Flosports made the decision today to shutter their Floslam streaming service,
laying off their staff and closing the door on its attempt to become a
destination for professional wrestling fans.
Officially launched in October 2016 and based out of Austin, Texas, Floslam
had been designed to become a major streaming subscription content hub with the
idea of signing deals with a number of top independent professional wrestling
companies and placing them under one umbrella.
Despite announcing in August of 2016 that its parent company Flosports had
"received $21.2 million in new funding to accelerate the online sports network’s
growth into new sports and expand its existing verticals" from a number of
investors, including World Wrestling Entertainment, the attempt to build a
Floslam just never clicked.
On paper and from a financial standpoint, the concept should had everything
going for it to the point that some expected Floslam would have the backing to
change the landscape of pro wrestling. The theory went like this: Floslam would
pay a top premium price for indy promotion content and possibly even
professional wrestlers (by putting specific wrestler under contract and farming
him/her out to Floslam partner promotions.) By doing so, they would drive up
the worth of independent wrestling content. In execution, it never really got
out of the starting gate.
Despite its best efforts, Flosports were unable to secure deals with Ring of
Honor or New Japan Pro Wrestling, both of which would have been major
attractions for the service. An attempt to reach a deal with Pro Wrestling
Guerrilla (which was never even an option given the way PWG's business model
works, as the promotion is set up as a nexus that exists just outside of
contractual obligations for various promotions) was equally fruitless. No deals
with any of the major lucha groups were signed.
Instead, the service ended up hanging its hat on a seven figure deal with
WWNLive, Inc. That deal led to WWN producing five live events per month for the
service, becoming its cornerstone. As well documented, that relationship ended
just a year into the signed five year agreement with Flosports alleging in a
lawsuit that WWN had misled them on how many iPPV buys the company was doing on
its own streaming service, leading to WWN being overpaid for their content.
Whether Floslam was tricked into wrongly overpaying or not is a matter for the
courts to decide, but at the end of the day, they put all their eggs in the
WWNLive basket and it didn't pan out. In fact, all the WWNLive deal really
accomplished out of the gate was sparking WWE signing deals with PROGRESS and
ICW for a potential WWE Network tiered-system that still has yet to launch.
Other promotions, including House of Hardcore, had agreements that
saw multiple events streamed live via Floslam before moving on, while others
streamed their events as unique, one time specials. While there was great
excitement early for the concept of the service among independent promoters,
especially when word made the rounds about WWN's seven figure deal, that was
greatly tempered when it was obvious the major money went to WWNLive as they
were first in line to sign and everyone that followed were getting lesser and
lesser deals. In fact, there were a few independent companies that turned their
offers down, feeling that locking themselves in to deals that could potentially
see them lose access to ROH and other companies' talent wasn't worth the risk,
even short-term.
The pricing was an error from day one in my opinion. Priced at $20 a month
ot $150 for a year (more than most major streaming services, including Hulu,
Netflix, Amazon Prime AND the WWE Network), Floslam was going to be a hard sell
unless it had top, premium talent. Without the major groups signing on, that
price point was out of wack with what fans were realistically willing to spend.
When the company raised the monthly price to $30 without notice, they likely
went past the point of no return when it came to servicing their potential
audience. WWE had changed the price point for what fans were willing to pay for
top notch, slicky produced pro wrestling content with the WWE Network - how
could Floslam realistically expect fans to pay $20-$30 for independent wrestling
shows that had no real production value or lighting, despite costing double or
triple of the industry leader?
The rollout for the service was, in many ways, completely haphazard one as
well, absent of any sort of promotion or marketing plan for the service (for
example, PWInsider.com never received ONE press release from Flosports about the
service and never once received any email inquiries returned) and featured a
confusing rollout that saw Flosports' Roku platform crash depending on what Roku
device you would be using, a failure to expand to other streaming device
platforms, a basic interface hat made it impossible to easily seek out specific
content. Staffing changes in management only helped to fuel a vortex that never
allowed the service a chance to even course-correct. They had put a plane in
the air without any landing gear and proceeded to then shove the pilots out the
door.
None of these made the paid subscription service something that was going to
earn positive word of mouth and as noted, there was no major marketing or
advertising campaign to create awareness of the service. Whatever buzz and
following Floslam had, it was based specifically on whatever buzz there was for
that week's WWN and House of Hardcore event, not the other way around. Once out
of the gate, other than providing a home for the live streaming events, there
was really nothing done to increase the reach of Floslam by Flosports. Not only
was the plane in the air doomed, everyone shrugged once they realized it
was.
After the lawsuit against WWNLive was filed, Floslam made all of the WWN
content free for all (possibly in an attempt to hurt the value of the content
elsewhere), all of the streaming content's live events schedule was canceled and
in recent weeks, it acted as a site that featured news, columns and podcasts.
In what is a completely maddening and unfair turn of events, the staff that was
hired to populate Floslam with content was laid off today, despite the fact that
none of the deals and none of the fallout of those deals had anything to do with
them. To me, that's a completely disgusting situation. I don't know any of
the staff that were hired on any level, but these were people who were trying to
feed their family with their work and believed they were getting into bed with a
legitimate streaming provider that was going to be in business for a long term.
They were sought out by Floslam and made the decision to take the plunge. All
they did was go to work and in the end, they got screwed over - weeks before
Christmas. I feel horrible for them on a personal level, despite having never
spoken to any of them. They deserved better than Floslam gave them and everyone
involved in the treatment of the staff should be Goddamned ashamed of
themselves.
Back in 2016, a few people wrote, "There has been some great excitement within certain
circles as to a new money player putting some money into independent wrestling
promotion. Over the next week or so, we should have a greater understanding of
exactly what this all means and how much, if at all, this will be change the
landscape of the independent realm, but it is certainly an interesting
development."
At the end of the day, Flosports changed the landscape, but for the worse
There were hopes Floslam was going to change the business for the better on the
independent scale. Some decreed that was going to happen before the service
signed one deal.
Instead, the story of Floslam will just be another story we recount about
"what could have been" if the right people had been involved, if the right deals
had been made and had they actually tried to make it work instead of spending
some money and waiting for everyone to rush to subscribe. Instead, what's
left? A lot of money spent, a lawsuit against WWN, a situation with Joey Styles
that left him so disgusted he fled pro wrestling for good, missed opportunities
that for some promotions may never come back around, goodwill on all sides that
has been destroyed and most importantly, a group of wrestling fans who got their
hopes up only to have those hopes ruined, disappointing all who cared to invest
their time and money on the service.
What's left is yet another big crater of regret in the minefield that is
professional wrestling. What's left is a huge trail of doubt and destruction
that will no doubt give the next potential big backer reason to give pause
before wanting to better professional wrestling on an independent level. That
will be the legacy of Floslam, whether anyone involved wants to personally admit
it or place the blame on the next person.
Floslam: 2016 - 2017.