Latest / Money And Wealth With John Hope Bryant / The Business of Being Entertained

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The Business of Being Entertained · Money And Wealth With John Hope Bryant

0:00
Speaker 1: Welcome The Money in Wealth with John O'Briant, a production
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Speaker 1: of the Black Effect Podcast Network and iHeartRadio. Hey, Hey,
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Speaker 1: this is John O'Brien and this is the Money in
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Speaker 1: Wealth podcast, coming to you every Thursday, dropping new episodes.
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Speaker 1: Tell all your friends about it. Today we talk about
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Speaker 1: a different kind of fight, a fight for what's economically right,
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Speaker 1: a fight for your civil rights. But we're bringing to
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Speaker 1: you the Tyson versus Jake Paul fight and really how
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Speaker 1: Mike Tyson got more respect, but Jake Paul made more
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Speaker 1: money more than that. Mike Tyson was I think arguably
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Speaker 1: looking for a payday in respect, which he absolutely deserves.
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Speaker 1: He absolutely deserves respect, and you make that clear. I
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Speaker 1: was rooting for myself, really really like the new Mike Tyson,
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Speaker 1: and I think in the old Mike Tyson, the historic boxer,
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Speaker 1: was I think undefeatable, and at fifty eight years old,
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Speaker 1: he did a great job all things considered, this guy
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Speaker 1: was half his age. But that's not what I'm here
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Speaker 1: to talk about. I just want to make it clear
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Speaker 1: that I was rooting for Mike Tyson and I think
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Speaker 1: he's a great guy. But Jake Paul was on a
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Speaker 1: whole nother situation. Jake Paul was looking to build wealth
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Speaker 1: and build brand for Global Promotions Enterprise, and Mike Tyson
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Speaker 1: was looking for another good paycheck and well respect or
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Speaker 1: more respect, which he received, so fair exchange is no robbery.
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Speaker 1: Mike Tyson was paid twenty million dollars from all estimates,
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Speaker 1: so no one's going to argue about that or with
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Speaker 1: I mean, anybody would love to have I'm sure listening
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Speaker 1: to this twenty million dollars and he left the ring
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Speaker 1: with his faculties in his health. It appears in check,
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Speaker 1: so thank God and God bless let me before I
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Speaker 1: go deeper into why I think that that's not enough
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Speaker 1: and what this was really about? Right, and the real
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Speaker 1: drop to mic here no pun intended has nothing to
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Speaker 1: do with Mike Tyson. I'm going to unpack the game
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Speaker 1: for you. As Jay Z said on his four four
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Speaker 1: four album, which I believe is a financial literacy album,
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Speaker 1: he said, I'm about to give you a million dollars
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Speaker 1: worth a game for nine to ninety nine. This is
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Speaker 1: no ninety nine. You're not paying me a thing. Let
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Speaker 1: me explain to you how cause of promotions work, and
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Speaker 1: let me explain to you what really happened in this fight.
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Speaker 1: But I'm going to first buy explain by giving you
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Speaker 1: my own context of my own life. My dad in
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Speaker 1: this example was Mike Tyson, but worse, my dad never
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Speaker 1: got a paycheck like that and wasn't skilled in the
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Speaker 1: way that Mike Tyson was and could be singular in
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Speaker 1: ability to make incredible amounts of money even if he
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Speaker 1: made mistakes. My dad was a hard working man, Johnny
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Speaker 1: will Smith. We lived in south central Los Angeles. Anybody
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Speaker 1: read my book Financial Literacy for All, which is still
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Speaker 1: number one in the world on business finance, number one
3:21
Speaker 1: in the country, I know, at least business in business finance.
3:25
Speaker 1: If you haven't got a copy, get a copy. You
3:27
Speaker 1: know my book also up from nothing. I covered my
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Speaker 1: dad's story. So we're in south central a and my
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Speaker 1: my dad was this great hustler and h h had
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Speaker 1: a semen contracting business. And again people can read the details.
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Speaker 1: My mom and dad owned several businesses and owned our
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Speaker 1: own you know, real estate and all that stuff, and
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Speaker 1: them being divorced seeing each other and there was domestic
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Speaker 1: abuse in the house and you know they lost it all.
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Speaker 1: But that's not the story. That's the backstory for this,
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Speaker 1: which is I would be at the front door when
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Speaker 1: folks would visit the house. And I remember very proudly
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Speaker 1: when workers of all races would visit the house on
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Speaker 1: Fridays and they'd pick up their paycheck. And in this example,
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Speaker 1: I commend Mike Tyson. He's going to be. He not
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Speaker 1: going to be. He did put a lot of people
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Speaker 1: to work as a result of doing this match. God
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Speaker 1: bless him again. All good. I'm this is not jamming
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Speaker 1: up my father or Mike Tyson. It's what we don't
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Speaker 1: know that we don't know this killing us. But we
4:39
Speaker 1: think we know because no one ever gave us the
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Speaker 1: memo on money and free enterprise and economics and capitalism
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Speaker 1: and ownership and opportunity. So my dad then would open
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Speaker 1: the door midweek for whoever was coming in to sell
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Speaker 1: whatever it is with their sellings. This one guy showed
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Speaker 1: up to our front doorstep and he had a prime
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Speaker 1: mortgage available from my father and my mother had incredibly
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Speaker 1: good credit, so they had applied together. The broker thought
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Speaker 1: that he could really get a great rate for my dad.
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Speaker 1: But the broker wasn't respectful to my dadd He wasn't
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Speaker 1: he didn't call him mister, and he called him by
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Speaker 1: his first name, and he is way too casual for
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Speaker 1: my father's taste, and he had a new be Caucasian.
