Robinhood teams up with KLUTCH Sports Group to enter the sports and entertainment sectors

The leading trading and investment app Robinhood recently announced a new partnership with a sports agency firm KLUTCH Sports Group. The team-up will allow Robinhood to move into the sports and entertainment sectors, with KLUTCH Sports Group’s Property Sales division spearheading the collaborations.

KLUTCH CEO to spearhead Robinhood’s expansion into sports and entertainment

According to Robinhood’s co-founder and CEO, Vlad Tenev, the company’s members are massive sports fans, and the same can be said for a large portion of its customers. This is why Robinhood has decided to make a move that will get its brand closer to the fans. “Working with Rich and the team at KLUTCH Sports, we will connect with fans directly through the sports, teams, and athletes they know and love,” he said.

Rich Paul, the founder and acting CEO of KLUTCH Sports Group, will take on the role of strategic brand advisor at Robinhood, as well. KLUTCH Sports Group has been around for over a decade, after being founded by Paul in 2012. It operates as an athlete representation agency, notable within the NBA.

Since its launch, the agency has significantly expanded its portfolio, and now, it includes a wide variety of sports, as well as different leagues. As such, Paul will help Robinhood expand into new markets, and even guide these future expansions.

Tenev further added that the partnership reflects Robinhood’s commitment to engage with its highly diverse customer base by sharing the same interests, one of them being the passion for sports.

Through the collaboration, the investment platform will be able to access a network of athletes and celebrities tied to the sports and entertainment industries, but also entrepreneurs. This represents a huge opportunity to facilitate meaningful connections in this sector.

Robinhood outperforms expectations in Q4 2023

Meanwhile, Robinhood continues to make moves that are beneficial for its revenue and profitability. The company recently released its financial results for Q4 2023, which shows a notable surge in earnings. The report triggered a wave of excitement among investors, which pushed Robinhood’s shares up by 10% during after-hours trading.

In fact, the figures reported in Q4 have surpassed all expectations, with the broker exceeding Q4 2022 figures by 24%. Even the company’s net interest income went up by 4% between October and December 2023, hitting 236 million, while transaction-based revenue went up to $200 million, marking an 8% increase.

The company did see a small dip when it comes to options, but crypto revenue saw an uptick of 10%, hitting $43 million.