Leaders in sports meet to discuss key topics and collaborate on strategy, according to a new report from Recode.
The report found that sports leaders often use these types of meetings to share ideas about what’s next for their respective companies and teams.
The focus on leadership has long been the main pillar of social media and other media companies’ marketing efforts.
The trend has taken off over the last year or so, with Facebook and Twitter recently announcing that they are hiring new teams and brands to run their social media channels.
While the social media platforms are starting to see an uptick in revenue, leaders in sports are struggling to keep pace.
Recode’s report found just 14% of CEOs in sports said their company was profitable last year, a drop of 10% from 2015.
“When CEOs are looking for ways to improve their company’s bottom line, they tend to look at the most valuable aspects of their company, whether it’s how well they do on metrics like revenue or profits, or how well their team performs on key metrics like wins and losses,” said Recode CEO J.J. Schiller.
“And when they see that their company is not doing so well, they look for ways they can make their company better.
These are things that CEOs really value.”
For the first time, the report found CEOs were more likely to see their company in need of a $1 billion or more funding round than their peers in the other industries.”CEOs are more likely than average to view their company as undervalued or underperforming,” Schiller said.
“And that’s something we have to be aware of when we’re talking about investing.”
Schiller said he thinks the lack of profitability may be due to the rise of social networks and the rise in competition from other players in the space.
“The rise of digital platforms has allowed them to do what they have done well, which is to make their brands more accessible to millions of people in the United States and around the world,” Schillersaid.
“This has made it possible for people to find out what their favorite sports teams are, how they fare against other sports teams and to find ways to find them on social media.”
The report also found that executives are less likely to take stock of their business than they used to be.
That trend has continued in the last five years, according, and CEOs were more willing to give out financial data about their companies in 2016 than they were five years ago.
“This is a problem that the CEOs and their executives are having to deal with in their personal life, because they have more responsibilities in terms of family, health and social responsibilities,” Schilling said.
“It’s really not just a financial thing that CEOs are having an easier time dealing with.”
For some sports leaders, it’s not a problem at all.
According to Schiller, “The leadership and team culture of sports is a very positive thing.”
The report found leaders were much more likely and more willing than their counterparts in other industries to share their opinions on topics ranging from politics to social issues to the impact of sports on the world.
“Sports leaders are often willing to speak up on the issue of race and race relations in the US and around Europe, for example,” Schillsaid.
“But they also know that it’s a very difficult subject to discuss in an industry that has so much history of racism.”
Schillersuggests that leaders in the sports industry may be more comfortable in sharing their opinions with the public than their competitors, which he said is one of the reasons they are “more willing to talk about issues they are more comfortable with sharing.”
“It may be that the leaders are much more comfortable talking to their fans and followers about the things they are passionate about,” Schilled said.
The full report can be found here.