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SBD Global/August 2, 2012/Finance
Australian F1 Grand Prix Exposure Worth $204M A Year To Host City Melbourne
Published August 2, 2012
Research by Formula Money has revealed that the Australian F1 Grand Prix “has generated" more than $816M for Melbourne over the past four years, according to PITPASS.com. That averages to $204.1M per race. Exposure to the 515 million unique viewers who tune into F1 race broadcasts annually is one of the main reasons that venues around the world compete to host grand prix. However, that only represents part of the overall picture as a vast number of people are also exposed to grand prix host cities through "news broadcasts, television magazine programmes, print media coverage and the Internet." Exposure of the 2012 Australian Grand Prix alone was worth $217.2M to Melbourne, a 13.9% increase on the ‘11’s total of $190.7M. The ’12 total includes $145.1M of exposure of the city itself during broadcasts of the race; $3.2M through exposure of Melbourne-branded trackside hoardings during race and qualifying coverage; $45.7M of exposure of branding through news and sports highlights programs; and $23.1M of exposure from global print media coverage of the event. F1 is "broadcast in 187 markets worldwide," which gives Melbourne unparalleled exposure as no other int'l annual series has this level of coverage across free-to-air networks. The race in Melbourne's Albert Park "receives significant print media coverage from hosting the Australian Grand Prix, and this leads to a boom in coverage of the city during March, the month in which the race takes place." During the last three years, March has averaged more than 38,000 monthly articles. In contrast, April averaged only 33,700 articles and February 33,200 (PITPASS.com, 7/31).