Fanatics is strengthening its collectibles presence with a new livestreaming commerce service.
The company — last valued at $31 billion following a $700 million funding round — has hired former Snap Inc. executive Nick Bell to serve as the CEO of the company’s new division, Fanatics Live.
Fanatics Live will have an app and website with the goal of selling trading cards and collectibles through content and entertainment.
- Fanatics Live is set to launch in the second half of the year.
- Fanatics will receive a percentage of each transaction.
Bell said an early focus will be “breaking,” a practice by which sellers decide how to allocate random cards from a box live online to those who have bought a “spot.”
The service will initially only focus on trading cards, which is still a relatively new industry for Fanatics.
Fanatics Trading Cards launched in 2021, and Fanatics acquired Topps for $500 million in 2022. Topps holds the rights to trading cards for MLB, MLS, UEFA, Bundesliga, and Formula 1, while Fanatics has exclusive deals with the NFL and NBA starting in 2026.
Sports Segments
The company is also making a name for itself in sports betting, launching its first sportsbook inside an NFL stadium (the Washington Commanders’ FedEx Field) in January. Fanatics Betting and Gaming CEO Matt King aims to have the brand operating in all legal states by September.
As it continues to grow, Fanatics projects around $8 billion in revenue for 2023.