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Speaker 1: It didn't help in South central LA. And this particular conversation,
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Speaker 1: my dad sort of looking at them sideways, and so
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Speaker 1: ultimately my father just turned the guy away. And let's
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Speaker 1: just say any example that it was offering. He was
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Speaker 1: offering a three percent mortgage. Just to make this sort
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Speaker 1: of clear how good of a deal this was that
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Speaker 1: my dad was turning away. My dad turned it away
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Speaker 1: because he wasn't respectful to him. About a week later,
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Speaker 1: another guy shows up. He's a brother black man and
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Speaker 1: he knows folks in the neighborhood and as a result
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Speaker 1: of that, they've introduced him to my father. And he
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Speaker 1: shows up and he's he's very respectful, he's mister Smith,
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Speaker 1: and oh, I know you go to I know what
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Speaker 1: church you go to, and oh, yes, I've been to
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Speaker 1: service with and oh you're such a you know, you're
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Speaker 1: such a handsome man, and you're so dignified all the
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Speaker 1: way you dress. And he just really complimenting my father, right,
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Speaker 1: just growing that ego and oh, your family is so
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Speaker 1: beautiful and you know, oh, I would never do anything
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Speaker 1: to disrespect you, and you know what can I do
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Speaker 1: to service you? And I'll bring the documents to you
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Speaker 1: midnight or wherever you happen to be to sign them.
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Speaker 1: And my dad ultimately went with this guy's deal to
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Speaker 1: refinance the house. That guy's deal was a hard money loan.
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Speaker 1: The interest rate was just ridiculous. Let's just say, in
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Speaker 1: this example, the interest rate was fifteen percent. It wasn't
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Speaker 1: that bad, but you get the point. It was really
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Speaker 1: not good. And it was no comparison to the so
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Speaker 1: called rude guy who was offering it three percent, but
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Speaker 1: it was you know, they were after different things. And
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Speaker 1: the guy who got the business from my dad knew
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Speaker 1: how to bait him, and knew that he was financially illiterate,
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Speaker 1: and knew that he would win the battle lose a war.
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Speaker 1: He just appealed to his ego and sort of vanity
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Speaker 1: and some sort of Oh, the guy with the fifteen
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Speaker 1: percent mortgage and example, gave my dad a cash out
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Speaker 1: right where the other mortgage was just a refinance, just
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Speaker 1: lower payments, much lower payments, by the way, so immediate
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Speaker 1: cash right, which he also my dad paid for because
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Speaker 1: you're financing the whole thing, so you're literally paying for
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Speaker 1: the money that you're pulling out at fifteen percent. And
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Speaker 1: we ended up losing the house and losing everything. And
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Speaker 1: this example happens all the time in our neighborhoods. My
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Speaker 1: dad had a you know, probably a five hundred credit score.
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Speaker 1: My mother ended up having an eight hundred credit score.
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Speaker 1: And that's one of the reasons I think that they divorced.
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Speaker 1: This example, I want you to now apply to the
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Speaker 1: Tyson Jake Paul fight. Now, I'm going to give you
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Speaker 1: the part that's easy. Could there have been a fight
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Speaker 1: with Jake Paul without Mike Tyson that got access to
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Speaker 1: two hundred and fifty million subscribers of Netflix. The answers no.
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Speaker 1: Could it have been a global event without Mike Tyson.
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Speaker 1: The answers no. What it would have the buzz, the
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Speaker 1: sex appeal, the interest without Mike Tyson from all demographics.
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Speaker 1: I think we all agree the answer is no. He's
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Speaker 1: the legend, the man Iron, Mike Tyson arguably just undefeated.
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Speaker 1: And here's some of the statistics from Mike tyson professional debut.
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Speaker 1: He made his professional boxing debut March sixth, nineteen eighty
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Speaker 1: five at the age of eighteen, defeating Hector Mercedes in
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Speaker 1: the first round TKO technical knockout knockout. In his prime years,
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Speaker 1: he became the youngest heavyweight champion in history November twenty second,
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Speaker 1: nineteen eighty six at the age when he defeated Trevor
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Speaker 1: Berbick I believe for the WBC title. He was a
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Speaker 1: professional career lasted until June eleven, two thousand and five,
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Speaker 1: when he retired after his final fight with Ken Kevin McBride.
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Speaker 1: He returned to exhibition matches from time to time. There
9:22
Speaker 1: was a fight with Roy Jones Junior, a number twenty
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Speaker 1: eighth twenty twenty, and his active career was basically twenty
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Speaker 1: years nineteen eighty five to two thousand and five with
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Speaker 1: exhibition bouts which included this recent one with Jake Paul.
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Speaker 1: So his career spanned forty years. And when he walked
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Speaker 1: into that stadium in Texas, we all saw it. The
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Speaker 1: crowd went wild. I mean tys, sons, sons, sonsys. The
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Speaker 1: vibe was everywhere, and even Jake Paul brilliantly deferred. I'll
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Speaker 1: get it this cemitted as part of this narrative at
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Speaker 1: the end of the fight deferred to Mike, and it
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Speaker 1: all connects. So stay with me for a minute. I'm
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Speaker 1: I unpacked this, but let me just drop one of
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Speaker 1: the mics. So if this couldn't have happened without Mike Tyson,
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Speaker 1: Mike Tyson was the draw. Mike Tyson was a sex appeal.
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Speaker 1: Mike Tyson was was the was the unbeatable force, the
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Speaker 1: credibility that brought this thing together, that created the Okay,
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Speaker 1: then why is it that Mike Tyson got paid twenty
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Speaker 1: million approximately and Jake Paul got paid forty million? Boom?
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Speaker 1: So somebody saying, whoa wait a minute, did John just
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Speaker 1: drop the gavel here? Did he just tell us that
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Speaker 1: Jake Paul, who's only been a professional boxer for about
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Speaker 1: four years, that's right out in the game. Around the
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Speaker 1: year two thousand, the time that Mike re entered as
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Speaker 1: an exhibition boxer after his career was over by fifteen years,
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Speaker 1: Jake Paul enters as a professional boxer from being an
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Speaker 1: influencer on mostly YouTube. Okay, it gets worse better, however
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Speaker 1: you want to describe it. Jake Paul is a co
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Speaker 1: owner of MVP I think It's Promotions, which co produced
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Speaker 1: the fight. You cannot make this up. Yes, I'm a
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Speaker 1: slow roller for you again. Jake Paul, who said he
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Speaker 1: hated Mike AND's gonna beat his bout it. I'm gonna
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Speaker 1: tear you apart and all all this stuff. Right, he's
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Speaker 1: the co owner and partner with Netflix producing the entire
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Speaker 1: boxing match with Mike Tyson. So not only did he
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Speaker 1: get forty million dollars double what Mike earned, he got
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Speaker 1: everything else, which might make his purse upwards of And
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Speaker 1: this is the part I don't know, but I'm gonna
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Speaker 1: walk you through the economics so you can understand financial
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Speaker 1: literacy in real time. It might be awards of one
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Speaker 1: hundred million dollars, but it's going to be a residual
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Speaker 1: payment for arguably the rest of his life. This was
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Speaker 1: a brilliant move by Jake Paul, not a bad move
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Speaker 1: from Mike. I mean, this is Mike's discipline. He's a boxer.
