Generation Z is spending less time watching TV and a lot more time staring at their smartphone screens. Any media company that wants to stay relevant has to create consumable content for smartphones, and Overtime is the sports media company that fills the hole in the market for Gen Z sports fans. Overtime is a dynamic platform that is run by a 26 (Zack Weiner) and 52-year old (Dan Porter – Founder of OMGPOP, sold to Zynga for $180M), an unlikely duo, focused on creating sports content despite having no professional sports rights. The company’s sports network caters to the next generation of fans and the content is primarily focused on student-athletics.
AlleyWatch chatted with cofounder and President Weiner to learn about the inspiration behind Overtime, the company’s future plans, and its most recent funding round, which brings the total funding raised to $35.3M across seven rounds.
Who were your investors and how much did you raise?
It was our Series B round. Spark Capital was the lead, with participation from Andreessen Horowitz, Sapphire Ventures, MSG Networks, Carmelo Anthony, Victor Oladipo, Baron Davis and others.
Tell us about the product or service that Overtime offers.
We create content for the next generation of sports fans – in formats they love, distributed in places they spend their time, and covering the athletes they care about.
What inspired you to start Overtime?
We felt there was really a hole in the market for Gen Z sports fans and we wanted to fill that hole.
Is the digital-native generation interested in sports as much as previous generations?
Yes, they just want to consume it differently. Data shows that younger audiences are tuning out of TV; they’re consuming sports on their phone. We’re building a network around that experience.
How is Overtime different?
We are a media company powered by technology, run by a 26- and 52-year old, that creates content around sports yet has no professional sports rights.
What market does Overtime target and how big is it?
We target Gen Z – an audience of more than 2B people.
What’s your business model?
It’s a diversified model, blending advertising, commerce, and live events today, with possibilities down the road for subscriptions.
What was the funding process like?
Fortunately not as painful as it can be sometimes, because there was so much initial interest in the company based on our momentum and the larger opportunity.
Fortunately not as painful as it can be sometimes, because there was so much initial interest in the company based on our momentum and the larger opportunity.
What are the biggest challenges that you faced while raising capital?
The tough landscape for media disruption right now.
What factors about your business led your investors to write the check?
Our amazing team, our traction thus far, and the huge opportunity.
What are the milestones you plan to achieve in the next six months?
Go deeper into all of our sports, expand internationally, create an epic event, increase the size of our commerce business and more.
What advice can you offer companies in New York that do not have a fresh injection of capital in the bank?
Keep grinding – it’s worth it!
Where do you see the company going now over the near term?
I see us growing our community of fans even larger, but also going deeper with the ones that we already have – giving them more content and reasons to love Overtime.
What’s your favorite restaurant in the city?
Kura in the East Village!
