This past week we saw what may be the beginning of a shift again to areas of concern around climate change, corporate responsibility around the environment and a move towards opportunities around all areas of science and STEM, not the loudest of which was General Motors announcement that they are shifting their focus away from Trump administration guidelines and aligning with the Biden campaign on issues tied to emissions.
It made me have hope that areas that were gaining stem pre Pandemic, especially opportunities around sport tied to STEM and technology will now start to gain steam again. Now we have not lost ground in some areas of analytics and tech tied to sport: the advancements in using streaming, the growth of second screen experiences tied to data, and the use of any number of mobile first engagement has continued to advance forward as leagues and teams and brands have pivoted to find ways to better engage. We saw early on how properties like NASCAR and MLS and the NBA used the hiatus to grow and enhance gaming platforms, and we are continuing to see that with the NFL switching this year’s Pro Bowl to an NFL player led version of Madden. All of that is great.
But let’s keep going bigger and more disruptive, and think about how some emerging properties can help fuel (no pun intended) an even greater push to bring science and sport together on a competitive level. Looking at properties like The Drone Racing League, Competitive Robotics and Formula E, one wonders if the days of science tied to sport are maybe, coming due.
With regard to Formula E…The circuit, with its electric engines at high speeds, its footprint that is all about technology and eco friendliness, and its push to create compelling storylines for new champions, is talking about being profitable just a few years after almost being too soon to the dance and running out of money, and seeing its growth in the past three years is pretty remarkable, and gives any startup in sports or entertainment hope that if you have a well-funded…and the key is FUNDED…business that speaks to a growing niche in an exciting and vibrant field, even one as cluttered as motorsports…you have a chance to grow.
Some reasons about why…
It Speaks To A Generation Not Used To Traditional Racing, While Giving The Core Fan His or Her Due: If you have been to any professional race, the thing you remember most is the noise. Loud cars, the smell of the track, the Days of Thunder. Formula E is not that; it whirrs and buzzes but the deafening roar is not there with cars that are both FAST and Electric.
It Has The Potential For Elite Brands To Activate, While Bringing In New Brands As Well: You see many of the elite motorsports brands engaged with advertising, but there is also a new wave of companies one might not see around racing; clean energy, solar power, conservation companies, who may not find a fit in traditional racing. Electric cars can literally be the hybrid for racing, offering the blitz of the past with a nod to the future. That appeal again speaks to a new audience while not abandoning the old. With American cars companies now looking more and more at electric power, having Ford, or Chevy or GM in the mix in the future if TESLA doesn’t make the financial jump, will be a boon to growing the U.S. presence.
Connecting with STEM: The great opportunity in the US, especially in inner cities, is to tie sport with education initiatives, especially Science, Technology, Engineering, and Math, known as the core curriculum element STEM, that makes things educational and FUN. Formula E is all about that base and is a prime way to have teachable lessons around something that is sleek, fast and engaging. Now that’s not to say that all of racing don’t try and use the latest in data and technology to be successful. The difference is Formula E is focused on clean tech TODAY and going forward. It is the first area of engagement, which sets it apart from other brands of motorsports which are more established.
It Ties Well With New Engagement Points For Millennials: VR demos, drones and robotics all give FE a unique look, as well as a growing connection to esports and gaming; all things that a new younger audience can engage with. Those areas all tie well with sponsor activation from BMW and Jaguar to name a few and the gaming activation draws in a host of younger fans who were more interested in doing than watching. Then there is the opportunity to tie to causes; millennials will be more brand loyal when they see an opportunity to tie to a bigger issue so safer, cleaner environments can drive a new racing fan to Formula E with its safe for the environment without losing the excitement of racing theme. That’s a great opportunity for massive auto brands to engage with a younger consumer, and becomes a win for all involved.
It Is A Great Entry Point Into All Forms Of Racing For New Brands: Racing is a VERY expensive sport to engage with. Because of its disruptive model, its tech and more millennial focus and its scaled down event footprint, Formula E can be a great entry point for brands who see F1 or NASCAR has cost prohibitive for engagement. Scaled down doesn’t mean cheap. But it does mean being tailored to a different demo that might not be the same as other forms of racing.
Are there continued challenges? Yes. It is still uber expensive to run any form of motor racing and the lack of American drivers, cars and a other races are hurdles to climb, but the advances and the grasp of ecofriendly technology continue to make Formula E interesting and exciting. The circuit is also taking the best of racing…speed, technology and storytelling…and has brought parity and cost control into the sport, as well as timed races that can keep the time challenged consumer engaged, all signs that listening and adapting as a disruptive business can do, is ongoing. And we are in a global sports business, a place where Formula E us seeing its upside.
There are still many COVID-19 related challenges all of sport has going forward in the coming year, but at least in the States, science and tech, tied to analytics and action, seem to be primed for a loud reboot, and with it sports and science.
It’s a great path for those looking to engage and grow in sport, and is one of many reasons we may be thankful for a new look, and new opportunities, as we turn the calendar.