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Speaker 1: He's never said he was a mathematician or a businessman.
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Speaker 1: He's never said he was somebody he's not. So I'm
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Speaker 1: not jamming up Mike Tyson. I told you I was
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Speaker 1: rooting for him. I think his career is amazing. I
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Speaker 1: think he's amazing. And if you can come out of
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Speaker 1: retirement and earn twenty million dollars and then go chill
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Speaker 1: and decide whether you want to work again, and if
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Speaker 1: that's all you want to do, then he's achieved the
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Speaker 1: pinnacle of his career. But we've all had to this
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Speaker 1: generation coming after Mike, we have to have a software
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Speaker 1: upgrade because you can no longer make money on your labor,
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Speaker 1: on your body and expect that to pay sustainable long
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Speaker 1: term dividends. Money makes money on money more than you
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Speaker 1: can ever make money on your body and on your labor.
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Speaker 1: Let me walk you through this one example with no
13:42
Speaker 1: Let me first tell you about folks who try to
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Speaker 1: do this with their body and it just didn't work out.
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Speaker 1: Because you've heard me say that NFL players seventy percent
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Speaker 1: of all of them bankrupt within five years of retirement
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Speaker 1: from the NFL. You've heard me say NBA players about
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Speaker 1: the same. Sixty to seventy percent of NBA players bankrupt
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Speaker 1: after five years after retirement. Their careers somewhere between three
14:04
Speaker 1: years and ten years if they're lucky, right, So by
14:08
Speaker 1: thirty years, you know you're retired, right And if you
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Speaker 1: ever manage your money. Well, you're done. Let's talk about
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Speaker 1: boxers going bro not in. I'm not including Mike Tyson here.
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Speaker 1: Why do boxers do exhibition fights? I'm so excited about this,
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Speaker 1: and you know, I'm tripping over my own words. Money.
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Speaker 1: Why come out of retirement at fifty years old, right
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Speaker 1: and find an exhibition fight? It has to be money
14:35
Speaker 1: because you could You could die in the ring. I
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Speaker 1: mean it could end your life. It could ruin whatever
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Speaker 1: health and wellness you have, and your family's going to
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Speaker 1: be terrified. So why do it? It's the money. Evander
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Speaker 1: Holyfield came out of retirement, got knocked out in an
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Speaker 1: exhibition fight. Floyd Mayweather. I don't understand his economics, but
14:55
Speaker 1: I just think it needs to be very careful. But
14:58
Speaker 1: so far, so good. It appear with Floyd Merriweather, but
15:02
Speaker 1: he at least understands the back end a little bit.
15:04
Speaker 1: It appears Roy Jones Jr. Did it. They can't keep
15:08
Speaker 1: her lying on their bodies to make money. They have
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Speaker 1: to start building wealth in their sleep, like Junior Bridgman.
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Speaker 1: As I've said, you make money during the day, you
15:25
Speaker 1: build wealth in your sleep. Junior Bridgeman was a professional athlete,
15:30
Speaker 1: and he did okay. He played twelve seasons, never making
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Speaker 1: more than three hundred and fifty thousand dollars in a year,
15:41
Speaker 1: but he turned two point nine five million dollars that
15:48
Speaker 1: he had saved into a six hundred million dollar empire,
15:53
Speaker 1: a business empire, by buying five Windy's restaurants in Milwaukee
15:58
Speaker 1: for seven hundred and fifty thousand dollars. Eventually owned over
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Speaker 1: four hundred and fifty restaurants nationwide. Junior Bridgeman again played
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Speaker 1: twelve seasons and never made more than three hundred and
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Speaker 1: fifty thousand dollars in any one season. A great example
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Speaker 1: of a boxer that did well on the back end
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Speaker 1: was George Foreman. He did it with the George Foreman grill.
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Speaker 1: He made over two hundred million dollars from a grill,
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Speaker 1: not a grill in his mouth, not fighting in the grill,
16:26
Speaker 1: not boxing with his hand, but thinking with his brain,
16:29
Speaker 1: winning the battle from the shoulders up. And not only
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Speaker 1: did he take some revenue, but he also had some
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Speaker 1: ownership in stock in the company that made the grill.
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Speaker 1: Let's go back now to this fight and why I
16:44
Speaker 1: want to tell you that it wasn't right, not right
16:49
Speaker 1: for the future of boxers. Again, fair exchange, no robbery,
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Speaker 1: So obviously Mike was very happy, so God bless him.
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Speaker 1: But Jake Paul played a more significant role, probably his
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Speaker 1: least significant role actually was as the boxer. He played
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Speaker 1: a role in the business aspects of every aspect of
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Speaker 1: this fight that was streamed on Netflix. He's a co
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Speaker 1: founder of Most Valuable Promotions MVP. He collaborated with Netflix
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Speaker 1: to organize and promote the event. The partnership marked netflix
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Speaker 1: first venture into live sports streaming, highlighting Paul's influence in
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Speaker 1: bringing about to a global audience. Hold on I'm getting
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Speaker 1: to It. Financially, the fight was lucrative for both fighters,
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Speaker 1: and Paul made forty Tyson made twenty million over two
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Speaker 1: hundred and eighty million subscribers on Netflix. It was made
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Speaker 1: available worldwide, including me and my wife Shacher, we watched it.
