(New Looking) NASCAR Drives Business Forward
In a world full of left turns, for NASCAR, their recent business dealings have turned right.
As the sport has changed significantly the past decade, it is not only seeing increased diversity with a new breed of drivers, but also with it a new breed of ownership groups and increasing digital viewership in the process.
Though it’s been well documented that the pandemic has helped fuel a surge of new fans and brands to various eRacing platforms, the excitement for racing has extended to the offline, on-track setting as well.
Front Office Sports recently announced that: Entertainment and sports moguls are flocking to NASCAR.
Earlier this month, Grammy-winning artist Pitbull announced that he was joining Trackhouse Racing Team as a co-owner alongside former driver Justin Marks. The team is set to compete in its first race at the Daytona 500 in February.
23XI Racing will also make its debut at the race, with Bubba Wallace as its driver. Michael Jordan partnered with Denny Hamlin to form the team last September.
Floyd Mayweather’s The Money Team Racing is reportedly expected to debut at some point in the 2021 season as well.
Scott Borchetta, president and founder of Big Machine Label Group—working with country music superstars like Florida Georgia Line and Lady A (and formerly Taylor Swift)—is expanding his empire with a new NASCAR Xfinity Series team.
NASCAR has had a history of offering a unique track-experience for their core audience which in turn has naturally provided an affinity for traditional sponsors; however, with it’s intentional focus on appealing to new demographics and it’s ad-spend infusion towards digital marketing, a new generation of brands and their related fan bases have strengthened the sport.
Marrying the two strategies, the sport’s emphasis on branding and partnership opportunities coupled with it’s passion and innovation serves as the catalyst for engaging and growing fan and sponsorship dollars, moving forward.
Start Your Engines!