Recast: Revolutionizing Sports Streaming: The Journey to Monetization and Fan Engagement
Company profile
Company business details
Motivation to build the product
The founders were motivated by the need to create a sustainable revenue model for sports content that was often available for free, thus limiting the potential earnings for sports rights holders. They recognized the challenge of monetizing sports content effectively and aimed to provide a solution that benefits both content creators and fans.Problem that their product solves
Recast solves the problem of content monetization and accessibility for sports rights holders. The end users are sports organizations and fans who want to access live and on-demand sports content. Solving this problem is important as it allows sports organizations to generate revenue from their content while providing fans with flexible payment options to access the content they love.Their unfair advantage
Recast's unfair advantage lies in its innovative micro payment model that allows for a transparent value exchange between sports rights holders and fans, differentiating it from traditional streaming services.Strategies
Pre-Launch (Product Development & MVP)
Social Media Influencing Strategy
Andy leveraged social media influencers to promote Sport Lobster, a platform designed for sports fans. He brought on board high-profile ambassadors like Michael Owen and Cristiano Ronaldo, asking them to post about matches and link to the platform. This strategy proved effective, as a single tweet from Ronaldo resulted in 2,000 new users in one day. The team actively reached out to various influencers through cold calls and emails, which helped build a significant user base before the platform's official launch.
Cold Outreach for Partnerships
In the early stages of Sport Lobster, Andy and his team engaged in extensive cold outreach to secure partnerships with influential sports figures and organizations. This included cold calling and emailing potential ambassadors and partners, which ultimately led to securing Cristiano Ronaldo as an ambassador in 2014. This partnership not only provided credibility but also drove significant user acquisition, as Ronaldo's posts generated over a million new users for the platform.
Media Mix Modeling Platform Development
At the pre-launch stage, Recast focused on developing a media mix modeling platform that helps marketers measure the incrementality of their media spend. This was achieved by creating a software as a service (SaaS) model that allows brands to build and run different econometric models for planning and budget optimization. The platform was designed to aggregate data and use statistical models to find patterns, enabling marketers to understand the return on investment for each marketing channel. This foundational work set the stage for Recast's future growth and customer acquisition.
Hiring Senior Talent Early
Recast's co-founder, Michael Kaminsky, emphasized the importance of hiring senior engineers from day one. This decision was driven by the need for a fully remote team and a culture of autonomy. By hiring experienced individuals, the company minimized management burdens and allowed team members to work independently on complex problems. Although this approach resulted in higher labor costs, it provided significant benefits, such as avoiding the need for a management layer and enabling the team to scale efficiently. The first junior hire was made three years into the company's journey, showcasing the effectiveness of this strategy.
Launch Stage
Rejecting Investment for Control
During the launch phase of Recast, Andy made a pivotal decision to reject a £3 million investment offer that came with restrictive terms. Despite having only £80 in his bank account at the time, he prioritized maintaining control over his business. Instead, he opted to raise a smaller amount of £250,000 on his own terms, which allowed him to retain decision-making power and set the foundation for a more sustainable business model.
Learn more about Recast
THIS Process WILL CHANGE your Business GROWTH | Michael Kaminsky, Founder of Recast
The Business Playbook: Recast - Andy Meikle
Michael Kaminsky - modern analytics and attribution, startups and more | E45