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Speaker 1: Paul's involvement extended beyond the ring, as he actively participated
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Speaker 1: in the sports promotion and organization through MVP. This collaboration
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Speaker 1: with Netflix not only showcases business acumen, but also demonstrated
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Speaker 1: his ability to influence the boxing industry and their evolution,
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Speaker 1: particularly in integrating streaming platforms. Into sports, broadcasting and social media,
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Speaker 1: which is his history, is where he came from. Jake
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Speaker 1: Paul was deeply involved in the business side of this fight,
18:21
Speaker 1: leveraging his promotional company, his promotional company, and partnerships with
18:27
Speaker 1: Netflix to orchestrate this groundbreak breaking event which was the
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Speaker 1: biggest box in any boxing event other than what's happened
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Speaker 1: in Las Vegas. Let me break down some of the
18:39
Speaker 1: financial involvements from MVP event promotion and organization. MVP was
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Speaker 1: a key promoter of the fight, handling logistics, marketing, in
18:50
Speaker 1: overall event management. This involved literally literally the negotiation of
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Speaker 1: all the contracts, including the for him and Mike. Then
19:02
Speaker 1: he negotiated it on godtract. Of course, he doubled his income,
19:05
Speaker 1: he doubled his fee. Uh. Overall events management was handled
19:09
Speaker 1: by him. UH. This again all the negotiations for the
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Speaker 1: venue and managing media relationships and media contracts, revenue sharing.
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Speaker 1: As a promoter, MVP would have negotiated a share of
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Speaker 1: the event's revenue streams, which include include not limited to
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Speaker 1: sponsorship deals, securing sponsors for the event and with MVV
19:38
Speaker 1: receiving a portion of these funds. Think about now, all
19:41
Speaker 1: the logos you saw on the walls, on the on
19:46
Speaker 1: the screens, on on the gloves, on the on the mat.
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Speaker 1: You know, you know, walking leading up to it, you know,
19:53
Speaker 1: in the months and weeks, in the weeks and months,
19:56
Speaker 1: the days, weeks and months leading up to this event,
19:58
Speaker 1: all of those promotions events. Think about all that background
20:02
Speaker 1: about marketing, all those logos, all those companies, all of
20:06
Speaker 1: that he negotiated, and all of that he participated in.
20:11
Speaker 1: Merchandise sales I'm talking about, you know, the apparel and memorabili.
20:16
Speaker 1: I'm gonna get to these numbers in a minute. Broadcast rights.
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Speaker 1: Although the fight was streamed on Netflix, MVP may have
20:23
Speaker 1: also negotiated. I'm sure they did terms that included share
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Speaker 1: of the streaming revenue or a flat feed for broadcast rights.
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Speaker 1: My guess is a share, because there's gonna be gonna
20:34
Speaker 1: be rebroadcast rights, which again I'm going to get to
20:39
Speaker 1: as I now tell you how boxing promotion works. Again,
20:45
Speaker 1: put out your pen and pen paper or your iPad here,
20:47
Speaker 1: whatever it is you write on here you go key
20:51
Speaker 1: elements negotiating. Well, first of all, matchmaking. You want to
20:55
Speaker 1: identify fighters whose clash will draw significant an interest. Hello,
21:01
Speaker 1: what did I tell you, you cannot have a fight
21:04
Speaker 1: with just Jake Paul. He's just not that interesting by himself.
21:08
Speaker 1: But him and Mike Tyson, wooh okay. So I'm not
21:14
Speaker 1: saying it's all entertainment. But you know that slap that
21:18
Speaker 1: happened before the fight. You've seen Mike Tyson knock somebody
21:22
Speaker 1: out right with one one hit. And when he touched
21:28
Speaker 1: Jake Paul on that preview whatever they did where they were,
21:32
Speaker 1: you know, before they got them in the ring, Jake
21:35
Speaker 1: Paul didn't even flinch. I mean, his body barely moved.
21:38
Speaker 1: It was an open handed slap. It was, in my opinion,
21:42
Speaker 1: for entertainment purposes. I think it Mike really hit him.
21:44
Speaker 1: He had been laid out on the ground, but again
21:47
Speaker 1: it promoted height. I'm gonna just go to the end
21:52
Speaker 1: of the fight because I just, I just it is
21:55
Speaker 1: hiding in plain sight, and I got to tell you
21:57
Speaker 1: this before I go back to the contracting part. At
22:01
Speaker 1: the end of the fight, Jake Paul salutes. First of all,
22:07
Speaker 1: he doesn't seek the ncout knockout Mike Tyson in our opinion,
22:12
Speaker 1: In my opinion, he'd already knocked him out financially, and
22:15
Speaker 1: he didn't want to hurt his prized asset. Why not
22:19
Speaker 1: get this guy out and then have people he would
22:22
Speaker 1: have He would have lost either way. You knock him out.
22:24
Speaker 1: People say you knocked out a fifty eight year old man.
22:27
Speaker 1: You'd be ashamed of yourself. You knock him out. Everybody
22:30
Speaker 1: who's who's rooting for Mike Tyson now hates you, right,
22:34
Speaker 1: leaving the man with his dignity. You've already won. By
22:37
Speaker 1: the way, did you notice when Mike Tyson came into
22:42
Speaker 1: to the ring and when they introduced Jake Paul. They
22:46
Speaker 1: introduced Jake Paul as a philanthropist, a businessman, an entrepreneur,
22:50
Speaker 1: a promoter, you know, social media, YouTube or influencer, blah
22:55
Speaker 1: blah blah, and then it get around the boxer, right,
22:58
Speaker 1: and then when they introduced and it was some you know,
23:00
Speaker 1: collapse whatever, and then you cantrod use Mike Tyson, the
23:02
Speaker 1: greatest fighter of all time. I them iron, my eyes
23:10
Speaker 1: respectfully earned, and the stadium went wild. I go, Mike,
23:17
Speaker 1: go Dyson. At the end of this fight, this four
23:26
Speaker 1: hour event, by the way, they had you, They had
23:29
Speaker 1: all of us looking at logos and commercials and right
23:33
Speaker 1: buying goods online. And getting all amped up for four
23:37
Speaker 1: hours trying to get to this main event and and
23:41
Speaker 1: it was actually the women's uh, the women's boxing event
23:43
Speaker 1: was actually extraordinary. Even though I think the Latino lady,
23:46
Speaker 1: the lady got robbed, she definitely won. But the other
23:52
Speaker 1: lady did put up a good, good fight. But the
23:54
Speaker 1: Latino woman lady definitely won. So four hours and at
23:59
Speaker 1: the end of this he just gives it away on
24:01
Speaker 1: national television. He says, oh, yeah, you know, Mike, you know,
24:07
Speaker 1: you're just such a legend and I respect you so much,
24:10
Speaker 1: and you know, uh, there was no need to go.
24:14
Speaker 1: I didn't want to hurt him. Didn't want to hurt him. Okay,
24:17
Speaker 1: all right, this is your prime asset and it's key
24:21
Speaker 1: to your brand. You couldn't knocked him out. If it
24:24
Speaker 1: was maybe maybe could knocked him out. I don't know.
