Combating sports is a rapidly evolving niche with millions of fans worldwide. Today we meet Kosta Jordanov, who saw it as an opportunity. Combining his two life-long passions for combat sports and technology, he launched FITE – a premium direct-to-consumer digital live streaming network and service.
Here’s the inspiring story of the company and its founder. Let’s dive right in.
From an introverted engineer to a successful entrepreneur
Kosta followed in his father’s footsteps and became an engineer. From playing with rudimentary computers in his early childhood to exploring AI algorithms in his free time, engineering and programming have always been a key part of his life.
Later, Kosta went into entrepreneurship and founded two successful startups – selling the first one (Arexus) back in 2000 to the biggest European internet consultancy at the time and listing the second one (Bianor) on the BSE.
“I became an entrepreneur by accident, basically in order to continue a project with Nick Rashev, a friend and a colleague I was working with at IBM at the time,” recalls Kosta.
“I had to learn on the job, and basically transform myself over the years from an introverted engineer to a person whose primary job is to sell a vision to partners, users, investors, and colleagues.”
The new fight: FITE
Although Kosta already had a few successful businesses under his belt, he didn’t stop there.
“In my experience, one needs to challenge himself to learn and grow, which often means getting outside of his comfort zone.”
Since he only had experience with service businesses, Kosta wanted to learn how to build and market a consumer product.
“Prior to launching FITE we built and patented a technology that enables the delivery of live video streams directly from the cloud to connected TV screens.”
That’s how FITE was born – as a specific application of this technology, connecting Kosta’s two lifelong passions – technology and combat sports (he has practiced Karate for 8 years, and now practices Jiu-Jitsu).
“We picked combat sports because of the proliferation of the pay-per-view business model. This allowed us to secure premium content rights on a revenue share basis and to monetize viewers effectively. In addition, the relative fragmentation of the market allowed for a strong independent distributor like us to emerge,” as he explains.
Standing out from the competition
Sports streaming is a very lucrative and therefore very competitive market. FITE differentiates with its focus on a few selected sports, the quality of the streaming experience (no interruptions, no buffering, minimal latency), rich multi-programmer content offering, community interaction features (live chats, votes, user-generated content), advanced content discovery (including machine-learning-based recommendations), and the ability to deliver to any screen.
“Our biggest success to date is reaching 1.7M daily active users and 200,000 live paid simultaneous streams,” shares Kosta.
He recalls the first big event they streamed - Canelo vs GGG in 2017. It was the second-largest pay-per-view event of the year (second only to Mayweather vs. McGregor) and the stakes were very high.