Over the past year, sports apparel giant Fanatics has rapidly expanded its business to include trading cards, NFTs and other digital collectibles. This included launching NFT company Candy Digital, acquiring trading card company Topps, and acquiring trading-card rights for Major League Baseball, the NFL Players Association, and the NBA. In March, the company launched a new brand dedicated to entertainment and culture, called zerocoolVeeFriends started with a limited-edition set of cards, and used a blinded Dutch-auction model to determine the final price.
Now, given the growing value and size of the new division within the company, Fanatics has decided to unite its various collectible brands under one chief executive, Mike Mahan—an entrepreneur and former CEO of Dick Clark Productions—co Fanatics. Named as CEO of Collectibles.
Michael, CEO of Fanatics, said, “Our collectibles business has seen tremendous growth since its launch last year, and we look forward to bringing Mike on board to shape the bright future of this division and the alignment of our larger Fanatics digital sports platform. Couldn’t be more confident in bringing it up.” To rub “As a collector and avid sports fan, Mike’s vision for both the trading card hobby and emerging digital collectible assets, powered by exceptional products, will further advance Fanatics as a leader in these categories, providing a wide range of opportunities for fans, collectors, hobbyists and fans alike. Incredible opportunities will be created for stores, retailers, and our partners.”
The move puts Collectibles with Fanatics Commerce (e-commerce and apparel) — led by CEO Doug Mack; and Fanatics Betting & Gaming, led by CEO Matt King – as the third pillar of the overall business. The company says Collectibles has already recorded revenue of more than $1 billion and is approaching $300 million in profits, even before the arrival of new rights, including the NBA, NFL, WWE, and A. large group of college sports,
Mahan is accused of unlocking strategic marketing to grow the category because, according to fanatics, less than 1% of revenue is used for marketing in the total collectibles industry.