TV deal, potentially exceeding $200 million, marking a significant financial boost for the racing series.">
Supercars Poised for Record-Breaking TV Rights Deal
SYDNEY – May 17, 2024 –
Supercars is on the brink of finalizing a record-breaking television rights agreement, with the potential to surpass $200 million. The deal, according to reports, will bring a major financial upturn for Supercars. the agreement is expected to be signed by the end of the month, with Foxtel likely continuing its involvement, but Seven is the frontrunner for free-to-air rights. Toyota’s entry and the “Drive to Survive” effect are also key aspects of the deal. Industry experts predict a positive outcome, so stay tuned for further details.
Supercars Poised for Record-Breaking TV Rights Deal
The Next Chapter: A Lucrative Broadcast Agreement
Supercars is on the cusp of securing a landmark television rights agreement, potentially exceeding $200 million. This growth signals a meaningful financial boost for the racing series, building on its growing global appeal.
According to the Australian Financial Review (AFR), the agreement is expected to be finalized by the end of the month. The AFR reports that Supercars will achieve a significant uplift on the roughly $165 million Foxtel and Seven West Media deal signed five years ago.
Key Players and Potential Partnerships
foxtel is likely to continue its involvement with the championship.Seven and Ten are reportedly still in contention for the free-to-air broadcast rights.
Industry sources suggest Seven is the frontrunner for the free-to-air component, citing its superior size and reach compared to Ten and its ability to cross-promote through the AFL.
Speedcafe believes Seven is almost certain to get the nod.
Toyota’s Entry and Cross-Promotional Opportunities
Toyota’s upcoming entry into Supercars next season is expected to create additional cross-promotional opportunities, given its existing partnership as the naming rights sponsor of the Australian Football League (AFL).
Leadership Transition and Timing
The TV deals are anticipated to be finalized before james Warburton assumes the role of Supercars CEO on July 23, succeeding shane Howard. Warburton previously served as the CEO of Seven for five years before departing in mid-2024.
Calendar Expansion: A Question of Economics
The potential for expanding the Supercars calendar hinges on the financial implications of the new TV deal. Under the current agreement, increasing the number of events beyond 12 does not generate additional TV revenue. Though, Supercars must pay its teams an extra $60,000 per event, per car.
The “Drive to Survive” Effect
The AFR highlights the sport’s tailwinds globally as the success of the Formula 1: Drive to Survive Netflix series
as a factor contributing to the potential increase in Supercars’ broadcast revenue. The success of “Drive to Survive” has demonstrated the power of compelling storytelling in attracting new fans and driving up the value of motorsport broadcasting rights.