24:26
Speaker 1: But he didn't, and he didn't even try. Then he
24:32
Speaker 1: when asked does he want to somebody to fight this
24:35
Speaker 1: other guy for the guy's name, he admits it again
24:38
Speaker 1: and says, look, I got the money, I've got the control.
24:40
Speaker 1: I run this whole thing. That guy needs me, I
24:41
Speaker 1: don't need him. Translation, he doesn't have the vibe that
24:45
Speaker 1: Mike has. I think he went to Mike and negotiated
24:48
Speaker 1: this deal. I think he went to Mike and asked
24:50
Speaker 1: Mike to fight. That's what I think again, matchmaking. This guy,
24:56
Speaker 1: Jake is a really good businessman. I think he went
24:58
Speaker 1: to Mike initially and said, when you like to fight
25:01
Speaker 1: in the exhibition deal, I'll pay you twenty million dollars.
25:03
Speaker 1: And that's all Mike song. And that's all that people
25:06
Speaker 1: tied to Mike's song. And again I'm not criticizing Mike
25:10
Speaker 1: for making this decision. Contracts, securing agreements on fight terms,
25:16
Speaker 1: per splits, and broadcast rights. This is the job of
25:20
Speaker 1: the promoter. Keep in mind Netflix was the streaming partner, okay,
25:27
Speaker 1: and I'm going to get to the back end on
25:28
Speaker 1: them as well. They're your streaming partner, right, They're not
25:31
Speaker 1: in the They're done a boxing match before. They're relying
25:35
Speaker 1: on their partner, which is Jake Paul, who's negotiating his
25:39
Speaker 1: own compensation and the guy he's brought in to fight
25:42
Speaker 1: with them. Sanctioning bodies they work. The promoter works with
25:46
Speaker 1: organizations like the WBC and WBA for title recognition and
25:51
Speaker 1: sanctioning fees. Event planning, in logistics, venue selection, choosing high
25:56
Speaker 1: profile venues to maximize audience and gate revenue. Licensing, obtaining
26:02
Speaker 1: permits and hearing the State and International Boxing Commission regulations.
26:06
Speaker 1: Production organizing everything from weigh ins to press events and
26:10
Speaker 1: fight night productions. Hype building, leveraging social media. What does
26:17
Speaker 1: Jake come from? What's his gold standard? What is he
26:20
Speaker 1: great at? I've already told you he came from social media.
26:23
Speaker 1: By the way, you shouldn't hate on any of this. Right,
26:26
Speaker 1: they put off, you know, an extraordinary entertainment event, probably
26:30
Speaker 1: more entertainment than true boxing. They put off an extraordinary event,
26:35
Speaker 1: and we, I think, on balance, we're pleased with it.
26:39
Speaker 1: So check the box. You know, you also had a
26:42
Speaker 1: presidential election that was I think an entertainment event. But
26:44
Speaker 1: that's a whole other conversation for another time. You know,
26:46
Speaker 1: what could argue all this is WWE produced? But did
26:51
Speaker 1: I just say that? So? Hip building is one of
26:55
Speaker 1: the jobs of the promoter. Celebrity endorsements, involving high profile
26:58
Speaker 1: figures to add buzz, advertising partnerships with and sponsors, running
27:03
Speaker 1: global campaigns, broadcasts, and streaming deals. This includes pay per view,
27:09
Speaker 1: selling rights to pay per view platforms is a major
27:13
Speaker 1: revenue driver streaming platforms. Now, I've already said this was
27:17
Speaker 1: stream by Netflix and John. Why are you mentioning pay
27:19
Speaker 1: per view revenue? Why are you mention international rights selling
27:23
Speaker 1: broadcast rights to other countries for additional revenue? Why am
27:26
Speaker 1: I mentioning that? Because now Netflix owns the whole deal,
27:30
Speaker 1: and if they cut a deal like I think they
27:31
Speaker 1: cut with Jake, they own it together. They're gonna be
27:35
Speaker 1: cashing this thing out for the next five years. They're
27:38
Speaker 1: gonna make revenue for the next six months, just like
27:42
Speaker 1: a cash register as they re license this to other
27:46
Speaker 1: platforms all around the world. Dropped the mic again. This
27:52
Speaker 1: is the gift that keeps on giving sponsorships and partnerships,
27:55
Speaker 1: partnerships with brands for pre event advertising, ring signage, and
28:00
Speaker 1: co branded campaigns. I wan should go back and watch
28:03
Speaker 1: the game. Game watch it is a game. Go back
28:05
Speaker 1: and watch the fight again from my lens. Fighter relations,
28:11
Speaker 1: uh managing Fighter brands career progression and contractual obligations to
28:17
Speaker 1: keep them satisfied and loyal. Mike, what does it take
28:22
Speaker 1: to get you in the ring? Let's talk about revenue.
28:34
Speaker 1: Pay per view or streaming. Stream was stream for free.
28:36
Speaker 1: It was really smart for Netflix extreamly for free. They
28:39
Speaker 1: didn't do pay per view this time, but they're gonna
28:40
Speaker 1: get another back end, live Gate. I'm gonna get to
28:42
Speaker 1: that in a minute. Okay. It's ticket sales for the
28:44
Speaker 1: event promoters aimed at phil arenas or stadiums for maximum revenue. Sponsorships,
28:50
Speaker 1: high profile sponsors, sponsors, energy, drinks, apparel, brands paid to
28:54
Speaker 1: us to be associated with the event. Merchandise, merchandising, streaming,
28:59
Speaker 1: I've already covered that. Okay, Expenses, fighter purses covered that
29:03
Speaker 1: event calls, right, Venue, security, production, sanctioning fees cover that
29:08
Speaker 1: advertising and promotion. Okay. Undercard fights, we've covered that, right.
29:14
Speaker 1: Break even point determined is determined by the guaranteed payouts
29:18
Speaker 1: to fighters and event calls and venue calls versus the
29:25
Speaker 1: anticipated revenue. And then you have upside sharing. I hope
29:30
Speaker 1: Mike got some of this. Often fighters who really cut
29:33
Speaker 1: good deals get a piece of that upside. Global distribution, selling,
29:37
Speaker 1: international broadcast rights and scholarships can be significant boost post fight.
