NASCAR to seek a 1 billion Dollar long term TV deal from Broadcasting partners: Reports


NASCAR to seek a 1 billion Dollar long term TV deal from Broadcasting partners: Reports

NASCAR at Nashville Superspeedway

NASCAR’s television broadcasting rights deal with Fox and NBC is set to expire in 2024. The premier stock car racing series set will seek a 10% to 15% increase in the deal. The organization is looking for an 8-to-10-year deal and as incumbent broadcasters, Fox and NBC will be prioritized during the negotiations.    

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NASCAR is currently earning 820 million from its TV deals. It’s reportedly going to ask for a new deal that is worth $900 million to $950 million annually. Other than NBC and Fox’s former NASCAR partner ESPN along with CBS and Amazon is interested in signing a new deal.

NASCAR witnessed an increase in viewership and race attendance this year compared to the past five years. The cup season averaged 3.04 million viewers this season, up 4% from last year and the other national series witnessed similar growth as well. 30.28 billion total minutes of content was consumed by NASCAR fans this year.

The organization will be desperate to land the new deal since the teams are asking for a bigger share of the revenue pie. They will also have to overcome the pressure that will be on them in 2023, as F1 is set to introduce the LA street race which will come up against NASCAR’s inaugural Chicago Street race.

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NASCAR is a bullish outlook on the new plan

NASCAR
NASCAR fans at Las Veags (Images via IMAGO)

Brian Herbst, NASCAR’s senior vice president of media and productions expressed his views on the deal the organization plans to seek. He pointed out that the new championship winners along with the improved and unique racing product have attracted more young audiences to the sport.

We’ve talked about the youth movement of NASCAR for a while since we had the last generation of drivers retire and transition out. But in the last two or three years, it felt real, with Chase Elliot winning in 2020, Kyle Larson winning in 2021, and Ross Chastain having one of the most vital moments in the sport’s history in 2022,” Brian Herbst said.

He claims NASCAR is heading in the right direction in terms of viewership, revenue, and business perspective.  Herbst pointed out that the brand value of the sport has increased compared to its performance in the last five years.

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We are pretty bullish on our outlook for 2023 and beyond. I think the trajectory of the sport has changed for the better, both from a viewership perspective and an ad revenue perspective. And also just the relevancy of our brand and our sport today versus where we were five years ago. I think a lot of health signs and fundamentals of our business are heading in the right direction at the right time,” Brian Herbst added.

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