Long term it's probably a good thing if Showtime drop it. It could lead to a rationalisation between the main players.
Look at how it looks for guys like Haymon and Arum right now. Haymon I have no idea how he's still going. He's managed to lose hundreds of millions of dollars for his investors since he started PBC. Maybe the whole thing folds now or staggers on much reduced. Arum could be on the outs with ESPN. They've both watched UFC blow past them and build a solid product because they can make the best guys fight each other whenever they want. Haymon here has an issue because he's effectively managing a lot of these fighters too and thus the big paydays. But if he's going to survive he's going to have to UFCise the product. If things get so bad that it finally makes the top few promoters get together and launch some kind of streaming thing that would be great for boxing long term.
You're always going to have regional promoters and shows. But to build nationally known fighters you're going to have to have guys who have the funds to run a big promotional company. And those funds depend on TV/ streaming/etc money. If boxing manages to be unprofitable at current pay rates for outfits like DAZN they'll drop it. DAZN might not exist soon. The guy who owns it has lost about six billion dollars since he set it up. The whole industry is in a state of flux. If somebody or a combination of somebodies most likely want to put up the funds to try and UFC the whole thing it's going to have to start with lower purses and big outlets like Paramount and ESPN (Disney) pulling out can only speed that up.
It's going to take whoever is still standing to get together and drop the sanctioning bodies. But have just enough money to offer to keep fighters away from second tier promoters who will then move in to try and work with the alphabet guys. Maybe the Muhammad Ali Act kicks in. Maybe promoters working together is seen as keeping purses down. Existing boxers have contracts with managers and the managers would be on the outs in this kind of scenario. UFC fighters don't have them. Not sure how UFC get away with that but in boxing likely you'd get endless Muhammad Ali Act lawsuits if somebody tried something like this.
Things look to be be fucked up for a while. The entire entertainment/movie/streaming/TV industry is in a state of flux right now. Lots of things that were solid profit earners are no longer making money. Disney are looking at selling off ABC. But honestly the less money that's in boxing for a while might help it long term. Or maybe I'm wrong and it might end up at a significantly lower level than it is now with UFC and boxing fights between youtubers and social media people making more money.


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