BET Networks is the world’s premier media company connecting Black audiences. The company offers a diverse portfolio of cable, digital, studios, and live events brands. While the cable TV industry is wracked by crisis (cord-cutting and collapsing ratings have crimped profits), BET’s linear channels and BET+ still bring in substantial revenue from subscribers and advertising.
Founded In 1980
In 1980, بت کمپانی began broadcasting with only two hours of programming a week. Its early programming consisted of music videos and reruns of black situation comedies. It also aired news, sports, and talk shows. The channel was a hit among African American viewers and gained the attention of national advertisers such as Anheuser Busch and Sears.
The network grew quickly. It added more entertainment shows and diversified its programming to include talk shows, political-oriented news programs, and music showcases. By 1984, it had expanded its viewership to include cities outside the East coast.
The company went public in 1991 and sold to Viacom 10 years later for $3 billion. Johnson, along with his wife Sheila, became the country’s first black billionaires. He continued to be involved in the business world, founding RLJ Lodging Trust, a hotel-investment company. He also has interests in men’s fashion, content streaming, and auto dealerships. He also operates a luxury resort chain called Salamander Resorts.
Streamed On Cable Television
The deal with Tyler Perry brought a burst of creative energy to BET and BET+, but it’s not enough to give them the financial independence they need to break out. And that’s why so many moguls are interested in buying the company, sources tell Vulture.
BET and VH1 both bring in a decent amount of revenue, and even though cable TV is in crisis (subscribers are bailing at an alarming rate), the linear networks still bring in a decent chunk of money, both from subscriber fees and advertising.
In addition to its traditional entertainment offerings, BET has also launched a social activism-oriented news channel and several original series aimed at black audiences, including Sistas, Bruh, First Wives Club, The Ms. Pat Show, Assisted Living, and a host of other shows. The network has also partnered with Soledad O’Brien on an investigative documentary series that tackles injustices facing black communities. The first episode of this series, which aired in 2019, explored issues such as police brutality and infant mortality.
Streamed On The Internet
With its namesake cable network, BET, and the streaming play BET+, the company is a major platform connecting Black audiences. Its thriving media ecosystem also includes the unscripted network VH1 and other spinoff channels, as well as production arm BET Studios.
However, Paramount could still keep a sizable ownership stake in a BET Group spinoff and ensure that library content associated with those brands, as well as new shows produced by the company, continues to air on P+. That’s how it managed to keep RuPaul’s Drag Race on its channel after the brand moved to MTV, and why P+ currently features a BET and VH1 brand hub filled with library content.
The upcoming sale will see BET take on new competition from upstart cable networks such as MBC and New Urban Entertainment (NUE-TV). But it’s unlikely to lose any of its 21 million paying subscribers in the process. Data-profiling software logged upwards of 186 attributes about each gambler, including their propensity for addiction and their full wager history. This was used to target them with marketing that ranked their inferred value to the companies, according to a study by Cracked Labs.
Licensed By The State Of New York
New York is one of the largest sports betting states in the US. Last year, it took in more than $16 billion in sports bets and contributed over a billion dollars in taxes to state coffers. This makes it an attractive market for operators.
The state Gaming Commission has awarded nine licenses for online mobile sports betcompany. These include FanDuel, DraftKings, Bally Bet, BetRivers, BetMGM, Caesars, WynnBet, PointsBet, and Resorts World. Any site that doesn’t hold a license from the state is illegal in New York.
Michael Ventre manages state government relations for FanDuel, a leader in mobile sports betting. He previously worked in Albany as a legislative assistant for a state senator and as a campaign staffer for a former gubernatorial candidate. He counsels racing and gambling entities on licensure, legislation, regulatory and licensing matters. He also serves as a strategic advisor to the Catskill Regional Off-Track Betting and Batavia Downs. Hinman Straub also advises FanDuel and the Seneca Nation of Indians on their applications for sports betting licenses.
The Bottom Lines
BET was founded in 1980 by Robert Johnson, a lobbyist who pitched the idea of a cable channel that would target African Americans to media mogul John Malone. He funded the venture with half a million dollars and it went live in 1980.
