The Fan Graph Playbook

PLAYBOOK

INTRODUCING THE FAN GRAPH

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2.

3.

4.

SLIDE WHAT IS THE FIRSTHOW DOES FAN GRAPH TEMPLATES THE FAN PRINCIPLES & GRAPH? TO KNOWV1.0 WORK? INSPIRATIO FANS BEST

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A dataset built to describe

The Fandoms of Every Sports & Entertainment IP in the World Sized Demographically Profiled Behaviourally Profiled Attitudinally Described Commercially Quantified

Driven by our unique access to data…

…and leveraged in many places across our business

KNOWFANSBE

The focus of Fan Graph V1.0 is on sizing….

AUDIENCE

FANS

BUYERS

Describes consumption behaviour

Describes sentiment

Describes transactional behaviour

How many people have paid attention to the property in some way?

How many people have an enduring positive affection for the property?

How many people spend money on products offered by the property?

initially only within sports

From launch…

WHAT YOU’RE READING RIGHT NOW! ~30 slides recapping the ‘why’, the ‘what’ and the ‘how’ of initial launch - and demonstrating the art of the possible…

A custom GPT configured to support Two Circlers specifically with indicative sizing of audience, fan and buyer universes in sport…

THE FANV1.0 GRAPH

A dataset built to describe the fandoms of every sport and sports IP in the world

Two Circles processes more data on fandom than any other business, 1.6 billion data records and 1.2 million consumer research responses each year, and this insight sits at the heart of the Fan Graph dataset.

It harnesses the power of AI and machine learning to harmonize a range of attitudinal and behavioral data to estimate three distinct groups of metrics on a property-by-property basis: Audience – the unique number of people who have paid attention to a sport or sports property; Fans - those that have an enduring affection for a sport or sports property (including ‘avid’ fans as a subset) Buyers - those that have directly transacted with a sports property or within the sports ecosystem.

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WHAT THE FAN GRAPH ’T) IS (AND ISN A few words on what we hope The Fan Graph and Fan Graph GPT will be.

What it is…

… What it isn’t

An estimation tool

A definitive number

The world’s best estimate of our definition of audiences, fans and buyers

As an estimation tool, its estimation can be improved with new data

Complementary Designed to help clients benchmark and understand their market and complement existing frameworks we use to talk about fans

A replacement For bespoke or project-specific methodologies – especially in regards to ‘buyers’ for which real 1st party data owned by our clients is always more instructive

Evolving

Complete

A dataset and tool that we will look to improve and expand based on feedback

Thoughtful An organizing framework and dataset to help know fans best

A final set of data and functionality, help make it better!

Dogmatic!

A set of data, language and principles that we must impose on the industry

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INTRODUCING THE FAN GRAPH

1.

2.

3.

4.

SLIDE WHAT IS THE FIRSTHOW DOES FAN GRAPH TEMPLATES THE FAN PRINCIPLES & GRAPH? TO KNOWV1.0 WORK? INSPIRATIO FANS BEST

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We grow audiences and revenues …by helping our clients know fans best

We grow audiences and revenues …by helping our clients know fans best

HISTORICALLY THERE HAS BEEN NO CONSISTENT DEF Despite their obvious importance, the words “fan” and “audience” have been used loosely and sometimes interchangeably within the sports industry.

Audience-Based

Interest-Based

Channel-Based

Using “big number” audience metrics to illustrate a large “fan” number

Using declared “interest” in a sport or property via survey as a proxy for fandom

Using “fans” as a catch-all term to talk about followers from a range of channels

1b “fans”

800m “fans”

... AND THERE ARE MANY PROBLEMS WITH ESTABLIS The “standard” approaches that are commonplace in the sports industry don’t fully capture the nuance and depth of modern-day fandom.

Audience-Based

Interest-Based

Channel-Based

In the modern media ecosystem, big numbers alone are losing their meaning:

Interest only reveals a part of the fandom picture and doesn’t always capture the right sentiment

Whilst useful, metrics around followership don’t necessarily capture the essence of ‘fandom’

800m people interested in volleyball…

Audience Reach in 2024

450m

… but how many with affection for it professionally?

