Versant CEO Mark Lazarus asserts that sports has been the primary catalyst for consumer adoption of every transformational media technology, from radio and broadcast TV to cable, satellite, and now streaming. This history underpins the enduring high value of sports rights and franchises within the media ecosystem.

Platforms like Kalshi are creating a new type of sports media. Watching real-time probability curves shift during a game provides a dynamic, data-driven narrative that some users find more engaging than traditional sports commentary or community features. The market itself becomes the content.

The time Americans spent watching others play video games on platforms like Twitch and YouTube last year was double the time spent watching Netflix. This highlights that gaming has become a massive spectator medium, rivaling and surpassing traditional streaming entertainment in engagement.

AI models are not an immediate threat to Excel because they are designed for approximation, not the precise computation required for financial and data analysis. Their 'black box' nature also contrasts with a spreadsheet's core value proposition: transparent, verifiable calculations that users can trust.

While Silicon Valley idolizes new companies, the most impressive feat is sustained relevance. A company like Microsoft surviving and re-capturing dominance across multiple technological generations is statistically harder and more remarkable than a single startup's initial success.

Contrary to fears, AI surpassing human ability has fueled chess's popularity. AI engines are used as personalized coaches in products like Chess.com, analyzing games and helping millions of users learn and improve, making the game more accessible.

Despite the hype, one of the world's largest gaming VCs doesn't invest in e-sports teams. The model is not considered 'venture friendly' because it lacks perpetual scalability. While an important part of the ecosystem, teams are viewed as a long-hold asset, not a high-growth venture opportunity.

In sports, internal-facing marketing assets like pre-game videos serve a dual purpose. They are designed to energize the players, which directly enhances their performance and, by extension, the fan experience. This creates a feedback loop where fan entertainment and player motivation fuel each other.

Excel's market dominance stems from Microsoft's strategy of bundling it into the non-negotiable Microsoft Office suite. This made it impossible for enterprise customers to purchase software à la carte, effectively locking out competitors and making individual user preference irrelevant.