When Adam Kelly joined IMG a quarter of a century ago, the sports business was still largely built around broadcast schedules, ticket sales and a handful of dominant media rights buyers.
Today, as president of the global sports marketing agency, now part of TKO Group Holdings — after its acquisition of IMG from Endeavor last year — he is operating in a market being reshaped by technology platforms that measure everything and expect content to do more than fill airtime. Here, he explains why rights to live sports are turning into media’s central battleground, what rights holders should do to keep control of their intellectual property and why sport is a counterweight to AI “slop”.
Josh Noble: We’re seeing a lot of movement in the media landscape: Warner Bros Discovery, Netflix and Apple have all taken big strides into sport over the past 12 months. Where do you see sport fitting into this changing world of media?
Adam Kelly: If you look at the bigger picture, I think we’re in a golden age for sport. Through 2025, and in the couple of years before that too, we’ve consistently seen audience records broken: the Euros, the Olympics, NFL games and big boxing.
That’s a great context for looking across the industry. We’re seeing metrics, across multiple markets, hit new highs. When I think about what that means for the media landscape, I try to step back and ask what the real driver is.
Sport has this unique ability to tap into the highest-value part of the attention economy, and also into the experience economy, with the same core product. Nothing else really does that. It drives additional value through scarcity, but the underlying factors are deeper: it taps into community and passion, and it requires an extra commitment from audiences to make a positive decision to engage, to make that appointment to view.
That’s why sport is delivering, and why we’re seeing platforms across the industry competing to play a part in it, competing to gather attention they can convert. Some of the biggest and best companies in history, the ones that are best at converting attention into earnings, are now really engaging in sport in this era.
For me, and for IMG, we have to ensure that fans aren’t just consuming sport in new ways, but that they’re getting the benefits, so sport continues to thrive, remains sustainable, and there’s a fair balance.
A fan streams the Abu Dhabi Formula 1 Grand Prix on a mobile phone © Idrees Mohammed/AFP via Getty Images
This innovation phase is very present. At IMG, we’ve spent the past six years evolving our business so we can be that strategic partner. As a company, we celebrated our 65th anniversary last year. In May, I’ll mark 25 years at the company. And as we look at what’s happening across the industry, we’re in better shape than ever.
JN: I was looking at some research the other day showing that digital-first platforms, like YouTube and Netflix, now account for around 20 per cent of spending on sports media rights. Do you expect that number to keep growing?
AK: Frankly, yes. Those are the businesses best able to convert the attention of these record-setting audiences and high levels of engagement. These are valuable, premium fans making appointments to view, and those platforms can convert that attention into earnings better than anyone in history.
I see sport becoming a key battleground, not just for streaming companies, but for all media organisations
New entrants are forcing responses. Recently, ITV made a big investment again in rugby, with the Nations Championship and the Nations Cup, content that historically played out through pay-TV platforms. I’m sure there was interest from streamers and the “super platforms”, but ITV can monetise through a traditional free-to-air advertising model.
So it’s not all moving in one direction. There’s a balance. But we see the battle among streamers as one of the most intense areas, and we’ll understand it much more clearly this year. It’s not just their battle for consumers; it’s that sports content plays a key role in their subscription services and in future sports bundles. YouTube has announced a sports-focused bundle in the US, which is really interesting for streaming organisations that have historically gone direct to consumers, as standalone services rather than through bundles.
Sport’s scarcity, its retention value, and the habits it creates drive premium advertising in a way no other content truly can. I think we’ll see continued evolution from Amazon, Apple and Netflix. We’re now seeing Paramount using sport to drive Paramount+ across whole regions, not just individual territories.
Apple TV’s MLS Season Pass branding: streaming plays a growing role in live sport © Eakin Howard/Getty Images
I’m also excited to see what Apple does with Formula 1 next year [Apple will stream Formula 1 exclusively in the US on Apple TV from 2026 under a five-year deal.] For these companies, key sports assets like World Wrestling Entertainment, Ultimate Fighting Championship and Formula 1 can drive year-round engagement. It’s something they can build through the calendar and build audiences around. It means they don’t have to keep taking bets on TV series and movies that may or may not hit. There’s more certainty. It protects against churn, and that year-round delivery is extremely valuable.
JN: If I’m a rights holder [such as a league, governing body or club], I’m thinking a streaming platform wants something different from a traditional Sky Sports or ITV. Do rights holders have to rethink how they carve up rights: single games, single products, different audiences? Uefa has talked about an opening game of the Champions League, a bit like the NFL’s Christmas Day games on Netflix. Are we going to see more “chopping up” of rights to serve different platforms?
AK: We’ll certainly see some evolution. What we can say with confidence, looking at some of the major deals of 2025 that we were involved in, is that different models are emerging.
Take UFC: it debuts on CBS and Paramount+, in January. They made a big move to take the full suite of content. This landmark deal in effect makes UFC fights more affordable for fans, broadening reach. You get greater accessibility and discoverability for fans, and then high engagement and subscriber growth potential for Paramount+.