41% of Liverpool’s IG followers also follow Man United

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TWO CIRCLES VOCABULARY We are have created a standardized framework for thinking about fandom to help Two Circles and Two Circlers speak with more authority and clarity on fandom.

AUDIENCE

FANS

BUYERS

Describes consumption behaviour

Describes sentiment

Describes transactional behaviour

How many people have paid attention to the property in some way?

How many people have an enduring positive affection for the property?

How many people spend money on products offered by the property?

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SUPPORTING ‘WHAT ’OUR AND ‘HOW ’ We believe this vocabulary makes intuitive sense and strengthens the meaning of our proposition line.

i.e. We grow the number of people paying attention to your property in a valuable way…

…primarily driven by understanding the people who care most about your property

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How can we credibly claim this if we don’t have shared reference material shaping our understanding of audiences, fans and buyers?

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INTRODUCING THE FAN GRAPH

1.

2.

3.

4.

SLIDE WHAT IS THE FIRSTHOW DOES FAN GRAPH TEMPLATES THE FAN PRINCIPLES & GRAPH? TO KNOWV1.0 WORK? INSPIRATIO FANS BEST

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WHAT DOES IT MEASURE? The Fan League helps sports and sports organizations know their audience, fans and buyers to enable sharper diagnosis and clearer recommendations on how to grow.

AUDIENCE

How many people have paid attention to the property via broadcast, social media, in venue or online in the last 12 months?

FANS

W

Avidity Index Proportion of your fans who are avid

How many people have an enduring affection for the property?

AVIDS

How many people have a strong enduring affection for your brands and consume it habitually

W

Commercialization Index Proportion of your fans who purchase directly

BUYERS

How many people transact directly with your property or through licensees acting on your behalf in the last 12 months?

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HOW DOES FAN GRAPH V1.0 WORK? The Fan League helps sports and entertainment organizations know their audience, fans and buyers to enable sharper diagnosis and clearer recommendations on how to grow.

AUDIENCE Inputs

Sports and entertainment consumption data broadcast, social media, online and in stadium from proprietary and 3rd party sources

FANS Proprietary quantitative nationally representative consumer data across 15 markets harmonized with third-party research

BUYERS Publicly available transactional data complemented by aggregated heuristics on sports transactions across regions/ properties

Weighting, manipulation and modelling

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PARAMETERS AND SCOPE What’s included in Fan League V1.0 and what can it do?

What’s included?

What data can I get?

Two Circler reviewed estimates for 1,500+ sports and sports properties and reasoned estimates for any sports property in the world.

The dataset sizes audience attention, fan affection and direct transactions for people who watch or follow the sport or sports property.

Metrics Audience, Fans, Avids, Avidity Index (Avids/Fans), Buyers and Commercialization Index (Buyers/Fans)

Confidence Scores A confidence score for each estimate and some guidance of what that confidence score means.

Geographies Sports

Leagues

Events

A global view for any sport and sports property and the ability to slice this for 35 key markets.

Timeframe Men’s Teams

Women’s Teams

This data has been stabilized as of September 2025, it provides a moment in time view but cannot tell you trends over time (yet!)

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INTRODUCING THE FAN GRAPH

1.

2.

3.

4.

SLIDE WHAT IS THE FIRSTHOW DOES FAN GRAPH TEMPLATES THE FAN PRINCIPLES & GRAPH? TO KNOW1.0 WORK? INSPIRATIO FANS BEST

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How does that compare to comparable properties

Even with just these three measures…

AUDIENCE FANS BUYERS … the Fan Graph is packed with potential insights to help grow audiences and revenues What drives Avidity in sports and entertainment?

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GLOBAL FANS AND AVIDS BY SPORT Football and basketball are the undisputed biggest sports in the world in terms of affection and habitual consumption, topping the tables for both global fans and global avids.

