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The Athletic Blew Through Nearly $100 Million In 2019 and 2020

“The company projects itself to be profitable in 2023 with a revenue projection of $153 million.”

Russ Heltman

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Courtesy: The Athletic

The Athletic cruised through cash between 2019 and 2020 amidst a hiring spree that required more spending. According to The Information, The Athletic spent almost $100 million in cash while bringing in $73 million of revenue during the same period.

The Athletic is running into similar issues that Netflix faced as it tried to create its own content. The subscription-based sports coverage site attributed the negative financial report to its staff build-up. A source told The Information that amassing a staff of roughly 600 people was the big reason for operating at a loss.

The near-future projections are much brighter for the publication. The Athletics projects a revenue rise of 64%, bringing the 2021 total to $77 million, while its cash burn drops to $35 million. That cash burn projects to fall off dramatically next year to around $7 million.

The company projects itself to be profitable in 2023 with a revenue projection of $153 million. A statement from The Athletic said it was “materially affected” by Covid through the first half of 2021. But growth returned to 2019 levels, and “we are excited to have finally turned the corner,” adding it expects a “nearly profitable business in 2022.”

All of this should help The Athletic in its quest to find a buyer. The Information also previously reported that they tapped LionTree to help them find a buyer. Acquisition talks with the New York Times and Axios flamed out earlier this year.

The Athletic projects to have 1.2 million subscribers by the end of this year; 75% are annual subscribers. Those are the most valuable customers in a subscription based service because it reduces the likelihood of a volatile subscription churn from month to month.

After building up the foundation over the past few years, The Athletic is ready to forge ahead towards stability.

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Draymond Green, JJ Redick Sell Out Live Podcast Show

The show will collaborate for the first time and it will mark an interesting time in the thrusting of new media onto the public consciousness.

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Old Man Draymond

The two new and most visible faces of the new media influx have teamed up for a live show that will take place in New York City. Draymond Green and JJ Redick are bringing their respective podcasts to the stage for a live experience.

On Monday (June 27), Draymond Green’s The Draymond Green Show and JJ Redick’s The Old Man and the Three will seek to entertain an already sold out audience at The City Winery in New York City.

The show will collaborate for the first time and it will mark an interesting time in the thrusting of new media onto the public consciousness. JJ Redick has earned universal praise for how he has handled his career post-retirement from the NBA, including appear often opposite Stephen A. Smith on ESPN’s First Take as well as the network’s myriad of other programming.

Draymond Green has been very public with his podcast that has very publicly recorded episodes minutes after Warriors games. He has recently invoked his mantra that he isn’t a part of the media (despite signing a contract with Turner Sports and Colin Cowherd’s The Volume). Instead he insists he is a part of the aforementioned new media.

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Scott Van Pelt Not Hurt By Draymond Green’s “New Media” Comment

“He’s the one that said it. Isn’t he the one who said he’s new media? I was just trying to give him credit in saying, ‘Look, you now have control of your narrative and you can go do your podcast now.’”

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Scott Van Pelt

We have heard an awful lot in the fast month about “new media” with a large section of that discussion coming in regards to athletes in or formerly in the NBA. One such interaction was between a member of that new media and Scott Van Pelt.

After Game 5 of the NBA Finals, a victorious Draymond Green was interviewed on SportsCenter with Scott Van Pelt. In the interview, Van Pelt asked Green about dealing with the outside “noise” around the Finals. After Green gave a to-be-expected type answer, Van Pelt followed-up with the initial comment that start a wave.

Van Pelt: You’re part of the media now and you get to control the conversation from your perspective and I know you’ll-

Green: New media.

He then corrected Van Pelt’s assertion that Green had stated Stephen A. Smith was new media by saying:

Green: And by the way go watch The Draymond Green Show. I said Stephen A. sometimes acts like the new media. Sometimes he doesn’t. That’s on you, but nonetheless, don’t just lump me in with media, baby. It’s the new media.

Scott Van Pelt appeared on the SI Media Podcast and was asked about this exchange.

“I didn’t get that,” Van Pelt said of Green’s resistance in being associated with the word “media.”

“He’s the one that said it. Isn’t he the one who said he’s new media? I was just trying to give him credit in saying, ‘Look, you now have control of your narrative and you can go do your podcast now.’”

Van Pelt went on about Green’s categorizing of Smith and other media as a separate column of media.

“I guess what Draymond actually said was sometimes he’s new media. I don’t give a shit who’s what…I think now as it relates to media, there’s no new and old because people that are in the old media are doing the new media and people that are in new media are cutting through in ways that people in old media didn’t think they ever would many years ago. I guess all I’m saying is whatever Stephen A. is, he exists in both lanes and Draymond, clearly his content cuts through on his podcast or with me.

I wasn’t hurt by it. I didn’t take it like he was mad at me. I was just correcting the semantics. It didn’t trouble me. Whatever. However Draymond frames what Stephen A. Smith is or what any of us are, it doesn’t feel important. I think it’s important he has that place where he wants to do his thing. And I think people are interested in hearing from the guy that was just out there not long after saying what he has to say.”

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Big Cat Asks For Listeners’ Help Booking Kevin Durant on Pardon My Take

“On a recent edition of the podcast, Big Cat talked about how the Brooklyn Nets star has continued to snub requests to come on the show.”

Jordan Bondurant

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Barstool’s Big Cat has been trying to book NBA star Kevin Durant on Pardon My Take for five years, but the former MVP just won’t say yes.

On a recent edition of the podcast, Big Cat talked about how the Brooklyn Nets star has continued to snub requests to come on the show.

“We want Kevin Durant on this show, and he has just alpha-ed me so hard at this point,” Big Cat said. “I need people to start replying to his tweets saying just go on Pardon My Take.”

It’s not like KD has given Big Cat the cold shoulder. Big Cat said Durant has responded to his DMs on Twitter before, even wishing him Happy Thanksgiving one year. But so far all attempts to get Durant on PMT have been futile.

“Maybe if we start getting some rings, then he’ll be like, ‘Yeah they’re an elite team, and I want to join up with them. And maybe I can help them win something,'” PFT Commenter said, referencing the fact that PMT is yet to be recognized with any podcasting awards.

Durant did more or less tell the podcast on Twitter he wasn’t interested on Wednesday.

Durant’s response probably still won’t deter Big Cat from trying to get Durant on the show, but at least they know where KD stands.

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