“We’re going to see more changes over the next five years than we’ve seen in the entire history of this industry, which is why it’s so incredibly exciting for all of us right now,” NBA Commissioner Adam Silver told sports thought leaders, executives, athletes, media personalities, team owners, and students during the inaugural USC Next Level Sports Conference.

Hosted by USC Annenberg Dean Willow Bay, USC Marshall Dean Geoffrey Garrett, and Bloomberg Chief Correspondent Jason Kelly, the conference featured an all-star roster of speakers, including Silver, four-time NBA champion Andre Iguodala, ESPN Chairman Jimmy Pitaro, and USC basketball star JuJu Watkins.

The all-day program at the Intuit Dome, which drew nearly 500 attendees, focused on what’s ahead at the intersection of sports, media, business, technology, fan engagement, and storytelling.

Here are key takeaways from the conference on October 17:

Growth in sports as an asset class

“It’s a massive asset class that I think the marketplace has to fully appreciate … whether it’s a $2-, $2.5- or $3-trillion asset class globally,” said Tony Ressler, Atlanta Hawks owner and co-founder and executive chairman of Ares Management Corporation.

Expanding media rights (particularly global rights), new monetization models (including the rise of sports betting and the potential of personalized fan experiences), and increased investment from private equity firms eager to tap into the industry’s potential are fueling growth.

Women’s sports represents the biggest investment opportunity in the sports ecosystem, said Monarch Collective Managing Partner Jasmine Robinson, who expects accelerated growth and potentially higher rates of return in the coming years. She noted that valuations in women’s sports are increasing rapidly, while revenue multiples are still relatively low compared to men’s sports.

From consumers to communities

Fandom is evolving beyond passive consumption toward active participation and a sense of community that underscores the importance of building relationships and fostering a sense of belonging among fans.

Kevin Demoff, president of the Los Angeles Rams, and president of team and media operations for Kroenke Sports & Entertainment, noted that fans are becoming embedded in the Rams’ operations through social media and other platforms, offering real-time feedback and engaging in two-way conversations with the organization.

Fans get personal

The modern sports fan is more discerning and expects personalized experiences. Technology plays a crucial role in catering to these evolving expectations, enabling fans to engage with content on their own terms and access information and features that enhance their viewing experience.

Jimmy Pitaro, chairman of ESPN, highlighted initiatives like personalized sports feeds, real-time stats, and interactive features that cater to the evolving demands of today’s audiences.

Technology has empowered fans to choose the content they consume, bypassing traditional gatekeepers and driving interest in previously underserved areas, including women’s sports. This shift in power dynamics has enabled fans to directly engage with athletes and content, fostering a more personalized and interactive fan experience.

Gen Z’s vision for the future

Gen Z’s embrace of technology, demand for authenticity and commitment to social responsibility are reshaping the sports landscape, demanding a more personalized, inclusive and purpose-driven approach.

“Now fans want to consume things that they believe in, that they understand and that they respect,” said Chiney Ogwumike, WNBA All-Star and ESPN host. “It’s not just hot takes and clickbait.”

Seeking a more equitable and inclusive sports landscape, Gen Z is attracted to leagues and organizations that showcase a range of talent and perspectives, reflecting a desire to break down barriers and challenge traditional notions of who can excel in sports.

A league of their own

As Andrea Brimmer, chief marketing and public relations officer at Ally Financial, put it: “Women’s sports is not having a moment; it is the moment.”

The power of fandom is driving demand for greater investment in and media coverage of women’s sports. This surge of support is crucial for creating a sustainable market and challenging historical inequities in resource allocation. Collective action from athletes, sponsors, and media partners is critical to sustaining the momentum and ensuring that women’s sports receive the recognition and support they deserve.

Jessica Gelman, CEO of Kraft Analytics Group, pointed to the role of data in attracting investment to women’s sports. The historical lack of data on the performance of women’s leagues hinders their ability to attract resources and to showcase the talent of athletes. Improvements in data collection and analysis in women’s sports are crucial for demonstrating their value and securing greater investment.

‘Ownership is everything.’

Athletes are leveraging their brand and influence to invest in and partner with companies, particularly in the technology sector. They are also taking charge of their own IP and using new platforms to connect with fans.

“The beauty of being in the media business and the sports business, the epitome of it, is that growth always matters,” said Maverick Carter, co-founder and CEO of The SpringHill Company, adding that talent and IP will continue to drive fan engagement and new storylines.

With streaming services and digital platforms playing a more and more prominent role in content creation and distribution, athletes and creators are empowered to take ownership of their narratives and connect directly with fans.

“Ownership is everything,” said Michael Strahan, Pro Football Hall of Famer, broadcaster and entrepreneur. “I think that’s something we’re very conscious of: What our next steps are, what we’re going to do, what we’re going to produce, what we’re going to start, what we’ve done, what we’re going to push, you know, ownership.”

Embracing the NIL era

The impact of Name, Image and Likeness (NIL) on college athletics has been profound, ushering in a new era in which student-athletes can capitalize on their marketability and secure financial compensation for their athletic achievements.

“I’m really excited that we’re going to be able to revenue-share directly with student-athletes for the first time. It’s been overdue,” Big Ten Conference Commissioner Tony Petitti said. “My focus is making sure we get this new paradigm shift right.”

This shift necessitates a redefinition of the student-athlete experience, as universities and conferences strive to provide adequate support and guidance on how to navigate the complexities of NIL while ensuring the academic integrity of their institutions.