Can Michael Rubin Keep The Hobby Accessible While Making It Profitable?

Michael Rubin, Fanatics CEO, said 40% of the production goes to breakers - is this true?

The trading card industry is at a crossroads, and Fanatics is right in the middle of it. As the sports memorabilia giant takes a commanding role in shaping the future of card collecting, one question looms large: can they keep the hobby accessible to everyday fans while still turning a healthy profit?

For years, the card hobby thrived on a simple premise — fans and collectors could find joy and value without needing a billionaire’s bankroll. But recent years have seen that dynamic shift. Thanks to skyrocketing prices, exclusive partnerships, and the rise of high-stakes breakers, the hobby is becoming less about community and more about status and investment.

Fanatics, with its deep pockets and ambitions, isn’t just here to participate—they want to redefine the business entirely. They’re signing lucrative deals with leagues, releasing high-end exclusives, and expanding their footprint in the collectibles market. It’s business savvy, no doubt. But with every step toward premiumization, the question becomes: are they sacrificing the accessibility that made the hobby special?

Breakers, once viewed as a community-driven way to enjoy packs, have become lightning rods for criticism. High entry fees, inflated prices, and a focus on selling “big hits” have turned what was once a hobby into a high-stakes game of chance. For many fans, the barrier to entry feels insurmountable. As one collector put it, “It feels like the hobby is turning into a luxury sport — buy-in costs are skyrocketing, and the fun is fading for the casual fan.”

Following Fanatics CEO Michael Rubin's statement earlier this year that breakers now receive 40% of overall production, with hobby shops also taking approximately 40%, and the remaining 20% allocated to retail, many collectors are discontent. Since hobby shops also conduct breaks, the actual share going to breakers is likely much higher than the reported 40%. Furthermore, platforms like Topps have become so exclusive that orders are closed as soon as they are released, suggesting that Fanatics is transitioning toward a print-on-demand model. This strategy aims to sell cases and entire stocks to select few, rather than distributing directly to individual collectors, in order to reduce logistics costs.

Fanatics faces a tricky balancing act. They want to capitalize on the boom and attract high-end collectors, but they also need the hobby to remain inviting for newcomers. If prices keep climbing and exclusivity deepens, will they risk alienating the core community that built this industry?

The challenge isn’t just about pricing; it’s about culture. Will Fanatics prioritize making the hobby a genuine community—where everyone has a shot at pulling a big card—or will it become a luxury segment only for the wealthy? Navigating this question is critical if the industry hopes to sustain long-term growth.

The truth is, fans are watching closely. Many still remember when the hobby was accessible—a place where a kid’s pocket money could buy a pack or two, fueling dreams of a big hit. Fanatics has the power to preserve that spirit, or they could accelerate its erosion.

The future lies in balance. Fanatics needs to recognize that their power comes with responsibility—responsibility to the fans and the future of the hobby itself. It’s about making the industry appealing, inviting, and fair for all — not just the profit margins.

So, the big question persists: Can Fanatics be the hero that keeps the hobby vibrant and accessible, or are we headed into an era where collecting is just another luxury sport? For now, fans, collectors, and industry insiders alike wait and watch as this new chapter unfolds.

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