In this conversation with Michael Ratner, CEO of OBB Media, we uncover the intricate systems and hidden consequences of building a media empire at the intersection of sports, content, and commerce. Ratner reveals how Fanatics' deep market penetration and athlete relationships, when combined with OBB's storytelling prowess, create a powerful flywheel effect that disrupts traditional media models. This discussion is crucial for anyone in the media, sports, or entertainment industries looking to understand how to build durable, fan-centric businesses that go beyond immediate gratification. By mapping the full causal chain of decisions, Ratner demonstrates how embracing complexity and delayed payoffs can forge significant competitive advantages, revealing the often-overlooked downstream effects that shape long-term success.

The Fanatics Studios Playbook: How Michael Ratner is Building a 360-Degree Media Flywheel

The sports media landscape is often viewed through a lens of immediate wins: securing broadcast rights, launching a new show, or signing a star athlete. Yet, beneath the surface of these visible actions lie complex systems and cascading consequences that determine true, lasting success. In a recent conversation on The Varsity podcast, Michael Ratner, CEO of OBB Media, detailed his ambitious joint venture with Michael Rubin’s Fanatics to launch Fanatics Studios. This partnership is not merely about producing more sports content; it's a strategic move to leverage Fanatics' unparalleled access and community to create a self-reinforcing ecosystem where content, commerce, and fan engagement are inextricably linked. Ratner’s insights reveal a profound understanding of how to build value not by avoiding difficulty, but by embracing it, understanding that immediate discomfort often paves the way for significant, long-term competitive advantage.

The conventional wisdom in sports media often focuses on acquiring eyeballs for content. However, Ratner’s approach, particularly through the Fanatics Studios venture, highlights a more sophisticated strategy: creating a "360-degree flywheel." This isn't just about creating a documentary or a film; it's about weaving narratives that amplify Fanatics' existing businesses--from apparel and collectibles to betting--and, in turn, using those businesses to fuel more compelling content. The immediate benefit of this partnership is clear: OBB Media gains access to Fanatics' vast network of athletes, leagues, and fans, while Fanatics gains a sophisticated content engine to deepen its engagement with its customer base. But the hidden consequences, the downstream effects that Ratner emphasizes, are where the real disruption lies. This model blurs the lines between audience and customer, creating a continuous loop of engagement and commerce that traditional media companies struggle to replicate.

The Flywheel Effect: Content as the Engine for Commerce and Community

In the conversation on The Varsity, Michael Ratner articulated a vision for Fanatics Studios that extends far beyond traditional content production. He described a deliberate strategy to build a "360-degree flywheel," where content creation is not an end in itself, but a powerful lever to amplify and integrate with Fanatics' diverse business verticals. This approach fundamentally challenges the siloed nature of many media operations, instead opting for a symbiotic relationship where each component reinforces the others.

Ratner explained that Fanatics, with its deep ties to apparel, collectibles (like trading cards through Tops), and betting platforms (Fanatics Betting & Gaming), presents a unique opportunity. "There's a lot of attractive storytelling around FBG... and we could do scripted work there," he noted, illustrating how narratives can be built around the excitement and engagement of sports betting. Similarly, concerning the commerce side, he stated, "whether it comes to merch or or tops like i mentioned there's a lot of stuff that we can do and and put those items and those athletes into positions where we could tell better stories around products that we're trying to sell." This is a direct application of consequence mapping: the immediate action is creating content, but the downstream effect is driving sales and deepening brand loyalty by embedding products and athletes within compelling narratives.

The Fanatics Fest event served as a tangible example of this flywheel in action. Ratner recalled his initial skepticism, viewing it as a potential "colossal failure." However, OBB Media’s involvement transformed it into a dynamic, viral event. "We wanted to figure out how do we take advantage of the new media social media landscape and then ultimately also put out a polished i'd call it a one hour special that comes out on espn," he explained. This shows a clear understanding of how to capture immediate, real-time moments--like Kevin Durant finding out he's being traded live on stage--and translate them into shareable social content and a polished broadcast product. The consequence of this approach is not just viewership, but an amplified sense of community and excitement that directly benefits the Fanatics brand and its associated commerce.

