Motor racing-MoneyGram boss says no peak in sight for F1's U.S. growth

MoneyGram International

31/01/2023 19:08

By Alan Baldwin
       LONDON, Jan 31 (Reuters) - Formula One's surging
popularity in the United States, turbocharged by hit Netflix
docu-series 'Drive to Survive', has plenty of fuel left in the
tank according to MoneyGram chief executive Alex Holmes.
    The Dallas-based money transfer and payments company will
start the 2023 season, which has three grands prix in the United
States including a new night race on the Las Vegas Strip, as
title sponsor of the U.S.-owned Haas team.
    Season five of 'Drive to Survive' is due for release on Feb.
24, the week before the start lights go out at Bahrain's Sakhir
circuit, with the behind-the-scenes cameras set to film again
this year.
    "It (the sponsorship) is just huge for us in terms of people
beginning to associate the MoneyGram brand in a very different
way," Holmes told Reuters ahead of an online reveal of the car's
new livery on Tuesday.
    "It seems like the excitement in the U.S., particularly with
Vegas coming, is just going to grow. 
    "Personally I see the next several years as continued
expansion".
    The three U.S. races are well-spaced, with Miami first up in
May, then Austin in October and Las Vegas as the penultimate
round in November.
    According to broadcaster ESPN, the 2022 season was the
most-viewed ever on U.S. television with an average 1.21 million
viewers per race across ESPN, ESPN2 and ABC, an increase of 28%
on 2021.
    The number of female viewers was up 34% and averaged 28% of
the audience, while significantly younger fans were also
watching.  
    "I have kids of college age and they have friends and those
friends have watch parties on Sunday mornings. It’s not what I
was doing in college, it really wasn’t there," MoneyGram's
marketing head Greg Hall told Reuters.
    "A lot if it is being led by that 18-25 group who are
watching, and the parents are starting to watch and it is really
bringing people who maybe weren’t race fans and now are becoming
race fans. 
    "Where does it peak? I don’t know. We’ve got a multi-year
deal and we certainly see this accelerating for the next several
years. We’re pretty confident in that, we really like the
trajectory it’s on."
    Formula One will also have an American driver this year for
the first time since 2015 when Logan Sargeant debuts with
Williams, who are owned by U.S.-based private investment firm
Dorilton Capital.
    Indiana-based Andretti Global, run by 1978 world champion
Mario Andretti's son Michael, is also seeking an eventual slot
for what would be the 11th team -- partnered with General Motors
brand Cadillac.  urn:newsml:reuters.com:*:nL1N33Q1HP
    Haas are not the only team with a U.S.-based title sponsor,
with world champions Red Bull partnered by software giant Oracle
and launching their 2023 campaign in New York on Friday. Aston
Martin have New Jersey-based IT company Cognizant.
    Holmes said MoneyGram's global business made Formula One a
good fit to reach a younger, digitally-aware consumer
demographic.
    "We ended the year with 47% of our global transactions
digital... when you start thinking about digital transactions
the consumer demographic is younger," he said.
    "For us to push the brand as faster, more interesting,
cooler... the association with Formula One makes a huge
difference."
 (Reporting by Alan Baldwin, editing by Clare Fallon)
 ((alan.baldwin@thomsonreuters.com; +442075427933;))