Business of NASCAR 2023 - Property Profile, Sponsorship and Media Landscape

Abstract

An analysis of the current business landscape in NASCAR, including a look at the current state of the series' sponsors, media rights and club sponsorship portfolios

The racing series boasts a portfolio of 58 deals coming into the 2023 season, including a major deal with Sunoco, serving as an official supplier, worth $26.25 million annually.

Goodyear rank as the joint-second largest partner on the NASCAR roster, supplying all 16 teams with tires for the 2023 season and serving as the title sponsor for the Goodyear 400 race in Darlington, worth an annual $25 million.

NASCAR's sponsorship appeal and reach is concentrated in the US, with mainly American brands partnering with the racing series, accounting for 95 percent of brands. Japan, Finland and Sweden emerge as the three other markets with a brand on NASCAR's sponsor list.

Team Penske are estimated to generate $140.94 million in sponsorship revenue this season from across its 38-deal portfolio. However, five deals are cross-over deals with Roger Penske's IndyCar team.

Spire Motorsports emerge as the lowest earning team with regards to sponsorship this season. Despite boasting 23 deals, they only generate $11.14 million annually, $2.6 million than the next lowest in Trackhouse Racing Team.

Richard Childress Racing boast the highest number of deals for the 2023 season, with 53 deals. The reputable NASCAR team also boast $104.55 million in sponsorship revenue, second to only Team Penske. Viewership figures are beginning to rebound, following year on year decreases from 2014 to 2018, with 2023 figures expected to continue in the same manner.

NASCAR's Cup Series final race at the Phoenix Raceway average 3.21 million viewers on NBC for the 2022 season, a one percent decrease from the 3.24 million the year before.

The final Xfinity Series race drew 994,000 viewers on USA Network in 2022, whilst the Truck Series finale accumulated 408,000 viewers last season, both experiencing decreases from the 2021 season.

Overall, the average price for a single NASCAR Cup Series race is approximately $215.65 according to Ticket Smarter, with a price range of $31 to $3800.

Key Highlights

There are two major changes to NASCAR's Cup Series calendar going into the 2023 season, the first being the street course race in Chicago on July 2, replacing Wisconsin's Road America from last season.

The other major change is the All-Star Race at North Wilkesboro Speedway on May 21, taking over from the Texas Motor Speedway which hosted the race in the 2021 and 2022 season. The short track is excited to host an intense race which many NASCAR fans expect to bring some drama. Hendrick Motorsports are known to be the most successful team in the competition, with 14 NASCAR Cup Series Championships and 291 Cup Series race wins. Their combined following puts them around 768,000 ahead of rivals Stewart-Haas Racing, who also serve as the second most popular team in NASCAR. Stewart-Haas have two Cup Series Championships and 69 Cup Series race wins to their name, with a total social media following of 1,478,336. American petroleum brand Sunoco are the biggest spenders in the competition and for this they unrivalled visibility across the racing series, serving as the official fuel provider for all three series, including the Cup Series, Xfinity Series and the Truck Series. Sunoco have been NASCAR's official supplier since 2004, with the brand having fuelled 15.5 million miles of competition. The deal is worth $26.25 million annually over a one-year deal. American petroleum brand Sunoco are the biggest spenders in the competition and for this they unrivalled visibility across the racing series, serving as the official fuel provider for all three series, including the Cup Series, Xfinity Series and the Truck Series. Sunoco have been NASCAR's official supplier since 2004, with the brand having fuelled 15.5 million miles of competition. The deal is worth $26.25 million annually over a one-year deal. The NASCAR Cup Series draws millions of Americans each year to tune in for the heavily anticipated racing series. Last year's series averaged 3.7 million viewers in the US, according to Statista, up 6.3 percent from the 3.48 million average viewers across the 2021 season.

Who Should Buy

Analysts who are attempting to understand the current sponsorship and media dynamics in NASCAR, and who leads the way commercially amongst NASCAR teams.

Viewership industry professionals who want a detailed analysis on the current state of NASCAR, and what the next few years may have in store for the racing series.

Sports industry workers who want to further understand how NASCAR is progressing and how much it lags behind Formula One.

Scope

• This report provides an overview of the current situation regarding kit supplier, shirt sponsor and sleeve sponsor deals for all 16 NASCAR teams.
• It also identifies the current state of NASCAR's media landscape. This report looks at the series' social media following, in comparison to other motorsport competitions around the world.
• The report provides a detailed analysis of all 16 teams in NASCAR, and their current sponsorship outlook as well as expiring deals, and newer upcoming ones that have been agreed.
• A detailed look at the racing series' sponsorship portfolio and generated revenue, as well as the challenges involved in growing the league's commercial profile.

Reasons to Buy

• For those wanting an in depth analysis of how NASCAR is currently performing.
• General metrics for NASCAR such as attendance numbers and social media followings are included.
• The report will also be of interest to those who are interested in the kinds of brands that have sponsorship deals in place with the NASCAR, and its clubs. Identified are the most prevalent sectors and brands, as well as the biggest revenue generators of these aforementioned sectors.