Last Week Today: June 21 – June 27, 2021 Sponsorship News
This is part of our "Last Week Today" series that includes a weekly roundup of the past week's most exciting and industry-altering news. Check back on our blog every week for updates! These stories cover sponsorship news for June 21 – June 27, 2021.
Racing’s New Secret Weapon: Netflix?
Though Formula 1 has held an annual race in Austin since 2012, it took a behind-the-scenes, Netflix show about the racing series for the sport to truly gain a foothold in the United States. As a country predominantly focused on NASCAR within the racing world, Formula 1’s “Drive to Survive” show has helped grow US viewership of race broadcasts by over 50% from 2020. With the show looking to start filming its fourth season and a second, US race being added to the circuit in 2022 (Miami Grand Prix), one should expect increased viewership and sponsorship within the US market to continue.
Chipotle with a Side of Tesla
Gamification has helped various brands explore non-traditional sports marketing and Chipotle is jumping on the trend. For two days in June, the restaurant chain launched an online “Race to Rewards” game that included prizes such as a Tesla 3. While seeming like a random activation, the game highlighted Chipotle’s recent sponsorship investment within the eSports industry. Just as important to any gamer as Tesla, Chipotle pitched in one million bags of chips for those that participated.
Brick and Mortar Gyms Strike Back
As with any industry, trends in foot traffic and web traffic can tell you where the market is heading. This can be seen within the fitness industry as gyms open back up and people begin returning to offices. Major gym chains are seeing visitation levels, both in-person and online inquiries, at pre-pandemic levels. This consequentially has led to a decrease in similar activities for at-home fitness services such as Peloton, who reported an over $8 million net loss in the first quarter of 2021. It will be interesting to see how these two sectors of the industry compete (or partner) with each other in the coming years.
Pandemic a Positive for Golf
Being one of the few outdoor options for sport recreation during the height of the COVID-19 pandemic, golf saw an uptick in rounds played and gear purchased. This rapid growth on the amateur level does not appear to be slowing down as more of the country opens this summer. The increased interest and investment on the amateur side have trickled into other aspects of the game as well. Those playing more golf are most likely watching more golf, a benefit to the PGA TOUR and their sponsors. As of now, it is reported there are about 18 players on the TOUR that is on pace to make over $100 million in future career earnings.
Be on the lookout next week for the usual round-up of sponsorship news.