The Business of Motorsports
The dramatic growth of auto racing coverage
on television, newspaper, and specialty magazines, affords unparalleled exposure. New
sleek cars and the latest technology of “hero” or “star” quality have brought sophistication to the
sport of auto racing and have attracted a new breed of fans and increased media coverage.
Auto racing is a team sport, but
those who receive the most attention, are the ones behind the steering wheel who pilot machines to their absolute limit and
then balance them on the edge.
Throughout the years, as today, the drivers
are revered for their bravery, athletic ability, charisma and truly are the personalities that make the sport so special.
Each year Forbes.com, a leading internet
media company among the most trusted resources for the world's business leaders, ranks the world’s highest paid athletes. In 2004 race car drivers made up 10% of the top 40 highest paid athletes. Formula 1 driver Michael Schumacher was 2nd overall with just $300,000 less than the top spot
but $40 million more then the man behind him. Clearly in a league of their own,
race car drivers have the ability to generate millions of dollars for themselves and those around them.
Motorsports is the fastest growing sport
in the world. It is watched, in person or on TV, by more people than any other sport. Motorsports exudes glamour and drama
and is unquestionably, the ultimate sports and entertainment spectacle. It is the pinnacle of high-tech, state-of-the-art
machines and the challenge of man to control them. That challenge has fascinated
us for many decades.
The result of this fascination with speed
and spectacle is that motor racing draws a highly desirable demographic profile. Due to its reach and effectiveness, motorsports
has become, in its own right, one of the worlds premier and most desirable marketing properties. Worldwide, the popularity
of racing has sky rocketed over the last ten years. This dramatic growth has resulted in the development of new racing series
as well as race facilities, which in turn, has brought more racing to more people and created new fans.
Without a doubt, the popularity of the sport has been assisted by the dramatic increase in
televised coverage of racing events. All the major networks broadcast racing and in addition channels such as SKY, Eurosport,
ESPN, Fox Sports Network, ESPN2, TSN, SpeedChannel and TNN are firmly dedicated to carrying races as well as the multitude
of race related shows. Motorsports enjoys participation by a wide variety of
supporters. Long gone are the days when racing was solely supported by automotive
companies and related products. Race weekends are attended by the who’s
who of international business as well as celebrities from other sports and entertainment forums.