Ratner’s emphasis on the "blurred line between audience and customer" is a critical insight. By creating content that resonates deeply with fans, Fanatics Studios can inspire not only viewership but also direct engagement with Fanatics' products and platforms. This creates a virtuous cycle: compelling content drives fan interest, which leads to increased engagement with Fanatics' offerings, generating data and revenue that can then be reinvested into even more ambitious and resonant content. This is a long-term play, where the immediate discomfort of integrating disparate business units into a cohesive content strategy pays off in the form of a more robust and defensible market position.

The Unpopular Advantage: Embracing Difficulty for Lasting Moats

A recurring theme in Ratner's perspective is the strategic advantage derived from tackling difficult, often unpopular, challenges. He highlighted how OBB Media’s partnership with Fanatics was not a "shotgun marriage" but a carefully cultivated relationship, built on shared entrepreneurial drive and a willingness to engage in "4:30 am conversations." This commitment to deep collaboration and persistent effort, even when it demands significant personal investment, is precisely what creates durable competitive advantages.

Ratner’s origin story further underscores this ethos. He recalled being the "black sheep" in film school for prioritizing commercially viable projects and aiming for high viewership and revenue. This focus on practical, market-driven content creation, rather than purely artistic pursuits, laid the groundwork for OBB Media’s success. He actively sought to build "vertically integrated" businesses with "larger margins," a stark contrast to the more traditional, often less profitable, production models. This foresight led to the development of OBB Media, where he and his brother pursued ownership of intellectual property and sought to control more of the value chain.

The decision to go "exclusive in sports OBB sports with Fanatics and Fanatics going exclusive with OBB for all sports content" exemplifies this strategy. While many companies might opt for broader, less committed partnerships, Ratner and Rubin chose a deep integration. This exclusivity, while potentially limiting in scope, allows for a more focused and powerful execution of their flywheel strategy. The consequence of this focused approach is the ability to create "franchisable annuity value tent pole projects"--content that has the potential for long-term, recurring revenue. This requires a significant upfront investment of time, trust, and strategic alignment, a path that many others would shy away from due to its complexity and the delayed gratification it promises.

Furthermore, Ratner’s view on content creation itself embraces difficulty. He advocates for a "content school" approach, where creators are not confined to traditional definitions of film, TV, or digital media. The success of "Speed Goes Pro," a show that feels native to YouTube and leverages a massive creator network, demonstrates this. Ratner recognized that the power of a dedicated subscriber base, a direct connection with an audience, bypasses much of the guesswork in traditional media buying. The challenge, then, is not just creating content, but becoming entrepreneurial in deal-making, retaining ownership, and ensuring effective marketing--all of which demand a higher level of strategic thinking and operational rigor than simply producing a one-off project. This willingness to write their own playbook, rather than follow established ones, is a testament to their commitment to building something uniquely valuable and resilient.

Navigating the Content Ecosystem: Platform Agnosticism and Audience Truth

Michael Ratner's strategic approach to content creation is characterized by a profound understanding of the evolving media ecosystem and an unwavering commitment to audience truth. He articulated a philosophy that transcends the traditional boundaries of broadcast, cable, and streaming, emphasizing a platform-agnostic mindset that prioritizes the right home for the right content. This isn't about chasing every platform; it's about understanding where the audience resides and ensuring the content feels native and impactful there.

When discussing potential distribution for Fanatics Studios’ projects, Ratner rejected the idea of a monolithic approach. "Making no grand statements about all content universally should live on our OOs or all content should live on Netflix," he stated. Instead, the guiding principle is: "What is the best home for this project? Where is the audience? And let's go meet them where they are." This led to a nuanced distribution strategy: the ESPYS belong on ESPN, WWE content on the WWE Network or YouTube, and a show like the Flag Football Classic with Tom Brady on Fox Sports. This meticulous placement ensures that content reaches its intended audience in a context that enhances its reception, a crucial downstream effect of thoughtful planning.

This platform awareness extends to the very format and duration of content. Ratner described OBB Media as "duration agnostic." Whether a piece is eight minutes for YouTube or a feature-length film for Netflix, the length is dictated by what best serves the story and the audience. He questioned the relevance of traditional "long form" and "short form" labels, recognizing that audience consumption habits are fluid and generational. This flexibility allows them to adapt to the unique demands of each platform and audience segment, avoiding the pitfalls of imposing a one-size-fits-all solution. For instance, while a show like "Speed Goes Pro" feels inherently like a YouTube production, a project like "Mountain Queen" was a natural fit for Netflix due to its cinematic scope and narrative depth.

