While the coronavirus pandemic forced many media companies to slow down production and forced athletics to grind to a halt, Barstool Sports adapted and CEO Erika Nardini says the company was able to capitalize on a slew of non-sports-related content.
Now Barstool Sports' priority is to show buyers at the company's first appearance at the NewFronts marketing conference that it can still be profitable even without the return of North American pro leagues.
"We wanted to show, not only the showcasing of what we're creating -- so, all of the brands we're developing and running -- but also how we're performing for advertisers," she said.
Barstool's success during the shutdowns, Nardini explained, is not only attributable to the team's ability to "create content that's authentic" but also its commitment to creating content that fans want to engage with.
"We're building some of, if not, the very biggest brands on the internet," she said. "I think that during quarantine, most media companies stopped making content. They either had production challenges, they weren't able to gather in studios. We took the opposite approach."
Barstool's growth on social media platforms like TikTok and Instagram has also allowed the company's "brands the ability to play ball with those audiences" where they otherwise might not have had access, according to the CEO.
"Every single brand that's created at Barstool is programmed and produced for the internet, which means that we naturally attract what you would call 'young viewers,'" she said.
Even with the success of the non-sports content, Nardini said the company will not abandon its newfound format despite the imminent return of the pros, but will instead marry the new content with Barstool's core programs.
"What we've found is when you have eyes for the internet, and you're making content for the internet, that stuff can last," she noted.
Today is National Doughnut Day! Cheddar News celebrated with Steven Klein, the owner of Dough Doughnuts in New York City, who joined us with some delicious samples from hibiscus flavored to ube cheesecake. "It's a fun fest that people love doughnuts, and it's a way of celebrating doughnuts that people just want to try, and they want to try with their friends, their offices, their parties, their groups," said Klein. "So we get inundated in all our stores with lines of people coming to buy multiple doughnuts to celebrate the day."
U.S. employers added 390,000 jobs in May, extending a streak of solid hiring that has bolstered an economy under pressure from high inflation and rising interest rates.
The White House is earmarking $2.1 billion to help secure the nation's food supply, amid widespread shortages due to the pandemic, Russia's war in Ukraine, and rising inflation. The Biden administration's plans are expected to shore up food infrastructure and distribution while also aiding farmers. Bread for the World Senior International Policy Advisor Abiola Afolayan joined Cheddar News' Closing Bell to discuss.
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President Biden and Federal Reserve chair Jerome Powell meet at the White House today for the first time since Powell's renomination to the position. The President and the Fed Chair discussed the economy and historically high inflation, as new data shows inflation may be cooling slightly. Morning Consult economic analyst Jesse Wheeler joins Cheddar News' Closing Bell to discuss how the Biden administration at the U.S. central bank can work together to combat soaring prices for American consumers.
Gene Goldman, Chief Investment Officer at Cetera, joins Cheddar News' Closing Bell, where he breaks down the reasons behind Thursday's bounce-back performance on Wall Street. Goldman also provides a dose of investing advice, highlighting the sectors he's favoring right now.
