US Markets
Thursday, December 14th, 2023 3:17 pm EDT
Key Points
- Strategic Partnership and Acquisition: Ben Sherwood, former Disney executive and CEO of MOJO Sports, has entered into a strategic partnership with TeamSnap, a sports management platform. TeamSnap is acquiring MOJO, and as part of the deal, Sherwood, MOJO’s CEO, will join the TeamSnap board. The acquisition aims to leverage MOJO’s youth sports platform and coaching resources to enhance TeamSnap’s services, creating a better experience for parents, players, and coaches.
- MOJO’s Unique Offerings: MOJO Sports, launched in 2021, provides a comprehensive youth sports platform featuring coaching materials, virtual player cards, and a photo library. The standout feature is live game streaming, allowing remote family members to watch games. MOJO’s coaching resources, supplied by partners in pro sports like Major League Baseball, have been shown to reduce coach churn and lower dropout rates for players. This collaboration aims to address key issues in youth sports, such as the perception that practices are not enjoyable and coaching quality is subpar.
- Market Dynamics and Growth Potential: The partnership reflects a broader trend in the youth sports market, which is rebounding after a pandemic-induced slump. Private equity firms are investing billions into the youth sports market, aggregating clubs and creating new products. TeamSnap’s acquisition of MOJO aligns with the market’s potential, valued at $37.5 billion globally, with approximately 60 million young athletes. The collaboration aims to capitalize on TeamSnap’s existing user base of over two million daily active users, allowing MOJO to scale its streaming and training content. The youth sports market’s unique ability to attract highly dedicated customers, as evidenced by the significant financial commitment of parents, is a driving force behind this strategic move.
Ben Sherwood, former top Disney television executive and CEO of MOJO Sports, has entered a strategic partnership with TeamSnap, a sports management platform. Sherwood, known for his passion for youth sports, founded MOJO to bring a touch of Disney magic to the youth sports experience. TeamSnap’s acquisition of MOJO aims to scale the platform to TeamSnap’s millions of users, enhancing the overall experience for players, families, and coaches.
TeamSnap, founded in 2009, provides a platform for parents and youth team managers to organize rosters, schedules, and facilitate communication between parents and coaches. With a business-to-business arm, TeamSnap also supports league owners with management, registration, and payment services. MOJO’s coaching resources and live game streaming will complement TeamSnap’s offerings, creating a more engaging and enjoyable environment for youth sports participants.
Sherwood, now joining the TeamSnap board, envisions the partnership as a means to leverage MOJO’s coaching materials, which include contributions from pro sports partners like Major League Baseball. These resources aim to improve the quality of team practices, addressing one of the key reasons for kids dropping out of sports – a lack of fun during practice sessions and ineffective coaching.
According to MOJO’s data, their platform has contributed to lower coach churn and decreased dropout rates for players. The vast range of coaching materials, combined with live game streaming, provides a comprehensive solution for parents and coaches involved in youth sports. The addition of MOJO to TeamSnap’s platform is expected to accelerate the growth of both companies, moving them closer to their goal of becoming a global business.
MOJO Sports, launched in 2021, offers coaching materials, virtual player cards, and a photo library for players. The standout feature is its live game streaming service, allowing remote family members to watch games and adding an extra layer of connectivity to the youth sports experience. NFL star Russell Wilson, a founding partner and investor in MOJO, sees the partnership with TeamSnap as an opportunity to enhance the youth sports experience on a larger scale.
TeamSnap’s platform currently boasts over two million daily active users, while MOJO already has five million users globally. The collaboration aims to capitalize on this user base, making streaming and training content more widely accessible. In a market valued at $37.5 billion globally, with approximately 60 million young athletes involved, the partnership positions TeamSnap and MOJO to play a significant role in the evolving landscape of youth sports.
This move comes at a time when the youth sports market is rebounding from pandemic-related challenges, with private equity firms investing billions of dollars into the industry. TeamSnap’s acquisition of MOJO reflects a broader trend of consolidation and innovation in the youth sports market, driven by a commitment to reducing attrition rates and providing a more engaging experience for millions of children involved in sports activities.
For the full original article on CNBC, please click here: https://www.cnbc.com/2023/12/14/mojo-youth-sports-streaming-platform-bought-by-teamsnap.html