The challenge of creating content for dual platforms like ABC and Hulu--catering to distinct demographics--was highlighted as a testament to this craft. Ratner explained the need to find a unifying element, perhaps an artist like Olivia Rodrigo and a legend like Cher, and then create a moment of synergy between them. This requires a deep understanding of audience psychology and a willingness to experiment. It’s about recognizing that "certain content feels certain places" and that the producer's role is to be honest with themselves about the audience and "tweak accordingly." This strategic, audience-centric approach, which acknowledges the complexities of the modern media landscape, is what allows Fanatics Studios to build truly impactful and resonant content, creating a lasting connection with fans that fuels the entire flywheel.

The Future of Sports Content: Beyond Access, Towards Deeper Narrative

The state of the sports content market, as described by Michael Ratner, is one of immense potential, albeit one that requires a departure from the "access documentary" trend that has dominated recent years. While projects like ESPN’s "30 for 30" series and Netflix’s "The Last Dance" proved the viability of deep dives into sports narratives, Ratner sees a future that is more integrated, more diverse, and more focused on authentic storytelling that transcends mere privileged access.

Ratner acknowledged the current trend of organizations, including players, launching their own production studios. While he views these as "incredible," he also notes their inherent limitations. "They're a bit capped out," he suggested, implying that their scope is often confined to their specific league or roster. In contrast, Fanatics Studios, by partnering with Fanatics, gains "the reach, the multi-sport nature of Fanatics, all of the different leagues and players and and organizations that we can now partner with." This broad access allows for "eclectic storytelling across the board," a greater opportunity than those limited by a narrower focus.

A key differentiator Ratner emphasized is the commitment to objective, true storytelling over "subjective puff piece commercials." This means moving beyond flattering portrayals of athletes and instead exploring their stories with depth and authenticity. He cited the example of the Fanatics Flag Football Classic with Tom Brady. This wasn't a "Tom Brady puff piece," but an initiative to create a new property around the fastest-growing sport in the world, with Brady as a global ambassador. The effort involved "creating the gameplay," "thinking through teams and jerseys," and marketing it effectively--a complex undertaking that requires a true partnership between the talent and the storytellers. This approach builds trust with athletes, who understand that their stories will be told with integrity, which in turn deepens their willingness to collaborate on future projects.

Ratner also touched upon the evolution of award shows, specifically mentioning the ESPYS. He suggested that while the show has been successful, "anything that runs for decades it just needs a rethink and a freshen up." The goal is to bring "Fanatics Fest energy" to the ESPYS, incorporating "unexpected moments" and potentially new awards, while ensuring that compelling content is made accessible. This means thinking about social media integration and surrounding opportunities to amplify the experience. The ultimate aim is to create moments that are "shareable," that spark debate and conversation, fostering a community around sports and entertainment. This forward-looking perspective, which prioritizes narrative depth, authentic representation, and broad engagement, positions Fanatics Studios to lead the next wave of sports content innovation.

Key Action Items

• Embrace Platform Agnosticism: For any content project, rigorously identify the ideal platform and audience, rather than defaulting to a single distribution channel. This ensures content lands with maximum impact and resonance. Immediate Action.
• Integrate Content with Commerce: Actively seek opportunities to weave products, brands, and commerce into storytelling. This means moving beyond standalone content to create narratives that naturally drive engagement with associated businesses. Over the next quarter.
• Cultivate Deep Partnerships: Invest time in building trust and shared vision with key collaborators. The "4:30 am conversations" Ratner mentioned highlight the value of persistent, in-depth strategic alignment, which forms the bedrock of durable ventures. Ongoing investment.
• Prioritize Ownership and IP: Focus on creating and owning intellectual property rather than simply being a service provider. This strategy creates long-term margin potential and strategic control. This pays off in 12-18 months.
• Develop "Shareable" Content: Design content with the explicit goal of sparking conversation and community engagement. This requires understanding what drives audiences to want to discuss and recommend a piece of media. This pays off in 6-12 months.
• Seek Out Difficulty: Actively pursue projects that are complex, require significant upfront effort, or might be initially unpopular. These are often the areas where competitors hesitate, creating opportunities for significant competitive advantage. This pays off in 18-24 months.
• Innovate on Format and Duration: Be willing to experiment with content length and structure based on the platform and story, rather than adhering to traditional broadcast or streaming norms. Immediate Action.