So you’re taking an existing offering and evolving it for a digital platform, while also leveraging a traditional media product through CBS. You get the best of both worlds. We’re supporting their view that this could be a game-changer for UFC: bigger audiences, better outcomes and real growth.
I’m excited to see what happens with Apple and Formula 1 as well. Again, they’re taking season-round content, the traditional package, and putting it on Apple TV. We think they’ll build into it, and we’ll see how they can really effect change, particularly around the US Grands Prix in Austin, Miami and Las Vegas.
Sport isn’t just bolt-on programming. They’re treating it as strategic infrastructure, something they can build a broader ecosystem around
If you look more broadly at how digital players think about rights, it’s not just the rights themselves. There’s been discussion of selection criteria at Netflix. My view is they’ll build towards more year-round content, even if they currently talk more about event spikes rather than full calendars.
What they’ve shown is that sport isn’t just bolt-on programming. They’re treating it as strategic infrastructure, something they can build a broader ecosystem around. For example, adding a video podcast like the one Goalhanger has done for the World Cup 2026.
They’re looking at sport as ecosystem-building, not just rights. It’s not only about data and commerce, it’s about what sport delivers: community, and a deeper loyalty than you get even from huge multi-season shows.
You can be a Game of Thrones fan for five, six, seven years, and that’s valuable. But you’re a Premier League fan for life. That loyalty sits several layers above what many streamers have experienced to date.
A fan streaming a Premier League game: sport taps ‘the highest-value part of the attention economy’, argues Kelly © Alex Pantling/Getty Images
So what are we seeing, and how are we advising our partners, leagues, clubs and organisations? It’s making sure they’re ready: making sure content meets premium standards, which often means taking control of IP, taking control of production and storytelling. That’s an increasing trend, and it’s one we’re right at the centre of.
JN: You paint a pretty rosy picture of the media-rights landscape, but presumably there will be losers. The attention economy is competitive. Some sports are thriving, others aren’t. Do you think we’ll see more polarisation, more bifurcation?
AK: Yes, I do. Polarisation, bifurcation, it’s a similar theme.
That said, there are ways to generate value outside the top tier. Getting the commercial programme right, and getting the ways to connect with fans and audiences right, means that being on the “wrong” side of that divide doesn’t automatically create an existential threat.
But there is a necessity to evolve, and a necessity to drive change across numerous areas in sport. Overall, I’m still positive across the industry, not only for the ones that will thrive most visibly in this environment.
JN: Moving to the technology side: everyone loves talking about AI and how it’s changing the world. What impact do you think AI will have on sport?
AK: I’m going to be positive here too. I actually see sport as an antidote to AI.
AI content is going to flood the market and flood our platforms. Sport becomes a counterweight: live, appointment viewing that cuts through the noise
AI content is going to flood the market and flood our platforms. Sport becomes a counterweight: live, appointment viewing that cuts through the noise, with scarcity value and human stakes. Human-led content is fundamental to how we choose to engage in entertainment.
AI will get very close to the “real thing” in many forms of media. But sport cannot be replicated in the same way. AI is already better at chess than humans, yet you’re never going to watch two computers play each other. You still get huge engagement watching humans play chess. That’s evidence of the point.
What sport needs to do is stay front and centre in understanding how to use AI so fans can still discover content without being at the mercy of algorithms. Agentic search tools and zero-click summaries increasingly decide what people see, buy and attend. Sport must ensure organisations are verified, authoritative sources that AI can trust, so content is delivered in the right way to fans.
Sports content needs to be packaged and presented to lean into the human values it delivers: trust, engagement and talent. We’ve seen, for example, with the CBS Uefa Champions League show, that people engage deeply with the human storytelling side, sometimes even more than the live action itself.
Authenticity and community: hosts of the hit UBS Uefa Champions League show engage with viewers © Mary Kouw/CBS via Getty Images
Authenticity and human stakes will remain the differentiator. If there’s a “human premium”, if community and loyalty are reinforced because sport cuts through a saturation of AI-generated material, then sport becomes even more valuable.
That’s my theory, and I hope it plays out: sport as the antidote to AI, sport as the last bastion of human content that can cut through the AI noise, the AI slop, call it what you want. I think it’s vital that we make sure we’re ready for that.
JN: One of the big stories in sport over the past three or four years has been the wave of investment: private equity, Middle Eastern and Gulf funds, wealthy individuals. Do you expect that to continue? Are we reaching a point where it’s more about generating a return than simply acquiring assets?
AK: I’ve been surprised how much capital, in so many areas, has been deployed without being pressure-tested for returns and for impact.
Private equity is often a portfolio business: a few big winners can drive returns. In sport, that doesn’t really cut it. But I do see sport entering a “value era”, where proving value and driving better returns becomes central.
I think investors, rights holders and brands are being judged more on concrete, measurable commercial outcomes, not just growth rates and obscure metrics. That pressure, in turn, forces evolution. New models are being created out of necessity, particularly through the digital world, and those models are unlocking additional value.