Top 10 Sports by Global Fans1

Cricket

628m

Athletics

Top 10 Sports by Global Avids

560m Basketball

Soccer

596m

Cricket

518m

1.6B

468m

401m

381m

Motorsports

Gymnastics

Table tennis

207m

163m

Golf

Tennis

151m 138m

Basketball

1.1B

404m Golf

357m

355m

Badminton

Aquatics

Soccer

1.1B

189m Athletics

E-Sports

Baseball

Badminton

135m

155m American football

Source: Two Circles Fan Graph 2025

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AUDIENCES & FANS | AFL TEAMS Collingwood lead the way in the AFL in terms of total audience and fans, and they have been able to effectively leverage social to expand their reach beyond the core AFL audience.

Global Audience

Global Fans

1

Click to Watch

1.6m

22.0m

1.5m

2.3m

1.3m

Engagements

16.2m

1.2m 1.1m 1.1m 1.1m 0.9m 0.8m

0.7m 0.7m 0.7m 0.7m 0.6m

8.6m

0.6m 0.6m 0.4m

5.2m 3.8m 3.7m 3.7m 3.5m

3.3m 3.2m

2.7m 2.5m 2.4m 2.3m

1Audience data sourced August 2024-September 2025

2.1m 1.2m

0.7m 0.6m

Collingwood

Collingwood

0.5m

Source: Two Circles Fan Graph 2025

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AUDIENCES, FANS &FAN BUYERS ECOSYSTEM | The compounding effects of on-pitch success and superstardom (from inside and outside the sport!) have propelled The Chiefs to the top of the Audience, Fan and Buyer charts in the NFL.

1 AUDIENCE

How many people have paid attention to your brand via broadcast, social media, in venue or online in the last 12 months?

239m 2st in the NFL (Below the Cowboys and above the 49ers)

Fans

How many people have an enduring affection for you brands?

AVIDS

How many people have a strong enduring affection for your brands and consume it habitually

33m

18m

1st in the NFL (above The Cowboys and The Bears)

1st in the NFL (above The Cowboys and The Eagles)

BUYERS

How many people transact directly with your property or through licensees acting on your behalf in the last 12 months?

733k 1st in the NFL (above The Cowboys and The Eagles) 1Audience data sourced August 2024-September 2025

Source: Two Circles Fan Graph 2025

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TOP TEN TEAMS | GERMAN SPORTS TEAMS Bayern Munich are the undisputed German club in global sports, operating three teams in top ten for German sports teams.

Rank

IP

Sports

Total Fans

International % of Fanbase

1

Bayern Munich

Soccer

97.6m

13%

2

Borussia Dortmund

Soccer

66.2m

16%

3

Bayer Leverkusen

Soccer

18.7m

18%

4

Red Bull-Bora-Hansgrohe

Cycling

11.4m

25%

5

RB Leipzig

Soccer

9.0m

34%

6

Bayern Munich Women

Soccer

7.4m

50%

7

Eintracht Frankfurt

Soccer

6.8m

43%

8

Borussia Monchengladbach

Soccer

6.2m

31%

9

Stuttgart

Soccer

4.9m

50%

10

Bayern Munich (Basketball)

Basketball

4.1m

88%

Source: Two Circles Fan Graph 2025

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TOP 10 LEAGUES BY FANDOM The IPL has established itself as the biggest league in the world by fandom by some distance.

461m

Global Fans

314m 261m 222m

219m

207m 143m

136m

132m 98m

Source: Two Circles Fan Graph 2025

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INTERNATIONAL FAN GROWTH | NFL vs NBA While the NBA has more than twice as many fans in Europe as a whole, this hides significant differences by market; in Germany and the UK, where the NFL has hosted international fixtures, NFL fandom comfortably outstrips the NBA

European Fans 1

Fans by Market

52.0m 6.2m 3.4m

5.1m 3.9m

21.6m 1.8m 2.1m 300k 1.8m

NFL NBA

323k 1.5m

*Includes UK, France, Germany, Switzerland, Netherlands, Nordics, Spain, Italy, Ireland, Portugal, Greece, Serbia and Slovakia

Source: Two Circles Fan Graph 2025

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FANS VS AVIDS | LIGUE 1 TOP TEN Marseille are the only Ligue 1 club who have a more Avid fanbase than the average Premier League club, with AS Monaco having the least Avid fanbase in the top ten teams by fandom in the league.

