If direct-to-consumer football proves viable at scale, the Mountain West’s approach could look visionary. If streaming revenue underperforms, the Pac-12’s guaranteed structure will look safer. Two conferences, two strategies and by 2028, we’ll find out which one fans, and the market, value more.
By Luke Fletcher | Ft. Collins, CO By the time the 2026 college football season kicks off, two western conferences will be operating under two very different media strategies. On paper, the rebuilt…
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Streaming our second and third tier games isn’t visionary. It’s the last act of a desperate conference.
We are likely paying Kiswe for the streaming infrastructure. At minimum, the deal is set up as a revenue split, and Kiswe likely gets 50% or more of any revenue generated.
The revenue and subscriber projections cited above are fantasy land. Total fiction. Think about it this way:
Wyoming’s official YouTube channel has about 6,000 subscribers. That’s for a FREE service available on any device known to man. No, it doesn’t show live games so it is not apples to apples. But it is a good indicator of how many “die hard” fans are out there who want regular video content.
The total subscriber base to the MW product, by my math, will be 50,000 on the high end. This is how I get there: the average viewership for a MW football game on FS1 last year was about 120,000 to 300,000 viewers. Remove the premium for many of those games featuring programs that are leaving, and I think it’s safe to call the average tv audience about 100,000 to 200,000 viewers. Industry standard for streaming DTC conversion is about 15% to 20% of the typical cable audience. Looking at this through the most optimistic lense, if the MW captures 20% of 200,000, they would have about 40,000 “die hard” fans who will likely pay to watch non-linear games. And because I want to be as generous as possible, I am going to plus this number up to 50,000 to capture some opposing team fans, etc.
If the MW product as whole has 50,000 subscribers, what portion of that are Wyoming-specific? Somewhere between 5,000 and 10,000 is my guess. Let’s call it 7,500.
7,500 * $60 in annual revenue is $450,000. Please note there is NO WAY we keep 7,500 subscribers year round. Of course, no one is going to be a subscriber to this service in the summer. So let’s reduce this number by 1/3 just to be safe. This gives us about $300,000 in annual revenue.
But! Kiswe needs their chunk of the 50/50, so now we’re down to about $150,000 in likely annual revenue. And we still haven’t paid any of our own production costs for these games. Granted, we are incurring those costs now and seeing no revenue, so this does represent some improvement.
But here is the kicker… almost no one subscribes to a streaming product for “free.” To convert a customer to a paid service requires marketing dollars. It’s just a fact of life.
Being added as a “channel” on Amazon? That’s not free. Amazon typically charges a “bounty” of $20ish per subscriber. Rule of thumb acquisition costs for streaming customers runs as high as $50/user.
What portion of acquisition costs will be funded by the individual schools versus the conference? We have no idea. What does Kiswe’s deal with the MW look like? No idea. What does Kiswe’s deal with Amazon look like? No idea.
Through my day job, I spend many millions in online digital marketing, especially through OTT channels like YouTubeTV. I know and talk to people in this industry every day. I’m not making these numbers up. These are educated guesses based on input from people who work around this stuff.
Wyoming will return almost no net revenue from this streaming arrangement. I say “almost no” because there is a potential to make a little. Call it $100,000 or so if we really shoot the moon. But for immaterial money like that I would argue we should have simply put the games on YouTube and built a channel that way. We would have better penetration, wider availability, and access to the largest platform on Earth.