When Florida college athletes start making money from their name, image and likeness on Thursday, they will create a huge market.
Not just with the number of ways they’ll be able to cash, from autograph signatures and ads to private lessons and Instagram posts. The variety of brands wishing to use their services will be even wider.
To better understand what varsity athletes will face on Thursday (when legislation takes effect in Florida and a handful of other states), the Tampa Bay weather spoke with someone on each end of the spectrum, from a multinational nutrition company to an Orlando startup trying to connect athletes to mom-and-pop stores.
The big brand
Even if you haven’t heard of Iovate Health Sciences, you’ve probably seen some of its brands. Its nutritional products (names like Hydroxycut and Purely Inspired) are sold in stores ranging from Whole Foods to Walmart and in more than 130 countries.
If Iovate’s Marketing Director Jarrod Jordan is successful, you’ll soon see college athletes endorsing another of its product lines, Six Star Pro Nutrition. Because Six Star supplements are designed for athletes trying to maximize their performance, their target audience is heavily skewed towards Generation Z teens and young adults.
“For us, the most influential people for Gen Z are people of Gen Z,” Jordan said.
The most influential people for Gen Z athletes will be other Gen Z athletes. And because many of the most influential Gen Z athletes compete in NCAA schools, Six Star wants to be an active participant. and early in the market for names, images and likenesses.
This market is new to NCAA athletes, but it has already been established in other areas; There are rates for sponsored posts from influencers, depending on their number of subscribers and level of engagement. Jordan and his colleagues have used these prevailing rates in discussions with talent agencies in the event that one of them ends up representing the athletes Six Star wants as sponsors.
“You can do your due diligence ahead of time,” Jordan said.
Jordan aims to have a “fairly high” number of college athletes promoting his company’s products soon. He already has a smaller target group in any sport that he believes would be suitable.
“There’s a list, let’s say,” Jordan said. “We don’t know how much we’ll eventually be able to shake hands and make it work. But I have a pretty good feeling.
The starter connector
If Iovate is in a corner of the market for names, pictures, and likenesses, Dream Field is in another.
Instead of focusing on ads or social media posts, the 10-person Orlando-based startup will host live events such as autograph sessions, private lessons, and meetups, with Florida being its primary market. beta.
Dreamfield allows athletes to set their hourly rate, availability, and distance they are willing to travel. Companies can then use Dreamfield to request an athlete agreement for this. The company pays Dreamfield a platform fee to participate.
Dreamfield co-founder and CEO Luis Pardillo said many of the most interested companies are national chains that already run these types of events with professional athletes (like a Bucs player signing autographs at a sports shop. ‘Tampa Sporting Goods).
“It’s not outside of their marketing strategy,” Pardillo said.
However, that breaks out of the traditional marketing strategy of the companies Pardillo intends to focus on: mom-and-pop stores in college towns like Tallahassee and Gainesville.
NCAA rules have prevented some of these cities’ most famous residents (college athletes) from making paid personal appearances at a local pizza place or clothing store. But once these types of businesses see and understand the legislative change that will occur on Thursday, Pardillo expects the market to explode.
“We think there will be a lot of opportunities for small businesses to be able to work with local celebrities, whether it’s in Ames, Iowa with an athlete from Iowa State or Manhattan, Kan., Or Tallahassee,” he said. said Pardillo.
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