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.

Moving Formula 1 from a broad-access channel like ESPN to a niche streaming service like Apple TV+ eliminates casual, 'channel-surfing' viewers. Apple TV+ requires intentional viewing, which could filter out the less-dedicated fans who previously discovered races by chance, potentially shrinking the overall U.S. audience.

Instead of buying entire sports seasons, Netflix acquires single, high-impact events like a Christmas NFL game. This 'eventizing' strategy creates maximum buzz for a lower relative cost by turning content releases into unforgettable, can't-miss dates on the cultural calendar.

Because conferences negotiate media rights individually, they are incentivized to expand their geographic footprint to appeal to broadcasters in every market (e.g., USC to the East Coast). This 'imperialistic' behavior destroys regional rivalries and inflates travel costs for a marginal media gain.

A 60-year-old law granted professional leagues an antitrust exemption to pool media rights and bargain as a single unit for TV deals, a power college sports was explicitly denied. This legal distinction is the historical root of the revenue disparity with pro leagues.

A fractured media rights landscape, where individual conferences negotiate deals separately, prevents college football from bargaining collectively like pro leagues. This inefficiency leaves billions of dollars on the table and creates systemic financial instability.

Apple's media strategy follows a playbook: first, produce a popular fictional show about a sport (e.g., "Ted Lasso"), building an audience and cultural relevance. Then, acquire the expensive broadcasting rights for the real league (e.g., MLS), ensuring a ready-made viewership for their investment.

Instead of solely fighting a losing 'whack-a-mole' battle against piracy, leagues like the NBA are now co-opting prolific pirates. They provide official access and content to these creators, effectively turning them into an in-house marketing arm that generates authentic content and engages new audiences.

Recent streaming price increases, which are vastly outpacing inflation, serve as the primary evidence that the market is already too consolidated. Further mergers would grant companies like Netflix unchecked pricing power, transferring wealth from consumers and labor directly to shareholders in an oligopolistic environment.