The first wave of private equity and other investors was about grabbing land, ownership and consolidation. Now they’ve got to grow value. They’re moving to continuation funds, restructuring portfolios, and we’re finally seeing more talk of operational involvement, moving from financial engineering to building underlying enterprise value.
That’s what we’ve always focused on at IMG: how do you build real value, not just move numbers around to show return on a spreadsheet?
So I think this monetisation phase will create more value, as sustainable growth is unlocked through data, content, ticketing, hospitality and other long-term drivers.
On the brand side, we’re seeing a shift from investing in sport for reach, to looking for value return, through deeper partnerships that deliver traceable outcomes. The WTA deal with Mercedes, which we played a major role in, is a great example: closely aligned values, a long-term perspective, and a real vision to help transform the sport together. Formula 1 with LVMH was another landmark deal.
Formula 1’s deal with luxury brand LVMH was a landmark, says Kelly © Jakub Porzycki/NurPhoto via Getty Images
Increasingly, the question is: how can sport deliver real value, not just attract capital? You see it in the emergence of women’s sport too. Return on investment opportunities are present. We’ve seen record audiences with the National Women’s Soccer League in North America, the Women’s Super League expansion in the UK, and other major events driving growth. The Solheim Cup next year, which we’re supporting as it comes back to Europe, is another example where we’re expecting new records.
In lots of pockets of sport, we’re seeing development, growth and new models. And finally, investors are taking the mindset that it can’t just be consolidation: it has to be: “How do we really make this work?”
JN: Monetisation in sport can be controversial. Fan groups hear “monetisation” and assume prices will rise. Is it possible for an investor to realise value without simply asking fans for more money?
AK: I think it is. I strongly believe monetisation in sport has to evolve, and it isn’t just about direct payments.
If you look at the UFC shift, the cost to the fan, not only a subscription but also pay-per-view fees, was extremely high. The move to CBS and Paramount+ should be much more cost-effective, because it’s in effect collected under one package, one subscription.
As the brand world evolves, and brands look for more direct returns, that can help ensure the fan doesn’t have to pick up the tab. You can argue it’s ultimately built into a broader economy, but it’s not the direct monetisation that fans are most concerned about.
The ability to monetise audiences in newer, more advanced ways, rather than a blunt monthly pay-TV subscription, should bring costs down for fans
And more broadly, the ability to monetise audiences in newer, more advanced ways, rather than a blunt monthly pay-TV subscription, should bring costs down for fans. But it does have to be front and centre for rights holders and governing bodies. That’s certainly our advice: don’t push too far on ticket pricing or merchandise pricing. Get the balance right.
JN: A big post-Covid trend has been the explosion in the experience economy, affecting everything from music to high-end restaurants, and obviously sport. Have we hit the peak of that boom? Are we at the crest of the wave for premium sporting experiences?
AK: I think there’s still a long way to go. I keep hearing myself say positive things about sport, but I do love the industry and the impact it has on people, communities and the passion it drives.
I think sport will fuel the experience-economy surge to even greater heights. Live is a premium product: an intangible, beautiful element that excites people in a way nothing else does. Sport uniquely plays in both the attention economy and the experience economy at the same time, with the same product.
We see demand for live attendance continuing, particularly for major events. The Super Bowl and the Fifa World Cup this year will be huge catalysts for further growth. There are few predictable things in today’s world, but we know there will be a packed stadium and a live audience of billions watching the Fifa World Cup final on July 19.
I saw a fan video yesterday from the last World Cup final: someone cycling through Buenos Aires at the moment Argentina wins. You don’t just hear a few fans, you hear the entire city cheering. Only sport and a live experience can deliver that. It’s a cultural phenomenon you can’t replicate elsewhere.
We’re seeing increasing demand and attendance across TKO and IMG events. Hospitality and live experiences are becoming real economic drivers, not just side revenues. There are more major stadium and arena developments, and governments and host cities recognise the importance not just for “soft power”, but for tourism and infrastructure, so investment in this space is increasing.
It’s the hybrid model: live attendance and digital engagement packaged together, driving long-term growth and value. IMG and TKO sit at the centre of a lot of this through our events, operations, hospitality and global media distribution.
More broadly, it’s a vital element not only for sport, but for people, as other community aspects of life have changed. Getting people together at concerts and sporting events is something special. It’s worth continuing to invest time and energy in.
JN: So you expect demand for live attendance to keep growing. Do you think there’ll be innovation in how premium experiences work: tunnel clubs [premium hospitality areas by the players’ tunnel, where fans can watch teams walk out], that sort of thing?
AK: Definitely. We’re seeing technology play a role through wearables, apps and other services. It’s not just about optimising financial returns, it’s about optimising the game-day experience: on-site experience, fan zones, everything around what people can experience at an event.
With WWE, there are week-long experiences building up to WrestleMania and other events. Some people say that’s not “core sport”, but there’s a lot we can learn from organisations like WWE, which is part of TKO, about extending the live experience and driving deeper engagement.
So yes, I think it will expand, and I think it will do so with positive outcomes.
This transcript has been edited for brevity and clarity