Kore Software is the proud social data insights partner of BlackBook Motorsport. In this month’s review, we've looked at how the premier events of different series compared when it comes to their social media footprint and sponsorship value generated.
At the end of May, several motorsports series held one of their premier events, including the Formula One Monaco Grand Prix, the IndyCar Indy 500, and Nascar’s Coca-Cola 600.
Here, we dive into each of these, their social media footprint, and sponsorship value generated compared to each other and within their individual series.
For each race, we include posts by the drivers, teams, and race series itself across their owned social media accounts. The date range includes the days leading up to and just after the race, starting Wednesday 25th May, through to Tuesday 31st May, with each race happening on 29th May 2022.
Contextually, Formula One, with 324 million followers across drivers, teams, and the series, has a much larger social media presence than Nascar (40 million combined followers) or IndyCar (22 million).
This scale impacts the total footprint of each event, but some metrics, like engagement rate or AAV per 10k followers, were designed specifically for comparing across follower levels.
There were 3,300 posts by drivers, teams, and Formula One during and around the Monaco Grand Prix that generated 314 million interactions and video views from fans and followers.
This is 36 times more fan engagement than the Indy 500 or Coca-Cola 600 generated, each with 8.6 million and 8.7 million interactions and video views, respectively. However, the average engagement rate of the Indy 500 (0.024 per cent) nearly matched the Monaco Grand Prix, which achieved an average engagement rate of 0.029 per cent.
The reason for this is that there were nearly two times more posts from the Formula One entities around the Monaco Grand Prix (3,300 posts) than there were from the IndyCar entities around the Indy 500 (1,700 posts).
This, coupled with the fact that Formula One entities have 15 times more followers than the IndyCar entities, brings the engagement rate more in line.
The Coca-Cola 600 saw a much lower average engagement rate of only 0.008 per cent. All of these are above the average engagement rate across motorsport of 0.002 per cent over the past 12 months.
When it comes to sponsorship value, Formula One’s Monaco Grand Prix again led the others, with 2,400 branded posts and US$34 million in sponsorship value (AAV) generated for brands. This is 53 times more sponsorship value AAV than the Indy 500 ($640,000) or Coca-Cola 600 ($620,000).
Even when we look at a follower agnostic metric like AAV per 10,00 followers, the Monaco Grand Prix comes in at just over US$1,000 per 10,000 followers, about double the median across sports.
The Indy 500 (approximately US$300 per 10,000 followers) and Coca-Cola 600 (approximately US$150 per 10,000 followers) both fell under the median across sports, which is in the range of US$400 to US$500 per 10,000 followers.
Brands promoted across each series received a similar average promotion quality of about 10 per cent, low but not too far off the typical in motorsports where high speed shots lead to blurred logos and competitive brands are nearly unavoidable.
Within each series, these events varied in terms of their ranking by total fan engagement on race day. The Indy 500 was far and away the number one race for IndyCar by fan engagement so far this season.
The Monaco Grand Prix came in at number three for Formula One, basically tied with the Australian Grand Prix, but behind the first two races of the season in Bahrain and Saudi Arabia, which ranked first and second, respectively.
Nascar’s premier race, the Daytona 500, is at the start of the season. The Coca-Cola 600 was not in the top five races of the season by cumulative fan engagement on social media across Nascar, coming in around the average for races in the series this season.
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