Incoming Bleacher Report CEO Howard Mittman said the company’s revenue has more than quadrupled since the millennial-focused sports news site was acquired by Turner in 2012, largely driven by app and website ads. But the company is now eyeing sports betting revenue rather than app subscriptions for its future growth.
Mittman has served as Bleacher Report’s chief revenue officer and chief marketing officer since 2017. He takes the helm of Bleacher Report shortly after AT&T’s takeover of Turner, which closed late last year.
He told Axios in a recent interview that he has no plans to put a paywall in front of the app’s content. In contrast, both Bleacher Report’s over-the-top live TV app, B/R Live, and rival ESPN+ instead rely on subscription models. B/R Live carries a monthly subscription of $9.99, which is double the cost of ESPN’s streaming app.
Bleacher Report has seen significant success for its free app since launch. Roughly 20 million people have downloaded the app, which contributes to more than half the company’s traffic and revenue, according to Axios. Much of the company’s top line comes from ads, which brings in $80 to $100 million each year for Bleacher Report.
Mittman said Bleacher Report’s revenue is up four to five times since Turner scooped up the company for $175 million seven years ago. While many of its competitors are focusing on subscription models, including The Athletic, Mittman said he doesn’t believe fans necessarily are willing to pay for sports journalism and analysis.
“I don’t see us at any time going to paid model, where content is gated, because I think there’s a better opportunity for us to continue to engage a larger audience of sports fans, who show no evidence from us that that’s what they want,” he said, according to Axios. “I just don’t believe that gating journalism is the best way for us to grow this business.”
Rather than app subscriptions, B/R is eyeing longer-term growth targets through sports betting. The company announced a new deal earlier this month with Caesars Entertainment to build a live 24/7 sports-betting content studio inside Caesars’ sports book in Las Vegas.