’
Sure.
I used to hate Dave Portnoy (Barstool’s notorious founder).
And sure.
I’ve watched his sex tapes (all three).
And yeah! He gives traditional media a lot to work with. It’s a narrative he can’t control. And doesn’t try to.
Because f*** it.
He has sex. Big deal. And he likes women. Duh? In a way that a lot of men don’t.
Rich.
He likes his women rich. And he likes helping them get rich.
Take Alex Cooper.
Of Call Her Daddy (CHD).
She trusts him.
The year is 2020.
And DP makes a vow. Finish CHD’s contract with Barstool, and she’ll get sole custody of the podcast and IP.*
Call her crazy.
But that trust leads to a $60 million contract with Spotify. (And a merch deal with Barstool. Win-win.) And while you’re at it, call them crazy:
Barstool’s C-suite.
CEO. CRO. CFO. All women. (Check the pic. Erika Nardini is Barstool’s CEO).
Which takes us back.
To 2004.
And Barstool’s conception.
DP has a problem with traditional sports media (ESPN). It’s boring. It’s political. And it’s predictable.
So he starts a sports betting newspaper. And he calls it Barstool Sports.
Here’s the thing about luck.
The world gives itself to those who ask. And DP asks for it.
By handing out newspapers on the Boston subway - to some dude named Ian White.
Who happens to be the CTO of Business Insider. And happens to be moving.
DP has a clear objective:
Make people laugh. It’s called building a dialogue.
And it’s why “some dude” happens to build the Barstool website. For free! (So he can read from anywhere - not just Boston).
It’s Barstool’s first inflection point.
From newspaper to blog.
So yeah, DP likes to pivot. And it’s why Barstool’s been relevant for 20 years.
Instagram. YouTube. Twitter. TikTok.
Talent funnels, baby!
“Look for unique people. And let them do their thing.”
Some channels are sports-related.
Some aren’t.
Like Jenna Marbles - Of StoolLaLa (Barstool for girls). She quit after going viral.*
Or “BFFs.” One of Barstool’s 50 podcasts. Featuring DP and a famous teen on TikTok.
He’s kind-of-like-a-VC in that way.
Sign on lots of new talent.
Till one “returns the fund” (Like Alex Cooper of CHD).
Which takes us back. To market sizing! And what DP calls “The Blackout Tour.”
College kids.
They’re a key demographic. So he throws a bunch of college parties. And posts some crazy vids on YouTube.
This is a man.
Who didn’t take a salary.
For ten years.
And now.
Barstool is valued at $450 million. After selling a 36% stake to Penn National Gaming.
That’s because - diversity increases revenue. Being good is good business.
Social capital, baby!
So take one from Dave Portnoy. And hire women.
And that’s the skinny.
*Jenna Marbles on DP: “He taught me everything about the internet, like how to be funny and how to blog and how everything worked."