Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Illustration: Sarah Grillo/Axios

Entering December, one of the most alarming NBA storylines is the league's declining TV ratings.

By the numbers: Through Nov. 22, games were averaging 1.45 million viewers across ESPN and TNT, down 18% from the same point last year (1.75 million).

Potential reasons:

  • On-court stuff: Load management has soured fans on the relative unimportance of the regular season (the NBA denies that it's an issue, citing that no player has missed a national TV game this year due to load management or rest); Kevin Durant and Zion Williamson are injured; the Warriors' dynasty is dead; LeBron James and Kawhi Leonard play on the West Coast.
  • Fandom shift: As much fun as the free agency madness has been in recent years, it may have hurt the NBA ratings-wise by turning fans' attention away from basketball and winning and towards rumors and off-court drama.
  • Cord-cutting: "Ratings are down because all of our national broadcasts are exclusively available on cable, which is losing subs daily," tweeted Mavericks owner Mark Cuban. "Football benefits from being on broadcast TV, which is in every digital and traditional package."

The NBA's response:

  • Schedule changes: To spark fan interest, the NBA and the players' union are in "serious talks" about adding (1) a midseason tournament similar to those used in European soccer and (2) a play-in tournament for the final two playoff spots in each conference.
  • YouTube crackdown: The league has cracked down on YouTube creators for using unlicensed videos, a move that threatens the quasi-legal world of NBA highlight channels.
  • Worth noting: The NBA has been considering scheduling changes and cracked down on YouTube accounts for several years, so those aren't necessarily knee-jerk reactions to the ratings decline.

The big picture: Let's focus on the YouTube crackdown because it illustrates the world that the NBA — and all sports leagues — now live in.

  • For years, the NBA has viewed social media and the larger digital landscape as a giant marketing funnel, providing fans with free "snacks" (highlights, GIFs, etc) to drive overall interest and make them want to come for the "meals" (games).
  • But now that a large contingent of fans — many of whom don't have cable — are snacking throughout the day without ever actually showing up for dinner, the "free snacks" era could be nearing its end.
  • What this YouTube crackdown represents: Moving forward, the NBA could attempt to monetize more directly its digital assets, rather than turning a (mostly) blind eye to unlicensed content and using that to drive broadcast viewership.

The bottom line: TV ratings still matter, but they no longer tell the whole story when it comes to fan engagement. As leagues cope with this new reality, the ways in which they monetize their product — and measure their popularity — are bound to change.

Final numbers: Over the next five years, the value of in-play "near live" clips (+76% to $1.7 billion) and short-form highlights (+101% to $3.2 billion) is expected to rise at a much faster rate than the value of live rights (+18.7% to $49.1 billion), per sports agency Two Circles.

Go deeper:

Editor's note: This story has been updated with the NBA's position on "load management" and the league's stance that it has been considering scheduling changes and cracking down on YouTube accounts prior to last month.

Go deeper

Exclusive: White House meeting with members of Problem Solvers Caucus

Members of the Problem Solvers Caucus discuss the COVID-19 relief bill in December. Photo: Oliver Contreras/Bloomberg via Getty Images

Top White House officials will meet Wednesday with a bipartisan coalition of House lawmakers as the administration tries to enlist moderates to support the president's infrastructure proposal.

Why it matters: The meeting is something of an olive branch after President Biden's team courted groups of progressives to back the $2.2 trillion package.

42 mins ago - Health

The new vaccine threat is fear itself

Illustration: Sarah Grillo/Axios

The FDA’s decision to pause the use of Johnson & Johnson's coronavirus vaccine has set off a chain reaction of fear — about the safety of the vaccine, and about whether the FDA is overreacting — that's causing unnecessary drama just as the vaccine effort is finally picking up speed.

The big picture: Throughout the pandemic, the public and the media, and sometimes even regulators, have struggled to keep risks in perspective — to acknowledge them without exaggerating them, and to avoid downplaying them because other people will exaggerate them.

Cryptocurrency giant Coinbase heads to Wall Street

Illustration: Annelise Capossela/Axios

Coinbase, the country's largest cryptocurrency exchange, is expected to go public today at what could be a valuation north of $100 billion.

Why it matters: This gives crypto a Wall Street seal of legitimacy, after an early existence marred by ties to illicit goods.