Equipped with a new title sponsor, new media rights deal and new tracks on the schedule, IndyCar gets its 2019 season underway this weekend with optimism throughout the paddock.
Japanese technology giant NTT joins as title sponsor of IndyCar this year, replacing Verizon. Sources have said the series received around a $10 million annual spend from NTT for the deal that will last at least three years, about the same that Verizon paid. New teams in the paddock include Harding Steinbrenner Racing and DragonSpeed Racing.
Overall, IndyCar CEO Mark Miles said he’s feeling as good about the commercial viability of the series as he ever has since taking over the helm in 2012.
“It starts with the absolute alignment with the paddock — that’s the first thing,” Miles said. “The second thing is the combination of commercial announcements … and the third thing is people are stoked about the schedule.”
The season starts Sunday in St. Petersburg, Fla. The series will debut at Circuit of the Americas late this month and return to WeatherTech Raceway Laguna Seca for the season finale in September.
The series has seen renewed interest among promoters globally who want to host a race. IndyCar is evaluating possible races at Gold Coast, Australia, and in Argentina to open the 2020 season.
IndyCar has a new fuel/convenience store sponsor in Speedway that is shaping up to produce more in-store activation than prior sponsor Sunoco. The series also is working on striking new partnerships in the gambling space. IndyCar’s sister company, Indianapolis Motor Speedway, signed digital financial services brand Gainbridge as presenting sponsor of May’s Indianapolis 500.
Miles said the Indy 500, which drew about 300,000 people for last year’s race, is on track to do the same this year and is seeing an uptick in revenue after a ticket-price increase.
IndyCar now has NBC Sports as its sole media rights partner, taking over a deal that had been split between NBC and ABC. NBC Sports’ early efforts to drive interest for the series have included running ads for the series during NFL playoff games and the announcement that Mike Tirico will host the Indy 500.
“In the past, even in a period where there has been substantial alignment, there was always something [going wrong], and there probably will be again [in the future],” Miles said. “But right now, there is a remarkable sense of alignment and optimism about what’s happening with the series among the key stakeholders.”
