Based on its recent growth, Speed Channel's name is right on target. Since News Corp. bought a majority interest in the summer of 2001, it has relaunched the network under its new name and expanded its audience to 56 million homes by placing some programming on its other networks.
The moves made Speed Channel the eighth-fastest-growing cable channel during that time. Now the network's top executives hope its first live programming can help sustain the momentum. Starting this season, Speed Channel will carry the NASCAR Craftsman Truck Series under a four-year deal.
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| “Adding trucks gives us another way to get into the psyche of NASCAR fans,” says Speed Channel President Jim Liberatore. |
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"Adding trucks gives us another way to get into the psyche of NASCAR fans," said Jim Liberatore, Speed Channel president. "Trucks aren't glamour and glitz. They're just good racing with a lot of banging. Motorsports fans will respond to that."
When the truck series was on ESPN, viewership hovered around 510,000 households per race last season. Its new home expects that number to reach 540,000 in 2003, a tall order considering ESPN is in 24 million more homes.
"The key is, they have made a commitment to promotion and things like prerace and postrace shows," said Paul Brooks, NASCAR vice president of broadcasting, who negotiated the move from ESPN. "This wasn't nearly as big of a priority for ESPN as it will be now. The race would end and the broadcast would leave right away."
When it took over, News Corp., which also owns NASCAR broadcast partners Fox and FX, moved Speed Channel from Stamford, Conn., to Charlotte, the hub of the stock car industry. The network also created and aired blocks of Winston Cup and Busch Series programming dubbed NASCAR TV, adding stock car racing to a lineup that had focused on open-wheel and European events. Now NASCAR accounts for 65 percent of Speed Channel's schedule.
Already, a promotional blitz has begun. Speed Channel was touted by sister network Fox during its coverage of the NFL playoffs. Richy Glassberg, Speed Channel senior vice president of advertising sales, declined to discuss ad rates. He said title sponsor Sears has committed to a number of spots but declined to reveal additional commitments.
Last year, when Liberatore became the network's top executive, he said internal research found 72 percent of the nation's 75 million NASCAR fans didn't know or didn't care about Speed Channel. The creation of NASCAR TV, and the addition of the truck series this year, are designed to change that perception.
Beyond carrying all 25 truck races live, Speed Channel will show each event twice more during the week. The first replay, on Mondays in prime time, will include the insertion of new interviews and perspective from drivers and crew members, similar to a popular feature the network began during its Winston Cup replays last season. A shorter, edited version of the truck races will air later in the week.
"This becomes our premier, first-run property," said Rick Miner, Speed Channel executive producer. "And we will treat it that way. You're going to get to know all the drivers and teams, to create that awareness and interest from week to week."
Industry experts estimate Speed Channel generates $125 million to $150 million in revenue now, more than double its sales before the News Corp. relaunch. Liberatore declined to discuss revenue or specific terms of the truck contract, but he said the addition should help convince more cable systems to add the network.
Liberatore said fans of Formula One, CART and the World of Outlaws series, among others, won't lose any event or news coverage.
At Craftsman parent Sears, Roebuck & Co., brand director John Lebbad said the truck series should benefit from Speed Channel's promotional heft. In addition, the network offers a better fit with the company's target customer. "Do-it-yourselfers love motorsports," Lebbad said. "Obviously, being on an all-motorsports channel helps build that audience."
Erik Spanberg writes for The Business Journal of Charlotte.
