The Business of March Madness
Darian Kelly:
So Gina, thank you again for taking the time to speak with me. As I mentioned, I definitely wanted to talk about a lot of different things and jump into my first question about the business of March Madness. From your perspective, how has the financial landscape of March Madness evolved over the years, particularly when it comes to media rights, sponsorship deals, and NIL playing a larger role within college sports economics?
Gina Antoniello: Yeah, absolutely. When we're looking at March Madness—a marketing opportunity—last year, the men's championship drew an average of 14.7 million viewers, and the women's championship attracted an even larger crowd with an average of 18.7 million. So, with tens of millions of people tuning in, we can see this as a continued significant cultural moment.
It’s not just for typical sports fans—those watching college basketball consistently—but also brands that might be adjacent to this. You're seeing trending commentary and a major cultural moment, and then you have the age of NIL with so many different athlete influencers. March Madness, in general, has more impact on this moment than ever before. Brands are trying to hustle to make the most of it—campaigns with student-athlete influencers and cultural touchstones.
By the way, we can talk about this more. Still, there's a growing female, a purpose-driven audience that historically has been under-engaged and marginalized by a mindset of promoting or investing in men’s properties more than women’s. Now, we're seeing the investment. It's been propelled, and we're in this moment for the women's game as well. So that's a general overview, and if you want to talk more specifically about any one of those lanes, let's do it.
Revenue Disparities and the End of Amateurism
Darian Kelly: Yeah, absolutely. One of the lanes I'm particularly interested in is when we look at the game today. The NCAA has a billion-dollar TV contract and growing digital streaming revenue. Are universities and players seeing a fair share of those profits, or is there still a significant imbalance?
Gina Antoniello:
Well, it really depends on how you look at things. I think the age of amateurism is over. I think with 2021—name, image, and likeness, the Supreme Court ruling—what has ensued effectively ends amateurism. Now it's about the make-good. You're seeing that play out legally with the proposed settlement and with retroactive reparations to a certain extent, with the NCAA understanding that they don't want to take a bigger financial risk backing into this whole thing.
The dynamic has shifted. The end of amateurism is effectively here. “Student-athlete,” by the way, was a term established essentially as PR around this duality of role—this free labor, essentially. I think we're starting to see the shift. We're in an era of empowerment and activism. Now there is this potential to earn. It's still very new. It's completely challenged former prerogatives.
The share that athletes are getting might be much better as far as being able to profit themselves, but of course, there’s still disparity among other athletes and programs in historically non-revenue-generating areas of the university's overall operating landscape.
What’s Fueling the Growth in Women’s Sports Viewership
Darian Kelly: Definitely. One of the things you mentioned earlier was the increase in viewership around women’s sports. When we look at women’s college basketball, there’s been a large increase in viewership and tapping into audiences that weren’t typically there. From your perspective, NIL is a big factor. Are there other factors that have impacted the rise of viewership?
Gina Antoniello:
Yeah, I mean, the superstardom is there. Women athletes have always been incredible—marketable, with athletic prowess. That’s always been there. But it's been constrained by overlapping things: an ideological view—progressing stereotypes and tropes about women’s sports—and visibility.
So, if there's a historic agenda where women's sports were seen as uninteresting, it was never that. The true investment is finally arriving to propel these fascinating stories and athletes that have always been present. The conversation should continue to focus on that investment.
With ABC/ESPN peaking at 24 million viewers last year, this broadcast partner played a role in making the game the most-watched women's college basketball game on record. It's not just the broadcast partner, the caliber, the visibility, or an agenda that says women’s sports are important—they are amazing, and people will watch them.
This was the most-watched women's college basketball game on record, the most-watched basketball game—men’s or women’s—since 2019, and the most-watched sporting event since 2019, excluding football and the Olympics.
The proof is in the pudding. It’s no longer about making a case. It’s not charity. It's purpose-driven. There is a business case for the women’s game. So now it's about brands doubling down. This is not a moment. It's a moment of momentum. It’s here to stay. The business and the metrics show us that.
Sustaining Brand Investment
Darian Kelly: That’s interesting you bring up brand investment because like you said, this isn’t just a fly-by-night thing. The numbers back it up. From your perspective, what are some of the things brands can do to sustain that investment over time?
Gina Antoniello: I think for brands, it’s about consistency and aligning in your purpose and brand values—having longevity in standing on a platform or values.
The consumers we’re working with are smart, educated, and purpose-driven. Maybe they’re attracted to the fundamentals of the women’s game.
Consistency in investment and alignment is important, as is having a pulse for what works with the brand. For example, Buffalo Wild Wings has always been part of the March Madness conversation. They continue to invest and are getting more creative with messaging.
It's key to be there, continue to invest, align values, and have a pulse for what viewers want. From an advertising perspective, it’s about how brands are spending and how they're making it, not just a spend. Maybe they’re doing in-real-life moments. Maybe they’re thinking about associations that will reflect on their brand.
There are so many ways to make it an integrated marketing approach—not just a one-off. It’s an investment, a storyline, and a year-over-year engagement that proliferates those brand values.
-Darian Kelly