Fancode: Unleashing the Power of Every Sports Fan's Passion
Exploring Diversity, Engagement, and Innovation in India's Sports Streaming Landscape
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It’s important to have a look at the OTT data in India - a staggering 707 million Internet users are actively engaged in over-the-top (OTT) audio and video services. While OTT has witnessed meteoric rise, the appetite for digital entertainment is further stimulated by non-traditional streaming devices. Per the report, the smart devices category, encompassing smart TVs, speakers, streaming sticks and players, has grown by a remarkable 58% between 2021 and 2023. Significantly, 208 million individuals now solely use these Internet-connected devices to watch video content, overtaking the 181 million still reliant on conventional TVs.
The report defines OTT as streaming of either subscribed or user-generated audio/video content.
Notably, rural India has emerged as the driving force behind these use cases, contributing over 50% of users.
Today’s program:
Fancode: Redefining Sports Streaming in India Beyond Cricket
Fancode Shop
My Views
And….Action!
Fancode: Redefining Sports Streaming in India Beyond Cricket
Introduction to FanCode:
Dream Sports owned (parent company of Dream 11, India’s largest fantasy sports platform with 200 million + users) FanCode, a sports streaming platform from India, offers a diverse range of sports and leagues catering to sports enthusiasts.
Founded four years ago by CEO and co-founder Yannick Colaco and Prasana Krishnan, FanCode prioritizes access to sports content with a loyal following but limited distribution.
Dream Sports-owned sports streaming platform FanCode is aiming to double its paid subscriber base in 2024. Yannick Colaco, co-founder of FanCode, revealed that the platform's user base grew by over five times in the last three years, and they anticipate a growth of over two times in their subscriber base in 2024 compared to 2023.
FanCode received a $50 million funding from Dream Sports in 2021.
Content Strategy and Focus:
FanCode deliberately avoids focusing on top-tier sports leagues like IPL, ICC Men’s Cricket World Cup, and FIFA, which are already well-monetized by large companies such as Disney, Sony, and Viacom18 (JioCinema). They made an exception for Formula 1 this year for example.
Fancode struck an exclusive partnership with Formula 1 for broadcasting rights in the Indian market for the 2024 and 2025 seasons. Additionally, Formula 1 (F1) (With 60 million fans in India, F1 aims to significantly increase its fan base in the country through this strategic partnership with FanCode) will not be available for streaming on any linear platforms during the two seasons, Yannick Colaco, co-founder of FanCode, and Michaella Snoeck, head of media rights at Formula 1, said in a joint interaction with Mint.
The platform aims to aggregate 100 million users from 10,000 smaller events, recognizing the potential of emerging sports in India.
In 2022, FanCode streamed approximately 6,500 matches, with about 4,500 being cricket matches. However, the platform then aimed to diversify its content, with streaming 50% of non-cricket content in 2023.
Expansion Beyond Cricket:
FanCode has partnerships with various sports bodies globally, including ICC, West Indies Cricket Board, England Cricket Board, New Zealand Cricket, Bangladesh Cricket Board, and Cricket Ireland.
The platform plans to increase non-cricket content, streaming sports such as rugby, golf, horse racing, handball, football, hockey, and baseball.
Recent streaming partnerships include events like the PGA Championship and upcoming events like the Royal Ascot Race.
Enhancing User Experience:
FanCode offers a customizable and immersive streaming experience, allowing viewers to choose their preferred language, access live scorecards, highlights, and statistics during matches.
Features like quick access to live scoreboards and mid-match highlights cater to users' preferences for real-time updates.
Revenue Models and Market Strategy:
FanCode offers a flexible payment structure, allowing users to pay per match / tournament or purchase monthly and annual subscriptions at affordable prices.
The bite-sized fee structure aims to expand the market and reduce the entry barrier for users, drawing parallels to the FMCG category's sachet model.
Despite concerns about retention, FanCode is confident in its per-match payment model, ensuring a high volume of content throughout the year to keep users engaged.
Advertising and Partnerships:
FanCode initiated its ad-tech journey about twelve months ago, attracting advertisers who value engaged authenticated users on the platform.
Brands are increasingly recognizing the advertising potential on niche platforms like FanCode, with recent partnerships including Piramal Finance, Emami, Tissot Watches, Total Energies, and 5Paisa.
Fancode Shop
Building on the strategy of content, commerce and community for streaming destinations, Fancode has an active e-commerce destination selling sports merchandise to fans across the country.
Recently, FanCode Shop, the merchandising arm of FanCode, extended its exclusive partnership with the International Cricket Council (ICC) to offer official fan merchandise for the ICC Men's Cricket World Cup India 2023.
Through in-venue outlets and a digital store, FanCode Shop provided fans in India with the opportunity to purchase a wide range of ICC merchandise. The offerings included trendy casual wear, accessories, and cricket equipment, catering to fans of all ages.
With prices starting at Rs. 300, the merchandise celebrated the passion of Indian cricket fans. Additionally, FanCode Shop successfully manages official mega stores for the Rajasthan Royals, Punjab Kings, and Kolkata Knight Riders during IPL season.
My Views
We delved into the transformative impact of FanCode on the sports streaming landscape in India.
By strategically diversifying its content beyond marquee cricket tournaments, FanCode has captured the imagination of sports enthusiasts across the nation. Its exclusive partnership with Formula 1 for the 2024 and 2025 seasons exemplifies its commitment to showcasing emerging sports and aggregating diverse content.
Moreover, FanCode's innovative revenue models (sachet pricing), immersive user experience, and strategic partnerships have solidified its position as a leading destination for sports streaming. The recent extension of FanCode Shop's collaboration with the ICC, offering official merchandise for the ICC Men's Cricket World Cup India 2023, further underscores its dedication to enhancing the fan experience.
In the face of stiff competition from established players (JioCinema, SonyLIV & Disney+ Hotstar), FanCode's emphasis on Tier 2 and non-cricket sports has not only resonated with audiences but also demonstrated the untapped potential within the Indian sports ecosystem.
Through a synergistic partnership with Dream 11 (fans who have created their fantasy teams on Dream 11 can watch the associated live sports matches on Fancode) and initiatives like aggregating hyper-local sports tournaments, FanCode is poised to drive greater sports inclusion and success in India.
As FanCode continues to redefine sports streaming in India, we look forward to witnessing its continued growth and impact on the ever-evolving sports landscape.
That’s all for today folks. If you enjoyed this breakdown, please consider sharing it with your friends and colleagues.
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