Collectibles Division¶
Dapper's collectibles business operates three licensed digital collectibles products. The audience is financial gambler-collectors — people who collect for financial appreciation AND entertainment. Combined FY25 revenue: ~$22M. The business is whale-dependent, pipeline-constrained, and competitively uncontested.
Products¶
| Status | Playoffs Sprint |
| Annual Revenue | $10.8M (49%) |
| Key Dynamic | Gateway product, 108 XL whales, seasonal Q2 peak |
| Status | Hiatus / Renegotiation |
| Annual Revenue | $6.3M (29%) |
| Key Dynamic | 5.8x seasonal swing, NFLPA opt-out exercised |
| Status | Trading Launch |
| Annual Revenue | $3.6M (16%) |
| Key Dynamic | Most broken pipeline, trading as growth lever |
The 10 Governing Numbers
The business is defined by 10 validated metrics — from pipeline health to whale concentration to cross-product multipliers. See Data & Insights for the full table with sources.
The Universal Pipeline Problem¶
All three products share the same structural pattern:
New User → Pack → [83% STOP HERE] → Marketplace → Trading → Whale
| Transition | NBA | NFL | Disney |
|---|---|---|---|
| S weekly churn | 43.0% | 41.8% | 45.6% |
| M→L upgrade | 4.0% | 4.4% | 2.5% |
| XL actual churn | 0.1% | 0% | 0% |
Whales virtually never leave permanently. The problem is whale creation — the pipeline above them is shrinking. Every segment lost ~50% headcount in 2 years.
Cross-Product Dynamics
| Products Used | Users | Avg Spend |
|---|---|---|
| 1 product | 115,301 | $245 |
| 2 products | 17,464 | $3,113 |
| 3 products | 1,998 | $23,373 |
NBA Top Shot is the gateway. Sports-to-sports crossover (14,211) is 5x sports-to-Disney (2,704). NFL whales migrate to NBA during the off-season — they don't leave the ecosystem (F009).
The products serve different collector archetypes: - NBA Top Shot: Gambler-Collector (financial edge, market mastery) - NFL ALL DAY: Tribal Fan (team loyalty, Sunday ritual) + Gambler-Collector - Disney Pinnacle: Emotional Curator (nostalgia, aesthetics, completion)
Competitive Landscape
Every major competitor in digital collectibles has failed or pivoted:
| Competitor | Status |
|---|---|
| Sorare | Pivoted to fantasy sports betting |
| Candy Digital | Shut down |
| Panini Digital | Failed to gain traction |
| Fanatics | Pivoted away from digital |
| DraftKings (Autograph) | Winding down |
Division Leadership
| Person | Role |
|---|---|
| Matt Schorr | Executive Producer, portfolio P&L |
| Guy Bennett | NBA Revenue & Economy Design |
| Sam Williams | NBA Content & Community Voice |
| Spencer Bogad | Disney Product, D23 & External Marketing |
| Jordan Wagner | LiveOps & Campaign Execution |
| Sarah Knapp | Disney Operations |
| Prapanch Swamy | Studio Operations |
| Dan Carreiro | Playoffs Campaign QB |
See Team Structure for full org chart.
Active Priorities¶
- Playoffs Sprint — Play-In Apr 14, Round 1 Apr 18. Dan = QB. Reactivation target: ~3K former XLs.
- Baller Status — Progression system targeting pre-playoffs ship.
- NFL Renegotiation — NFLPA opt-out exercised. Resolution expected before season.
- Disney Trading Launch — Genesis Keys + monthly trading events. May 4th = first test.
Operational Playbooks¶
| Playbook | What It Covers |
|---|---|
| Pack Cycle | Concept to drop |
| Drop Execution | Drop day checklist |
| Partner Approvals | Cross-IP approval pipelines |
| Marketplace Monitoring | Metrics and thresholds |