29:43
Speaker 1: All right, here is the numbers. I'm sorry, here he is.
29:47
Speaker 1: Here are the numbers the gate at and T Stadium
29:56
Speaker 1: in Texas, they had seventy three some people come through.
30:02
Speaker 1: It's the biggest event in the history of boxing outside
30:05
Speaker 1: of Las Vegas. Folks got on planes or gott in cars,
30:10
Speaker 1: whatever and went to a stadium. I watched it on Netflix,
30:14
Speaker 1: but they went to checked in hotels, branded cars, bought
30:17
Speaker 1: plane tickets, bought gear, bought merchandise, bought food, buy hot dogs.
30:22
Speaker 1: And you're starting to go and watch this thing again
30:24
Speaker 1: again from my lens. You make money during the day,
30:28
Speaker 1: you bill wealth and your sleep. What did Malcolm X say,
30:31
Speaker 1: You've been bamboozled, You've been tricked, you've been food, you've
30:33
Speaker 1: been hoodwink. I'm not saying you've been bamboozled. Here, you
30:36
Speaker 1: got value for your money because it delivered entertainment. Even
30:39
Speaker 1: though we wanted the fight to be more interesting, and
30:41
Speaker 1: we really wanted Mike, I think, to knock them out
30:43
Speaker 1: or at least give a good fight. But it's fine.
30:47
Speaker 1: We're all happy to see Mike happy, and Mike was
30:50
Speaker 1: not upset to the end of the fight, which tells
30:52
Speaker 1: me again this was the arrangement, like, just come out
30:55
Speaker 1: of just come out of retirement, do the best you can,
30:58
Speaker 1: and if you can knock me out, Mike rate, but
31:00
Speaker 1: you know, I'm gonna come ready for bear. I think
31:02
Speaker 1: it's what you know, Jake Paul had in mine and
31:04
Speaker 1: probably told his friend, Mike type they're friends, and you know,
31:08
Speaker 1: Mike was like, yeah, I'm gonna do this, but I'm
31:10
Speaker 1: not gonna hurt myself either. And he at the end
31:12
Speaker 1: of the day he acknowledged that Jake was a good fighter,
31:14
Speaker 1: and it was a good fight, and you know, take
31:16
Speaker 1: my money and go home. So you had a gate,
31:18
Speaker 1: now seventy two three hundred people. Let's just say the
31:22
Speaker 1: average ticket price is five hundred dollars, which is a
31:24
Speaker 1: mix of standard and VIP pricing I'm making I'm just estimating,
31:29
Speaker 1: but seventy three hundred times five hundred dollars per person,
31:32
Speaker 1: it's thirty six point fifteen million dollars. So just on
31:34
Speaker 1: the gate, right, you've basically covered Jake Paul's salary or
31:39
Speaker 1: you want to call it Mike Tyson salary plus plus plus.
31:45
Speaker 1: So that gate revenue. Then you've got sponsorship deals, right,
31:48
Speaker 1: we know that that was significant. Then you've got you know,
31:53
Speaker 1: estimated sponsorship deals ten to twenty million dollars. This is
31:56
Speaker 1: branding in the arena. Fighter gear, you know, marketing campaigns
32:01
Speaker 1: throughout the promotion energy, drink, appairre of brands, tech companies. Again,
32:06
Speaker 1: I think it's ten to twenty million dollars. So now
32:08
Speaker 1: you've added that to the thirty six million. So now
32:11
Speaker 1: just round that up in the twenty million plus thirty
32:13
Speaker 1: six you know, call that sixty million. That covers both
32:17
Speaker 1: fighters and your I think your venue calls. I'll get
32:20
Speaker 1: that in a second global post live rights. Netflix could
32:26
Speaker 1: license the rebroadcasting on other platforms because they own it.
32:31
Speaker 1: So here's some examples of some of those deals what
32:33
Speaker 1: they may look like. By the way, are you having
32:36
Speaker 1: as much fun with this as I am? Send me
32:37
Speaker 1: notes you know when you see this on social media,
32:39
Speaker 1: on YouTube or by the way, subscribe follow me. Tell
32:42
Speaker 1: your friends to follow this podcast every week where I
32:46
Speaker 1: unpack the economy and repack it with you in mind.
32:48
Speaker 1: Get my book Financial Literacy for All, Go to operation
32:50
Speaker 1: to helpe and sign up for financial coaching and counseling
32:52
Speaker 1: at Scholarship for entry level Coaching and Counseling. So it's
32:55
Speaker 1: free to you. Let me know what you think about
32:58
Speaker 1: this and whether you want me to do more like this. Okay,
33:01
Speaker 1: back into this, I'm so excited. Examples. So we're up
33:03
Speaker 1: at now sixty million dollars in revenue, which is covering
33:07
Speaker 1: the core expenses of the venue and the fighters. You
33:10
Speaker 1: still have other expenses. But here's the examples of the deals.
33:15
Speaker 1: Ten million dollars for Asian markets, eight million dollars for
33:19
Speaker 1: European markets. These are rebroadcasting rights, five million dollars for
33:24
Speaker 1: other territories. Total potential licensing revenue just from one rebroadcast
33:29
Speaker 1: twenty three million to thirty million. Yeah, streaming and replay rights.
33:36
Speaker 1: Netflix could offer the fight as part of a higher
33:38
Speaker 1: tier subscription or make it available on demand for purchase,
33:42
Speaker 1: and that could be I mean, just two million purchases
33:46
Speaker 1: at fifteen dollars is thirty million dollars. Ancillary rights documentaries
33:51
Speaker 1: or exclusive content about the fighters or the event. They've
33:53
Speaker 1: already done. A documentary is already up, by the way,
33:55
Speaker 1: you can watch it that chronicle the pre fight. They'll
33:58
Speaker 1: probably do something postfight. Two betting partnerships, especially in markets
34:03
Speaker 1: where sports betting is legal. So you have revenue here,
34:12
Speaker 1: Well you figured it out. The revenue for us these expenses.
34:15
Speaker 1: Here's some of the expenses we talked about the fighter
34:17
Speaker 1: perse event costs not it cost ten fifteen million dollars.
