Too Many People Want to Be Social-Media Influencers, Writes The Economist

Beyond the field: Strategic lessons for elite athletes to build lasting legacies and business empires

KEY POINTS

• Elite athletes should leverage their massive influence to create authentic, scalable business ventures that align with their core values and extend their brand beyond the sports arena.
• Building a successful business empire requires investing in capable teams and strategic partnerships that can sustain and grow the brand over time.
• Athletes must anticipate challenges and manage risks proactively to protect their reputation and ensure long-term business success.

The Economist recently published an article with this headline: Too Many People Want to Be Social-Media Influencers. In a way, this is of course also relevant for elite athletes. However, unlike most so-called influencers, they are in a position that, if they play the social media game thoughtfully and persistently, enables them to successfully advance their business activities as authentic personalities beyond sport.

The traditional narrative of an elite athlete's career once revolved solely around sporting triumphs and fame. However, in today’s dynamic age, where opportunities are manifold, the most astute athletes leverage their platforms not just to win on the field, but to build legacies and empires that resonate long after the final whistle. The intersection of sport and business has never been more pronounced, with athletes increasingly borrowing strategies from the world's top creators to craft ventures that extend their influence and secure their financial future.

The Blueprint: Lessons from Top Creators

The recent Forbes Top Creators 2024 report highlights a paradigm shift in how influencers and digital entrepreneurs have turned millions of followers into formidable business assets. Names like MrBeast, Khaby Lame, the D'Amelio sisters, the Paul brothers, and Emma Chamberlain who run their own brands, hawking hamburgers, cooking tools, shoes, energy drinks, and coffee nationwide showcase that fame alone isn’t enough—it’s how that fame is channeled that counts. For athletes eyeing similar ambitions, this offers invaluable lessons.

1. From Influence to Infrastructure

Elite athletes, like these creators, already possess the crucial initial asset: a massive, engaged fan base. MrBeast (Jimmy Donaldson), with over 500 million followers, exemplifies the leap from content creation to full-fledged entrepreneurship. His ventures span everything from consumer products like candy bars to large-scale game shows. Athletes can mirror this model by investing in scalable enterprises related to their passions or leveraging their credibility in sectors like health, wellness, or fashion.

For example, soccer star Cristiano Ronaldo, known for his meticulous focus on fitness, has extended his brand into successful ventures like CR7 clothing and hotels. This approach demonstrates that moving beyond endorsements into ownership can create long-term revenue streams that remain fruitful post-retirement.

2. Invest in Sustainable Brand Building

The evolution from influencer to entrepreneur isn’t just about diversifying income—it’s about establishing a legacy. Creators such as Alex Cooper of Call Her Daddy fame have successfully transitioned from content-driven fame to industry powerhouses. Her $125 million deal with SiriusXM positions her as more than just a podcaster; she’s now a media mogul with a diversified portfolio of creator-hosted shows.

For athletes, this translates to creating brands that can stand independently from their on-field reputation. LeBron James exemplifies this with SpringHill Company, which produces movies, documentaries, and media content that champions diverse stories. Aspiring sports professionals should look to engage in ventures that speak to their values, experiences, and future ambitions.

3. Collaborations and Partnerships

Strategic partnerships are critical to multiplying an athlete’s reach. Khaby Lame’s collaboration with brands like Hugo Boss, Fortnight, Sony Pictures, and Walmart shows how aligning with the right partners can expand a creator’s footprint and income potential. Athletes should look to engage with partners that reflect their brand’s core ethos. For instance, collaborations in eco-friendly or innovative product sectors can open doors to new audiences and revenue channels.

NBA icon Michael Jordan’s historic deal with Nike, which birthed the Air Jordan brand, is a hallmark example. This partnership not only established an enduring business but reshaped sneaker culture itself. Modern athletes should take note: strategic, long-term collaborations can become multi-generational enterprises.

Building the Empire: Strategies and Pitfalls

To pivot effectively from sports star to business mogul, athletes must weave together several strategies while steering clear of common traps.

Identify and Strengthen Personal Values

Athletes who wish to build businesses that outlive their playing careers need to first identify the core values that their audience associates with them. Whether it’s discipline, innovation, or community engagement, these values should be the bedrock of any business venture. Dhar Mann, known for his morally driven YouTube content, has aligned his entrepreneurial efforts—like LiveGlam and 5th Quarter Agency—with his personal mission to inspire and educate.

Sports figures should likewise build businesses that reflect their authentic selves. Naomi Osaka’s recent foray into skincare and sports representation (EVOLVE, first female-athlete-led talent?agency), through her Kinlò brand, speaks directly to her experience as an athlete with a melanin-rich skin navigating sun care issues. The authenticity of such ventures often attracts like-minded customers and generates organic loyalty.

Invest in Teams and Infrastructure

A business venture needs more than a big name—it requires robust infrastructure. Elite YouTubers Rhett and Link, friends since elementary school, have taken their YouTube fame into other arenas. Their Mythical merch store sells branded gear ranging from hoodies to haircare. Rhett & Link, who employ over 100 staff members at Mythical, illustrate the importance of investing in teams that can sustain and grow a brand. Similarly, athletes looking to venture into business should be prepared to hire experienced executives and surround themselves with skilled teams capable of translating vision into action.

Tiger Woods’ TGR Ventures is a strong case study. His transition from athlete to businessman was marked by assembling a capable team that expanded TGR’s interests into golf course design, events, and hospitality. The operational excellence brought by a dedicated team can amplify an athlete’s ability to focus on what they do best while still scaling a business.

Embracing Challenges: The Road Isn’t Always Smooth

Every lucrative opportunity comes with risks. Athletes-turned-entrepreneurs must stay vigilant against pitfalls that could tarnish their reputation or drain resources. MrBeast’s legal troubles with his production team for Beast Games highlight how scaling too rapidly without sufficient safety nets can have consequences. Athletes must ensure that their business operations align with both ethical standards and personal values.

To mitigate these risks, transparency and strategic foresight are essential. Rigorous attention to legal, financial, and operational checks can prevent controversies that might arise from oversights.

Bottom Line: Winning the Long Game

The Forbes Top Creators 2024 report is a testament to how savvy creators have turned social media clout into sustainable business success. For elite athletes, the lessons are clear: building a legacy requires more than a record-breaking season or championship ring. It involves strategic, authentic ventures that align with their brand and resonate with audiences far beyond the sports arena.

By emulating the business acumen of figures like MrBeast or employing the branding prowess of individuals such as Alex Cooper, athletes can craft enterprises that outlast their athletic careers. Investing in infrastructure, aligning with core values, and nurturing strategic partnerships are all part of this new playbook.

Athletes who dare to extend their influence beyond sport and into the realms of entrepreneurship stand not just to win games, but to win the future.