APPLY Entertainment appointed Adam Steingart as Global General Manager for its Entertainment division, filling a vacancy that has persisted since the company reorganized its business units in Q3 2024. Steingart comes from the consumer products side, most recently at studios handling character licensing.
The firm operates licensing programs across sports properties and entertainment IP, connecting rights holders with apparel manufacturers, footwear brands, and accessory distributors. APPLY's sports book includes lower-tier European football clubs and second-division American leagues. The Entertainment vertical—historically the smaller of the two—handles animation properties, gaming franchises, and select film IP. Steingart's mandate is to close the revenue gap. APPLY has not disclosed division-specific financials, but industry participants estimate Entertainment accounts for roughly 30% of total licensing fees.
The timing matters for margin reasons. Sports licensing is a volume game with declining unit economics. Clubs outside the top five European leagues are seeing per-item royalty rates compress as retailers demand deeper promotional windows and manufacturers push back on minimum guarantees. Entertainment IP, by contrast, commands higher per-unit royalties when the property is active—theatrical releases, streaming seasons, game launches create discrete demand spikes that justify 8-12% royalty rates versus 5-7% for mid-tier sports properties.
Steingart's background suggests APPLY is chasing theatrical and gaming calendars more aggressively. He spent three years at a mid-sized studio managing toy and apparel programs tied to franchise releases, which means he knows how to compress deal cycles when a property has six months of heat. That skillset is worth more now than it was two years ago. Streaming platforms are greenlighting fewer seasons, which shortens the window to convert awareness into retail velocity. A licensing GM who can negotiate, produce, and ship product in 90-120 days is the difference between capturing a release spike and arriving after the audience has moved on.
The sports side is not going away, but the growth thesis has shifted. APPLY will continue servicing existing club deals, but the upside is in entertainment IP that can generate $2-5 million in annual licensing fees during an active year, then go dormant. Sports properties generate $500,000-$1.5 million annually with more predictable but lower margins. Steingart's job is to stack enough entertainment deals that the portfolio always has two or three properties in-market while others are in development.
Watch for APPLY to announce new entertainment IP signings in the next four to six months, likely timed to Q2 theatrical releases or fall gaming launches. Steingart will also be hiring a small team—probably three to five people—focused on Asia-Pacific retail, where entertainment licensing still commands premium shelf space. If APPLY is serious about rebalancing revenue, expect them to show at least one major franchise partnership before the end of 2025.
The licensing business is simple until it isn't. You need the right property at the right moment with the right retailer who has the right amount of shelf space. Steingart has 90 days to show he knows which calls to make first.
The takeaway
APPLY's Steingart hire signals a shift toward higher-margin entertainment IP as sports licensing economics deteriorate.
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