Hey partner, it’s almost the weekend!
You know what’s a fun thing to do over the weekend? Attend the rodeo, of course.
On today’s edition of The Oxer by Pegasus, we are recapping insights from our latest Pegasus Podcast episode featuring Ted Stovin, the founder of EverythingCowboy.com.
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From Ranchers to Riders: The Evolving Cowboy Culture
Beyond the dust, danger, and drama of the arena lies a fascinating and intricate economic ecosystem: rodeo. In our recent episode of The Pegasus Podcast, Ted Stovin, the brains behind EverythingCowboy.com, expertly unravels this world, revealing the financial forces shaping this unique American tradition.
To start, there has been an evolution of cowboy culture. What use to be a sport dominated by ranchers in rural areas has transformed into a modern athletic arena that welcomes individuals from diverse backgrounds. From farriers to former hockey players like Nick Tetz, the inclusivity of rodeo reflects its enduring appeal and ability to attract new talent. This shift has impacted the economic landscape, creating opportunities for athletes beyond traditional ranching backgrounds.
Bull Riding’s Global Boom: Media Attention and International Talent
Increased media attention, fueled by platforms like CBS Sports and the Professional Bull Riders (PBR), has propelled the sport into the limelight. This exposure has attracted international riders, particularly from Brazil, who view bull riding as a potential path to financial success. According to a 2019 study by the Professional Bull Riders, Brazilian riders comprised 40% of the top 50 bull riders in the world, a testament to the sport’s growing global appeal and its potential for upward mobility.
There is also a recent phenomenon of celebrity involvement in bull ownership. Figures like Larry the Cable Guy have invested in bulls, further highlighting the growing commercialization of the sport. This trend reflects the increasing value placed on top-performing animals, with some bulls fetching millions of dollars.
Beyond Prize Money: Sponsorships, Advertising, and the Financial Ecosystem
But what about the financial realities of professional bull riding? Beyond prize money, there is a lot more potential that comes from sponsorships, advertising, and merchandise sales as drivers of financial gain. Top riders like Adriano Moraes can command significant sponsorship deals, further demonstrating the lucrative potential beyond event winnings.
There is also an intricate financial ecosystem of rodeo, encompassing revenue generated by local events like county fairs and the impact of the “Yellowstone effect” on the commercialization of Western sports. The show’s popularity has undoubtedly boosted interest in rodeo and cowboy culture, leading to increased tourism and spending at events.
Streaming services have changed the landscape of rodeo consumption, thanks to the influence of Teton Ridge (hello headliners, Post Malone and Luke Bryan), a subscription streaming service dedicated to rodeo, and the role of popular culture in reviving interest in Western sports. This trend highlights the growing demand for rodeo content beyond live events, indicating a potential shift in how fans consume the sport.
Hollywood might be romanticizing the cowboy lifestyle, but there remains the practical financial challenges faced by rodeo professionals. The reality is that travel, equipment costs, and fierce competition paint a picture of a demanding career that requires significant financial commitment.
Of course achievements of notable bull riders, such as veteran Adriano Moraes, who has record-breaking earnings and multiple world championships, have financial success stories within the sport.
Furthermore, the PBR and the Professional Rodeo Cowboys Association (PRCA) have distinct business models and influence on athletes’ careers. For example, the PBR, with its focus on televised events and a points-based system, offers a more structured path to financial success compared to the PRCA’s broader range of rodeo events.
Looking Ahead: Rodeo’s Future and Potential Adaptations
So what does the future of rodeo and bull riding look like? There are many parallels to successful models in other equestrian disciplines like dressage and show jumping. These sports have established robust sponsorship deals and lucrative prize money, suggesting potential adaptations for rodeo to further enhance its financial sustainability. Prestigious events like the National Finals Rodeo (NFR) may also adapt their structures to accommodate evolving industry trends, potentially including increased media rights deals and strategic partnerships.
One thing’s for sure: resilience and innovation is what keeps cowboy culture and Western sports thriving. As the rodeo industry evolves, its economic landscape will undoubtedly continue to adapt, ensuring the continued success of this unique American tradition.
A big thank you to Ted for sharing your insights, which this article is based on. Curious to learn more? Stream the latest episode wherever you listen to The Pegasus Podcast.
Grab the bull by the horns,
The Oxer by Pegasus
