to trading card fans but also to a wider audience, including sports fans and other consumers.
The Fanatics Live Platform and Community
Fanatics Live has hired Scott Rogowski, the former host of HQ Trivia, as an official host on the platform. The company is also looking to hire additional hosts and content creators in the collector space to create community gathering spaces where products are sold. The app features various tools for sellers to make their streams engaging and interactive, fostering a sense of community among buyers and sellers.
Fanatics' Expansion and Future Innovations
Livestream shopping is part of Fanatics' larger strategy to expand beyond its original focus on sports merchandise. The company now has apparel rights to nearly every sports property and a database of over 94 million fans. In addition to livestream shopping, Fanatics is also venturing into the sports betting space with an offer to purchase PointsBet's U.S. assets. An IPO may be on the horizon for Fanatics, which was valued at $31 billion in December 2022. Fanatics Live is just the beginning, and the company expects to continue innovating and growing its livestream shopping platform throughout the year.
Summed Up: Fanatics Live and the Future of Livestream Shopping
Fanatics' launch of their livestream shopping platform, Fanatics Live, during the MLB All-Star Game signifies the company's commitment to exploring new avenues in the retail industry. Livestream shopping is a rapidly growing market, with Fanatics aiming to tap into its potential by targeting trading card enthusiasts and a wider consumer audience.
The introduction of Fanatics Live represents a notable opportunity for new businesses looking to enter the livestream shopping space. As the trend gains popularity in the US, there is room for innovation and growth. By capitalizing on the sense of community fostered through livestreams, businesses can engage with buyers and create a unique shopping experience.
Fanatics Live's strategy of hiring well-known hosts and expanding the platform to include more content creators further highlights the potential of livestream shopping as a means of attracting and retaining customers. Offering engaging and interactive streams allows businesses to build a loyal community and maximize sales.
It is clear that Fanatics is not limiting itself to livestream shopping alone. With its established presence in the sports merchandise market, the company's expansion into sports betting and its potential IPO demonstrate its commitment to exploring new opportunities and diversifying its business model.
For newly formed businesses, the success of Fanatics Live sends a strong signal that there is ample opportunity in the livestream shopping market. By leveraging technology, building a sense of community, and taking advantage of emerging trends, businesses can establish themselves in this rapidly growing space and pave the way for future growth and innovation.
Article First Published at: https://www.cnbc.com/2023/07/10/mlb-all-star-game-is-first-big-test-of-fanatics-livestream-shopping.html
