Business of Motorsport Notes from the Ivey Sports Leadership Conference

(Editor’s note: Motorsport Prospects contributing writer Nirupam Singh recently attended the Ivey Sports Leadership Conference and came away with some interesting points to consider concerning the business of motorsport.)

This past weekend I spent some time at the Ivey Sports Leadership Conference listening to some panels on everything from sports, content, social and F1. The Esports, Content Meets Consumers and F1 panels were my favourites.

There were a few new things that I realized from attending these panels that I wanted to share with you.

How crucial it is to maintain the viewership from Drive to Survive and keep younger fans interested despite rising ticket prices

• The shift from having lots of supply to too much demand is a great problem for any business. The Canadian Grand Prix has the challenge of not having enough tickets for fans or paddock club clients. This is an ongoing challenge for race promoters and organizers as expectations have changed drastically before COVID and F1 will be compared to the best sporting events in the world. The question is, how can the presence be maintained while still making sure young fans are interested in the future?

• Attracting sponsors and brands to the race is still important to build energy around the event.

• I believe, more should be done on the fan side before the event. If brands get involved earlier on, more activations in the city can occur with niche audiences that will build deeper connections with the fans.

Traditional Sports don’t translate well to esports

• The data shows there are more eyeballs toward first-person shooter games instead of Madden or the NBA.

How working relationships with athletes and the agency work

• How they are contracted out and how some athletes chose to either get paid or chose to invest in a brand longer term.

How important it is for the creative to be authentic to build trust with consumers and fans

• Adam Burchill expanded on this when working with a more corporate company and the relationship with the creative. Having flexibility from both sides is important because both parties want to achieve the same result in the end.

During the event, case competitions were being held on how to improve the viewership and presence of the WNBA. What was interesting was how often the Drive to Survive model was used as a recommendation for the WNBA. Despite the success, I don’t believe the docuseries model fits every sport. Because it is tried and tested now, I believe that the moment as creatives, we push the boundaries on making things different.

To me, the best part of the conference was how many people were interested in learning how to enter the sports industry in all different sectors.

You can find out more about Niru and the motorsport services that he offers at his Motorsport Prospects listing: https://www.motorsportprospects.com/listings/services/nirusinghr/