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Show Notes

[00:02:40] - [First question] - What is Fanatics and the scale of the business today

[00:04:26] - What the core business of Fanatics does

[00:05:41] - The history of Fanatics and what led to its success

[00:10:59] - Michael Rubin’s story and the role that GSI played in Fanatics’ growth

[00:13:58] - How the licensing business works and how Fanatics’ relationship with the leagues differs from their competitors

[00:15:34] - The landscape of this industry before Fanatics

[00:16:36] - Why the change from the best commerce experience to a broad digital sports platform

[00:19:02] - Differences of Fanatics’ P&L compared to others in the industry

[00:21:05] - How the real-time advantage helps drive growth in the business

[00:23:12] - Whether or not the leagues participate in gross margins and how much of a focus they place on cost optimization

[00:25:25] - Distinctive things about Fanatics from an investor’s perspective

[00:26:22] - Why hasn’t Amazon stepped into this space yet

[00:27:30] - Which leagues have opted out of working with Fanatics and interesting team and player dynamics

[00:28:59] - Reasons behind getting involved with NFTs, trading cards, betting, and how it might evolve in the future

[00:32:22] - Ways they’re taking the core business and augmenting other branches

[00:34:36] - What will have gone right over the next five years for Fanatics to continue growing at the pace they are today

[00:37:59] - What will have gone wrong over the next five years that will hurt Fanatics’ growth

[00:39:59] - Lessons for builders and investors when studying Fanatics’ story