Cannes Lions 2024 Series: Bridging the Gap: Kevin Durant and Rich Kleiman’s Vision for Boardroom
In a captivating discussion at the Wall Street Journal House on the Cannes Croisette, Kevin Durant and Rich Kleiman, the dynamic duo behind Boardroom, shared insights into their business venture aimed at merging sports, entertainment, and culture. This venture, born from their mutual passion for sports and business, reflects their vision of creating a platform that embodies the intersection of these diverse fields. The conversation was enriched by the Wall Street Journal’s editor-in-chief, who emphasized the influential role of sports in modern culture. Furthermore, the discussion highlighted critical issues such as the importance of investing in women’s sports, the evolving professionalism in college basketball, and the need for regulation to ensure fairness.
The Genesis of Boardroom
Boardroom was conceived as a media platform designed to explore and showcase the confluence of sports, entertainment, and culture. Durant and Kleiman recognized the profound impact sports had on their lives and sought to create a brand that resonates with audiences who share similar passions. “The idea was to just create a brand that truly embodied that intersection,” Kleiman explained. This vision has guided Boardroom’s evolution from a media platform to a broader brand that includes events, content creation, and strategic partnerships.
Expanding Horizons: The Evolution of Boardroom
Durant and Kleiman have successfully transformed Boardroom from a traditional media platform into a multifaceted brand that integrates various forms of content and engagement. This includes daily newsletters, short-form videos, and editorial content. Their approach has allowed them to build a loyal audience and create meaningful connections with their community. “We wanted to continue to keep building,” Durant emphasized, highlighting their commitment to authentic engagement rather than merely seeking financial gain.
Women’s Sports: A Commitment to Equality
A significant portion of the discussion was dedicated to the importance of investing in women’s sports. Durant and Kleiman have been vocal advocates for treating women’s sports with the same respect and attention as men’s sports. Durant noted the progress in respect and recognition for women’s sports, attributing it to the visibility of female athletes’ hard work and dedication. Kleiman added that education is crucial in changing perceptions and ensuring that women’s sports receive the recognition they deserve. “It’s important to bring the stories and the stakes and the rivalries and the education to the consumer,” he stated.
The Role of Professionalism in College Basketball
The conversation also delved into the impact of increasing professionalism in college basketball. Durant and Kleiman acknowledged the complexities of this transition, particularly the challenges and opportunities it presents for young athletes. Durant expressed support for college athletes profiting from their endeavors, noting that it helps them develop business acumen at an earlier age. However, both Durant and Kleiman stressed the need for regulation to ensure fairness and prevent exploitation. “There’s no regulation,” Kleiman pointed out, highlighting the chaotic state of the current system.
Building a Sustainable Business Model
Durant and Kleiman’s approach to business is rooted in sustainability and authenticity. They have refrained from seeking outside capital, focusing instead on building a brand that genuinely connects with its audience. This strategy has paid off, allowing them to create a platform that not only generates revenue but also fosters a strong sense of community. Their events, for instance, blend consumer and industry engagement, creating opportunities for brand partnerships and audience interaction.
The Future of Boardroom: New Revenue Streams and Expansion
Looking ahead, Durant and Kleiman are excited about launching new revenue streams, including products around membership and other innovative offerings. Their goal is to continue expanding Boardroom’s reach and impact while staying true to their core values. This includes maintaining a strong presence in the sports industry and leveraging their platform to amplify important conversations around sports, culture, and business.
The Impact of Ownership and Investment
Durant and Kleiman have also made strategic investments in sports teams, recognizing the mutual benefits of such partnerships. Their investments in teams like Gotham FC and the Philadelphia Union not only provide financial returns but also enhance their ability to connect with and support their audience. These investments allow them to leverage their platform to promote the teams they invest in, creating a symbiotic relationship that benefits both parties.
Engaging with the Global Sports Community
While their primary focus has been on the US market, Durant and Kleiman have not ruled out the possibility of expanding their investments internationally. They recognize the global appeal of sports and the potential for Boardroom to connect with audiences around the world. Their involvement in initiatives like Formula 1 demonstrates their interest in exploring new opportunities and broadening their reach.
Boardroom has been actively engaged in building tennis courts in underprivileged communities as part of their commitment to fostering community development and providing access to sports for all. Rich Kleiman discussed the impactful community work spearheaded by Kevin Durant and team. They have constructed and repurposed 35 basketball courts, including two in high-risk “no-go zones,” in Stockholm Sweden where Durant made a surprise visit to 850 kids.
Kleiman highlighted the importance of providing resources and education to underprivileged youth, aiming to inspire and equip them for future success. Their efforts have resonated globally, touching communities like those in Sweden, where the presence of Durant had a profound, lasting impact on local kids. The overarching goal is to continuously replicate these positive experiences, demonstrating care and commitment to community development.
Balancing Sports and Business
One of the most intriguing aspects of Durant and Kleiman’s partnership is their ability to balance their roles in sports and business. Durant, still an active professional athlete, manages to juggle his on-court responsibilities with his business ventures. This balance is made possible by the strong support system they have built, allowing them to stay focused on their respective roles while pursuing their shared vision for Boardroom.
A Vision for the Future
Kevin Durant and Rich Kleiman’s journey with Boardroom is a testament to their innovative vision and commitment to authenticity. By bridging the gap between sports, entertainment, and culture, they have created a platform that resonates with a diverse audience and drives meaningful conversations. Their focus on sustainability, equality, and education sets a powerful example for others in the industry. As they continue to expand and evolve, Durant and Kleiman’s Boardroom promises to remain a significant force in the intersection of sports, business, and culture.
