Friday Funding: Overtime Snags $100M Series D, Will Grow Its Sports Leagues
Centered on Social Media
Founded in 2016, Overtime is a sports media company that built its brand through various social media platforms. It focuses on Gen Z and millennials and now ranks among the largest sports media companies in the world.
The firm recently announced a $100 million series D funding round. This brings its total valuation over $500 million, according to reports. Overtime currently produces more than 50 shows centered on sports lifestyle, as well as culture. They’re released digitally across the company’s massive network, which includes 80 social media channels and over 65 million followers.
Grow the Game
Some of Overtime’s early investors include big names in tech and entertainment, as well as sports. Both Devin Booker and Lonzo Ball of the NBA are among dozens of the league’s players that have put cash into Overtime. Jeff Bezos’ investment firm has also participated, as well as pop megastar Drake.
To date the bulk of Overtime’s revenue has been generated through sponsorships and advertisements sold through its streaming videos and social media content. Executives say the company is starting to diversify its offerings, leading to additional money-making avenues such as ecommerce and licensing.
Creating New Leagues
One of Overtime’s most successful ventures outside of social media and streaming has been the creation of two new sports leagues. This includes Overtime Elite or OTE. It’s a basketball league for post-grad athletes or high schoolers who aren’t yet eligible for pro drafts. OT7 is a seven-on-seven football league with a similar focus. The newly raised funds will go toward growing each league.
In 2021, Overtime signed a deal with trading card company Topps, which is owned by ecommerce company Fanatics. Topps makes cards for OTE and OT7 athletes, highlighting the new league’s potential. Executives say the long term goal is to sell the distribution rights for each league’s games.
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