High

25,000,000

HIGH AVIDITY INDEX

20,000,000

Global Avids

15,000,000

10,000,000

LOW AVIDITY INDEX

5,000,000

Low

0 0

Low

10,000,000

20,000,000

30,000,000

Global Fans

40,000,000

50,000,000

60,000,000

High

Source: Two Circles Fan Graph 2025

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AVIDITY IN UK ’S SPORT WOMEN Audiences and fans in women’s sport in the UK have skyrocketed in the last decade, but Avidity for leagues and competitions remains behind their men’s equivalent.

Avidity Index (Avid Fans as a % of Total Fans)

Low Avidity

Average index score within top 200 leagues and competitions by fandom for domestic and national panEuropean competitions between men’s and women’s equivalent properties

Low concentration of avids in the fanbase

34%

67%

54%

67%

1.7x

36%

Football

61%

39% 40%

1.3x

43%

High Avidity High concentration of avids in the fanbase

57%

Rugby 27% 30%

47%

1.7x

33%

Cricket 20%

54%

The 36% Women’s 34% Ashes

67%

73%

57%

The Ashes

49%

52%

70% Source: Two Circles Fan Graph 2025

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PREMIER LEAGUE ‘FANVSTO WSL ’BUYER CONVERSION | COMPARISON Premier League clubs have a near 10x higher fan to buyer conversion rate than their WSL counterparts, as women’s football remains relatively nascent at converting affection to paid conversion.

Highest & Lowest conversion

Team average

Team average

7.2%

Highest & Lowest conversion

0.7% Fans

2.6% 0.3% 0.6%

1Buyer data sourced August 2024-September 2025

Buyers1

0.1%

Source: Two Circles Fan Graph 2025

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TOP TEN LEAGUES AND COMPETITIONS | COMMERC The commercial dynamics of motorsports leagues like IndyCar, F1 and MotoGP (large but global audience, SVOD streaming platforms, globally event series) enables them to lead the at converting fans into direct buyers.

Ranked commercialization index by global fans, buyers and commercialization index for global leagues and competitions with +20m fans

IP

Sports

Total Fans

Total Estimated Buyers1

Commercialization Index1

1

IndyCar

Motorsports

22m

1.5m

6.8%

2

Formula 1

Motorsports

143m

8.0m

5.6%

3

PGA Tour

Golf

53m

2.3m

5.0%

4

MotoGP

Motorsports

72m

2.5m

3.4%

5

NFL

American Football

207m

6.0m

2.9%

6

LPGA Tour

Golf

23m

667k

2.9%

7

LaLiga

Soccer

222m

6.0m

2.7%

8

MLB

Baseball

132m

3.5m

2.7%

9

Formula E

Motorsports

54m

1.3m

2.4%

10

ATP Tour

Tennis

98m

1.9m

1.9%

Rank

1Buyer data sourced August 2024-September 2025

Source: Two Circles Fan Graph 2025

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Even with just these three measures…

AUDIENCE FANS BUYERS … plus all the other data we have access to can unlock new insights to know fans best

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50% OF THE TOP 10 SPORTS BY REVENUE AND FAND 50% of the top ten sports by fandom are also in the top ten for revenue, the 50% that don’t match up demonstrate the role played by avidity, habitual consumption and GDP per capita in commercializing fandom.

