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

Business of NASCAR Report Overview

The annual sponsorship value for NASCAR in the 2023 season is $425.06 million. The racing series boasts a portfolio of 58 deals coming into the 2023 season, including a major deal with Sunoco which serves as an official supplier. NASCAR’s sponsorship appeal and reach is concentrated in the US, with mainly around 95% of American brands partnering with the racing series. One of the major evolutionary changes added to NASCAR last year was the launch of the Generation-7 car. This was a way of attempting to increase excitement and drive engagement since the sport has been struggling in terms of viewership and popularity in comparison to the early 2000s.

However, the car’s debut season was rocky, with many drivers complaining about the lack of safety features after some experiencing collision injuries. The racing series has also looked to improve the schedule and fan engagement on social media besides providing fan zones at stadiums with entertainment areas to retain fans and appeal to younger audiences.

The Business of NASCAR research report provides 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.

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Business of NASCAR – Broadcasters

NASCAR’s media landscape is global, with a heavy emphasis on the US as that’s where their target audience lies. Fox Sports and NBC currently hold the broadcasting rights to the NASCAR Cup Series, Xfinity Series, and Craftsman Truck Series. Fox Sports also provides coverage in Australia and Latin America. Both deals include all three national series, including the Cup Series, Xfinity Series, and Craftsman Truck Series, along with all practice and qualifying sessions.

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Business of NASCAR – League Sponsorship

Values across the 58 official partnerships held by NASCAR for the 2023 season differ greatly based on the rights held by each brand but are typically signed at a premium price point. American petroleum brand Sunoco is the biggest spender in the competition. Some of the other sponsors are Goodyear, Mobil 1, Xfinity; NBC Sports, Chevrolet, Toyota, GEICO, Busch, Xfinity; Comcast, and Coca-Cola. Tire brand Goodyear serves as NASCAR’s official tire for all three-racing series, alongside being the title sponsor of the Goodyear 400 race in Darlington, SC. Mobil 1, a motor oil brand owned by ExxonMobil is the joint second-largest partner on the NASCAR roster.

Business of NASCAR Analysis by League Sponsorship, 2023 (%)

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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, 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.

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.

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 NASCAR, and its clubs. Identified are the most prevalent sectors and brands, as well as the biggest revenue generators of these sectors.