34:22
Speaker 1: Marketing might have cost ten million dollars, but Jake Paul
34:25
Speaker 1: did a lot of that himself through social media, and frankly,
34:28
Speaker 1: a lot was paid that through was promoted through advertisers.
34:30
Speaker 1: They're paying basically than to pay for marketing, because the
34:33
Speaker 1: advertisers essentially marketed the event. Every time they put a
34:36
Speaker 1: commercial on it did something, it says, hey, we're associated
34:38
Speaker 1: with this ingredible fight, so wet They paid him to
34:42
Speaker 1: market his own event. Sanctioning fees two to three million dollars. Staffs, logistics,
34:48
Speaker 1: and miscellaneous for the day of the event and leading
34:51
Speaker 1: up to it is probably five million dollars, So it
34:54
Speaker 1: doesn't take a rocket science to figure out that there's
34:56
Speaker 1: a whole lot of profit leftover. The fight is profitable
35:01
Speaker 1: primarily due to its global appeal and cross platform potential.
35:05
Speaker 1: Leveraging mix of live event income and post event licensing
35:09
Speaker 1: streaming insures that sustained revenue beyond the fight night lives
35:15
Speaker 1: on forever. This model showcases the evolving economics of combat
35:20
Speaker 1: sports in the age of digital streaming and global audiences
35:23
Speaker 1: and hello social media personalities. In summary, a major boxing
35:29
Speaker 1: promotion promoter orchestrated this entire ecosystem from fighter selection to
35:34
Speaker 1: global distribution. The economic it's hinged on maximizing the live
35:41
Speaker 1: gate sales, sponsorship revenue, and managing expenses, but most of
35:46
Speaker 1: all broadcasting revenue post event. In other words, the real
35:52
Speaker 1: money is yet to be made. So, yeah, you can't
36:00
Speaker 1: just live on your body anymore. You can't, just like
36:03
Speaker 1: you can't just rock a mic. Is my late friend,
36:05
Speaker 1: the great Quincy Jones, who is a dear friend, the
36:08
Speaker 1: deer mentor and a big brother, once told me, John,
36:12
Speaker 1: if you think you're in the music business and you
36:13
Speaker 1: don't own licensing rights, publishing rights, writing rights, some kind
36:17
Speaker 1: of rights, you're actually not in the music business. You're
36:20
Speaker 1: just a temporary performer. Boom. So think about how they
36:25
Speaker 1: a lot of artists have gotten robbed in broad daylight.
36:28
Speaker 1: They don't want to focus on the business side. They
36:29
Speaker 1: just want to They just want to be creative. They
36:31
Speaker 1: let somebody else handle the business. Member it's the music business.
36:34
Speaker 1: It's the business of music, and if you sign a
36:37
Speaker 1: bad contract, they own you for life. That happens in
36:40
Speaker 1: the music business. So you're rocking the mic, but you
36:43
Speaker 1: don't own the mic. You don't own the stage. Look,
36:45
Speaker 1: I want to own I want to own the VIP
36:48
Speaker 1: bracelet company. Yeah, I admit that. I want to own
36:52
Speaker 1: the whoever does the portable stages. I want to own
36:57
Speaker 1: whoever licenses. I'm sorry, Lisa's the microphones and the mic
37:01
Speaker 1: stands and the camera lenses. Yes, the lenses of the
37:06
Speaker 1: camera are not owned by the folks running the cameras
37:09
Speaker 1: or the production company. They're at least because they're expensive
37:11
Speaker 1: to two hundred two thousand, sometimes two hundred thousand dollars
37:15
Speaker 1: four a lens. The body of the camera, that's another company, right.
37:18
Speaker 1: I want to own the film. Uh, it's not digital
37:21
Speaker 1: these days, you're starting to get this. I want to
37:23
Speaker 1: own the catering company, the graphics company. Give me something
37:28
Speaker 1: that's going to get used all the time, the porta potties.
37:31
Speaker 1: Think about it. Just unpack a concert, unpack a promotional event,
37:36
Speaker 1: unpack a night at the club. Think about all the
37:38
Speaker 1: vendors involved in that process. And when that artist comes
37:41
Speaker 1: and goes they got a hit and that one day
37:43
Speaker 1: and not a hit another that their career might be over.
37:45
Speaker 1: But the next person can come along. They're going to
37:47
Speaker 1: use the same mic, the same vip races, the same
37:50
Speaker 1: bound you know, security security company, the same valet company, right,
37:55
Speaker 1: the same lawyers, same business managers. Right. So these folks
37:58
Speaker 1: are ever great and they live for ever, and we
38:00
Speaker 1: get mad at them because they're great negotiators. That the attorneys,
38:03
Speaker 1: the business managers, the financial backers. Don't get mad at them.
38:06
Speaker 1: Don't hate the don't hate the players if you want
38:08
Speaker 1: to hate the game. But I'm trying to teach you
38:10
Speaker 1: the game. Again, as Jay Z said, I'm trying to
38:12
Speaker 1: give you a million dollars with a game for nine
38:14
Speaker 1: ninety nine. I'm giving it to you for nine for
38:16
Speaker 1: ninety nine. This costs you nothing but your time. So
38:20
Speaker 1: whether you're a singer or whether you're a professional athlete
38:24
Speaker 1: on the on the field. Right. I did a video
38:28
Speaker 1: on my social media Straight Talk Live series. You can
38:30
Speaker 1: go back and watch it where I talk about there's
38:31
Speaker 1: an NFL player who tried to negotiate his contract through
38:35
Speaker 1: an LLC limited limited liability corporation, so they would just
38:39
Speaker 1: pay him the entire amount that he was owed under
38:42
Speaker 1: the contract, and he'd paid, and then he would take
38:44
Speaker 1: his expenses out and he would treat himself as a corporation. Well,
38:46
Speaker 1: you you're not a corporation. You're not a partner with
38:49
Speaker 1: the NFL. You're an employee. You're not even you don't
38:51
Speaker 1: even work for the NFL. You work for a team
38:53
Speaker 1: that's licensed by the NFL. Hello, can I get an
38:56
Speaker 1: a man. I'm just breaking it down for you. You're
38:59
Speaker 1: working for a team, right who has a license agreement.