Top 10 Sports by Global Fans1

Top Ten Sports by Revenue2 Revenue per fan Top ten sports by revenue and/or fandom

Cricket

Soccer

Golf

Badminton

Basketball

Aquatics

Sport

Rev/Fan

Horseracing

$88

American Football Australian rules football

$87

Ice Hockey

$59

Baseball

$45

Rugby

$36

Soccer

$36

Motorsports

$19

Basketball

$12

Tennis

$9

Motorsport

Gymnastics

Boxing

American Football

Basketball

$75

Tennis

Analysis excludes multi-disciplinary sports and esports. Revenue data is for calendar year 2024

Baseball Motorsports

Soccer

Horseracing

Rugby

Ice Hockey

Cricket Golf

1Two Circles Fan Graph 2025 2Sports Revenue League

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50% OF THE TOP 10 SPORTS BY REVENUE AND FAND 50% of the top ten sports by fandom are also in the top ten for revenue, the 50% that don’t match up demonstrate the role played by avidity, habitual consumption and GDP per capita in commercializing fandom.

AUDIENCE GROWTH

Top 10 Sports by Global Fans1

Top Ten Sports by Revenue2

Revenue per fan Top ten sports by revenue and/or fandom

is the most controllable lead indicator of revenue growth Cricket

Tennis

Athletics

Table tennis

Soccer

Sport

Rev/Fan

American Football

$xx

Soccer

$xx

Basketball

$xx

Motorsports

$xx

Etc

$xx

Etc

$xx

Etc

$xx

Etc

$xx

Etc

$xx

Etc Boxing accelerators” who grew their 100% of the 182 “super Etc revenue faster than the market between 2014 and 2024 Etc also grew their audience faster than the market Basketball

Motorsports

Baseball

Badminton

American Football

Basketball

Baseball Motorsports

$xx

Ice Hockey

$xx $xx

Etc

$xx

Etc

$xx

Analysis excludes multi-disciplinary sports and esports. Revenue data is for calendar year 2024

Soccer

Horseracing

Rugby

Cricket Golf

1Two Circles Fan Graph 2025 2Sports Revenue League

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THE NFL IS THE KING OF FAN MONETIZATION GENER No major league comes close to generating the revenue on a per fan basis than the NFL, a reflection of its market dominance in the world’s richest market for attention.

500,000,000

$70.0

$67 Global Fanbase

Revenue Per Fan

450,000,000

$60.0 400,000,000 $50.0

300,000,000

$40.0

250,000,000

$30.0

$29

200,000,000

Revenue per fan

Global Fans

350,000,000

$25 $22

150,000,000

$20.0

$18 $16

100,000,000 50,000,000

$12 $5

$10.0

$7

0

Analysis excludes multi-disciplinary sports and esports. Revenue data is for calendar year 2024

$2

$-

1Two Circles Fan Graph 2025 2Sports Revenue League

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THE FIFA CLUB WORLD CUP WAS A BREAKOUT SUCC Despite mixed coverage in the media, the FIFA Club World Cup in 2025 has been an undeniable success for FIFA in building affection, winning attention and driving commercial revenue.

Top 10 24 -25 1 Major Events by Fandom Fans Estimated global number of people (m) with an enduring affection for an IP

3 rd

885 390

142

121

118

96

87

85

72

69

Total Attention Estimated indexed global attention for an IP over the period

2 nd 100

Select ‘worldwide’ and ‘web search’ in Google Trends and anchor results to the property with the highest index score

85 24 5

16

14

21 3

9

1

Revenue Estimated annual revenue ($m) generated by the IP owner over the period

Identify parent IP owner within Sports Revenue League dataset. Speak to Emma Thomas or Charlie Wood to access.

2 nd

$ 3800

$ 1500 $ 600

$ 389

$ 539

$ 516

1Standalone major events run between August 2024 – July 2025, all numbers global 2Estimate for WEURO 2024 (excl. UCL

and other competitions)

$128 2

$ 393

$ 148

$ 53

1Two Circles Fan Graph 2025 2Sports Revenue League

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THE FANV2.0?

GRAPH Entertainment?

Overlap?

Trends?

Demographics?

Behaviours?

Value?

TWO CIRCLES’ INVESTMENTS will match

TWO CIRCLERS’ CURIOSITY 38

Thank you 39