NEW ESSAY: On EA’s Next Act and Its Vision for Sports & Sports Fandom. While much of the EA “take private” is straightforward, I believe most analysis and coverage is missing the macro ambition behind the deal. Especially given the buyer; WSJ reported yesterday that Saudi Arabia’s PIF will own 93% of New EA (not roughly 40%, as had been previously rumored).

I also think EA has been clearly signaling its long-term desire to transform into a next generation sports media platform (i.e. a true-to-name “ESPN+”). One equipped not just with broadcast rights, but also real-time interactivity, in-engine match reproductions, fantasy, sports betting, scenario simulations, and much, much more.

NEW DECK: I recently updated my 12-page deck on OnlyF*ns stunning economics to reflect the company’s 2024 disclosures (which are published about 10 months after the calendar year). OnlyF*ns is probably the most holistically successful UK start-up since DeepMind in 2010, media platform since TikTok in 2014, and creator platform ever. That said, revenue growth is now slowing substantially (9% YoY versus 19% in 2023) and operating profit is growing slower still (3% versus 22%). Is the company hitting a market ceiling? Feeling competitive (or GenAI pressures)? Or might on-platform competition be driving down ARPU?

COMING SOON: My first Netflix essay in 4.5 years and the State of Video Gaming in 2026.

Happy Holidays.