Let’s start with an acknowledgment that sports claim an outsized share of the media’s attention, especially if viewed through the lens of business.
Take the Los Angeles Rams, which has $370 million in revenue and is worth about $3 billion, according to estimates from Forbes.
Impressive, but there are at least 35 public companies based in L.A. County with market caps that exceed the team’s valuation. There are at least 70 privately held enterprises with more yearly revenue, according to Business Journal research. Quirky grocery chain Trader Joe’s takes in about 40 times as much revenue as the Rams.
Yet when was the last time dozens of media outlets covered the cheese section at Trader Joe’s?
Sports claim an outsized share of the media’s attention because they stake a big claim on the mindshare of the general population. Some of that owes to clever marketing, some to a penchant among some of us to go from fans to fanatics once in a while. Some can likely be chalked up to a basic human impulse to place value on sporting endeavors and communal gatherings.
That helps explain an upcoming focus on the personalities behind much of the business of sports here – coverage we will bring you with our annual Book of Lists, which will be sent to subscribers later this month.
Need more to make the case for sports? Get an early start on a Rams game at the Coliseum some Sunday morning. Take in the palpable blend of fandom and entrepreneurial spirit that starts with sidewalk sales folk pointing out potential parking spaces for a price.
Follow it past the turnstile and feel the buzz as crews of young, sharply outfitted ushers, vendors and security guards gather for pre-game briefings.
Watch food vendors bustle about, making sure they’re stocked to meet demand.
Notice how the scene and the merchandising matches the larger market.
There’s standard fare offered by booths carrying the Los Angeles Memorial Coliseum brand. Then there’s one for Trejo’s Tacos from over on Olympic and La Brea. Beer is offered alongside stands that ladle up fruit drinks, L.A.-style, from the big, barrel-like jars on the countertop. There’s Seoul Sausage Co. and Randy’s Donuts – a local combination that’s as intriguing as it once was unlikely.
Those all are indicators of something bigger – a landscape of sports business that’s growing, changing and becoming ever-more important here.
Stay tuned for more, and please check out our monthly Sports Business column on page 8 in the meantime.
