Axios

Amid historic levels of viewership and engagement, investors are finally taking notice of the business opportunity around women's sports.

Why it matters: "This is not just like an investment for a mission or investment because it's the right thing," said U.S. soccer legend Megan Rapinoe.

• "You can actually make a lot of money and you should do it now. Not tomorrow or the next day," she added at Axios and Deep Blue Sports + Entertainment's TN50: The Business of Women's Sports Summit in New York last Tuesday.

Driving the news: More money is flowing faster into women's sports, and some of those investments are already paying off.

Retired basketball legend Sue Bird, arguably the greatest WNBA player in history, said the business community is finally beginning to catch up to the rest of the world on the importance of women's sports.

Why it matters: Bird was part of negotiating a major collective bargaining agreement in 2019 that set the stage for big changes for players, including raising players' salary cap by 30%.

• "We've been trying to get people to pay attention, to see what we've all seen behind closed doors," she said, "and now it feels like society finally caught up with us."

🎧 Listen to the full interview.

TV networks that have historically undervalued women's sports are now scrambling to get their hands on rights.

Why it matters: "Female audience expansion is where the growth is," said ESPN's vice president Rachel Epstein at the Business of Women's Sports Summit.

Be smart: Attention to women's sports reached new heights last month, when — for the first time in NCAA history‚ the women's basketball final garnered more views than the men's championship game,

iHeartMedia and Deep Blue Sports + Entertainment announced Tuesday that they are launching the Women's Sports Audio Network (WSAN), the first-ever audio platform dedicated strictly to women's sports.

Why it matters: It's the latest sign of the huge momentum in women's sports — and the expansion in media to capitalize on it, Axios' Erin Doherty writes.

Driving the news: The Women's Sports Audio Network, which will be free, is set to include podcasts, sports reports and feature athletes' stories on and off the field.

• The free, ad-supported network will include podcasts, daily sports reports, social content, promotion and events. It will be available across iHeartMedia's broadcast, digital and podcast platforms and everywhere podcasts are heard.

Alexis Ohanian's venture capital firm 776 will host a women's only track event in September called the 776 Invitational, he announced at the TN50: The Business of Women's Sports Summit on Tuesday.

Why it matters: The event is intended to bring more attention to track outside of the Olympics, Axios' Kerry Flynn writes.

Zoom in: "776 is committing to the biggest purse ever for an all-female track event. We're going to make sure that these female athletes are getting their due," Ohanian said at the event, produced by Axios and Deep Blue Sports + Entertainment.

• Olympic sprinter Gabby Thomas, who was onstage with Ohanian, will be the first partner.

The NCAA's adoption of NIL has dramatically changed the college sports landscape, allowing students to make millions off of their "name, image and likeness" (NIL) through brand deals and sponsorships, Axios' Erin Doherty writes.

Yes, but: Brands, athletes and coaches are still working to navigate the new landscape, said Cori Close, UCLA Bruins head coach.

• "Brands don't quite know how to enter into this NIL space and I think there's incredible potential," Close told Bird at The Business of Women's Sports Summit.

Zoom out: For agents representing young female athletes, the goal should be to protect the name, image and likeness of their stars, not exploit it, said Fara Lef, chief operating officer at Klutch Sports Group and a partner at the United Talent Agency.

Women's sports audiences vary dramatically based on geography, said Kim Stone, CEO of the NWSL's Washington Spirit.

Why it matters: Building women's sports franchises requires players, teams and leagues to tap into the unique cultures of each community.

Zoom in: To understand those differences, look no further than the most-sold game-day drinks at venues in the four markets where Stone has worked:

• 🍹Miami: Double-shot Bacardi Rum
• 🚰 Washington DC: Water or Pepsi
• 🍺 Long Island: Beer
• 🍷 San Fransisco: Wine

When a group of investors bought LGBTQ+ dating app Grindr from Beijing Kunlun Tech in 2020, the key to getting U.S. regulatory blessing was to sever connections to China and establish full American decision-making over the company.

Why it matters: ByteDance doesn't seem keen on selling off TikTok, and reportedly prefers to shut down the app. But Grindr still offers a prominent example of what could happen if ByteDance goes along with divestiture.

Audiences no longer go to theaters just to watch a movie, they go for an experience.

Why it matters: Theaters are resorting to using screens for non-traditional releases to help fill seats.

Breaking up with your smartphone is hard. But a growing "dumbphone" market is giving offline alternatives.

The big picture: The well-known negative effects of screens — loneliness, addiction and anxiety or depression — has left many eager to disconnect.

If a trip to Disney World in Florida is in your future, here are a few tips and tricks to help your vacation dreams come true – and avoid long lines.

The big picture: Disney trips these days require so much energy. There are classes, reservation alerts and 200-page guides just to help plan the "magical" vacation.

Republic First, a small Pennsylvania lender doing business as Republic Bank, was seized Friday by regulators who sold most of its assets and liabilities to rival Fulton Bank.

Why it matters: The Fed's rate hikes have slashed the value of many banks' assets. When those banks are losing money, as Republic was, they're likely to fail.