Shares of Rumble (NASDAQ: RUM) skyrocketed by over 36% on Monday following the news of its partnership with Barstool Sports.
Rumble (NASDAQ: RUM), a rapidly expanding video platform and cloud services provider, has revealed its partnership with Barstool Sports, a renowned brand in sports, lifestyle, and entertainment.
This partnership will enable Rumble users to access all content from Barstool Sports on the platform, including live streams. In addition, Barstool Sports will endorse and promote Rumble as their video platform of choice. The comprehensive partnership will also incorporate an advertising agreement, where both companies will work together to attract brand advertisers to the Rumble platform. A significant advancement for both companies is that Barstool Sports will utilize the Rumble Cloud as its service provider for crucial cloud services such as computing, storage, and networks.
Over the past three years, Barstool Sports has seen a 194% growth in its audience and achieved 1.6 billion podcast downloads. It has also excelled in merchandising, selling 5 million units of apparel, licensed products, and accessories.
Dave Portnoy, the founder of Barstool Sports, expressed his excitement about Rumble’s dedication to sports and expanding audiences. He further added,
“With the power of Barstool Sports, we aim to help Rumble become the leading player in the video, cloud, and livestreaming space.”
Chris Pavlovski, the Chairman and CEO of Rumble, stated,
“The partnership with Barstool Sports is a significant stride towards our mission of continuing to build a portfolio of widely popular sports and entertainment content.”
He further added,
“Rumble is rapidly emerging as a top platform for the under-30 demographic, and we’re thrilled for Barstool Sports to play a significant role in our swift growth.”
RUM stock surged 36.21% on Monday, with 22.02 million shares exchanged. This volume exceeds the company’s daily average trading volume of 1.34 million shares.
Maria Reed is a financial journalist with a passion for covering US equities. She joined the ABBO News team in June 2023. Maria holds an M.S. degree in International Economics and Finance from Otto-von-Guericke University in Magdeburg and is a CFA Level 2 candidate.