39:03
Speaker 1: They paid for it from the NFL. You're onder that
39:06
Speaker 1: team's banner, and you're an employee of that team. They
39:08
Speaker 1: give you health insurance, they give you training, they give
39:11
Speaker 1: you infrastructure. They give you a place to sleep, but
39:13
Speaker 1: a place to they take your to your transportation. And
39:16
Speaker 1: now you can't decide that you want to now be
39:18
Speaker 1: a partner. Once they've taken all the risk off the table.
39:20
Speaker 1: You have no risk other than your body. So you're
39:23
Speaker 1: an employee. And by the way, they can fire you
39:26
Speaker 1: anytime they like. I'm sorry, they can release you from
39:28
Speaker 1: your contract. And you're getting paid so much, Well, no
39:31
Speaker 1: one's gonna feel sorry for you. Save your money. Invest
39:34
Speaker 1: in business like Junior Bridgeport did. Junior Bridgeman, I mean did,
39:39
Speaker 1: and many other highly successful people beyond Junior Bridgeman. You
39:42
Speaker 1: have Magic Johnston, and you know Michael Jordan, and all
39:46
Speaker 1: these players today are Steph Curry are doing great jobs
39:50
Speaker 1: of managing their brand and managing their businesses. They're managing
39:53
Speaker 1: their body on the field, so when they step off
39:57
Speaker 1: the field, that's really their career. Anybody who's become a
39:59
Speaker 1: billion there by the way, in professional sports are the
40:02
Speaker 1: arts didn't do it by rocking the mike, bouncing basketball,
40:04
Speaker 1: hitting a ball of any kind. They did it by
40:07
Speaker 1: transferring to business. So this is no different right And
40:13
Speaker 1: again I'm an inn where I started. I'm not hating
40:16
Speaker 1: on Mike. I love Mike. I respect him, and he
40:18
Speaker 1: he is living his truth and he has a right
40:20
Speaker 1: to live it any way he sees fit. He also
40:22
Speaker 1: came up in a different generation where these conversations were
40:25
Speaker 1: not common, and you have access to a software upgrade
40:29
Speaker 1: that Mike didn't have because you have me and others
40:32
Speaker 1: tell you how this game was played. Nobody told Mike
40:33
Speaker 1: how this game was played. I mean, his dream was
40:36
Speaker 1: to be a boxer, and that was a dream come true.
40:38
Speaker 1: And by the way, he's done it masterfully, and he
40:40
Speaker 1: deserved that standing ovation that he got. That sustained standing ovation.
40:43
Speaker 1: I was clapping from him on the TV set. But
40:47
Speaker 1: no different than an Apple phone when the first one
40:51
Speaker 1: came out, iPhone one two three, uh, and you know,
40:57
Speaker 1: but even when they came out, you know, you know,
40:58
Speaker 1: iPhone four or five, six, seven, eight, nine ten right there.
41:02
Speaker 1: Now I have the iPhone sixteen Pro and no different.
41:05
Speaker 1: And as soon as the iPhone comes out, there's a
41:07
Speaker 1: software up grade because they missed something, because they wanted
41:10
Speaker 1: to make something a little bit better, because they don't
41:11
Speaker 1: let the perfect become the death of the good. But
41:13
Speaker 1: they understood the clients have constantly evolving demands and they
41:18
Speaker 1: if they're going to pay for this product, they want
41:20
Speaker 1: software that is almost more valuable than the infrastructure the
41:24
Speaker 1: body itself. So now my iPhone sixteen Pro has a
41:29
Speaker 1: my last time I checked as a software of eighteen
41:31
Speaker 1: points something. So the phone just came out and already
41:36
Speaker 1: the software is out stripping it in its upgrade. It's again,
41:41
Speaker 1: it's eighteen point one. I always eighteen point one. I
41:44
Speaker 1: just checked. The phone just came out. Because it's not
41:47
Speaker 1: about the body, it's about the software. It's about the
41:52
Speaker 1: business plan. It's that the magic right is in the
41:56
Speaker 1: software is in the functionality inside of the body, around
42:02
Speaker 1: the body that brings the body to life. So in
42:06
Speaker 1: Tyson's generation, it was about perfecting that body. And he
42:09
Speaker 1: did it better than anybody else. And he's deserved a
42:14
Speaker 1: standing ovation. And I'm so glad that he that he
42:16
Speaker 1: came out of there ringing, healthy and wealthy by any measurement. Right,
42:20
Speaker 1: anybody would love tweet me and wise and he and
42:23
Speaker 1: he goes and live a fight another day. I hope
42:24
Speaker 1: he stops fighting with his body, he starts fighting with
42:28
Speaker 1: his brain. But but Jake Paul understood the software, and
42:32
Speaker 1: he understood the business plan, and he understood that this
42:36
Speaker 1: was the business of boxing. And that brother, I must
42:40
Speaker 1: give him credit honor. I mean my brother, he's under
42:45
Speaker 1: God's under God's plan. He is my brother. Uh. He mastered,
42:49
Speaker 1: He mastered this business plan, co promoter and fighter. He
42:57
Speaker 1: rocked the stage and owned it. This is John O'Brien.
43:01
Speaker 1: This is money and wealth on Black Effect Network. This
43:04
Speaker 1: was Unpacking Tyson versus Jake Paul, the fight of the decade.
43:12
Speaker 1: Mike Tyson got more respect and got paid, but Jake
43:16
Speaker 1: Paul made more money and build wealth. And Brian Fair
43:21
Speaker 1: exchange is no robbery, good negotiations. When you leave the
43:24
Speaker 1: table and everybody is slightly irritated. So I think this
43:28
Speaker 1: worked out just fine for them. And I want you
43:30
Speaker 1: to understand the games being played on you so you
43:33
Speaker 1: can mash the game and own some of it yourself.
43:36
Speaker 1: Start with owning your home. Start with but having a will,
43:39
Speaker 1: Getting a life insurance policy cost just as much to
43:42
Speaker 1: rent as it does to own your own home. Getting
43:45
Speaker 1: your credit screw up. Okay, you got it. You know
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Speaker 1: I'm about to start preaching, all right, John O'Brien of
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Speaker 1: in Light This is Money and Well. Money and Wealth
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Speaker 1: with John O'Brien is a production of the Black Effect
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Speaker 1: Podcast Network. For more podcasts from the Black Effect Podcast Network,
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Speaker 1: visit the iHeartRadio app, Apple Podcasts, or wherever you listen
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Speaker 1: to your favorite shows.