January and February have always been quiet months for motorsport, with only the Dakar Rally and a few endurance races in the middle east to satisfy racing fans. However, Formula E has taken advantage of this period and in 2024, its opening three races, held over a two-week period, were crucial. These races became even more important due to the cancellation of the Hyderabad E-Prix just six weeks before its scheduled date. The cancellation created a void in the championship’s schedule, and now the question arises whether Formula E made the most of this opportunity or fell short of expectations.
The truth probably lies somewhere in between. Formula E’s CEO, Jeff Dodds, has made it a priority to generate more attention for the championship, and it seems that his efforts are paying off. Just before the Diriyah E-Prix last month, Formula E announced record-breaking TV viewership numbers for the Mexico City opener in mid-January. According to Formula E, the race attracted a record-breaking 3.4 million viewers in the US, surpassing the viewership of last year’s Las Vegas Formula 1 Grand Prix. These numbers even exceeded the viewership of F1’s inaugural Miami race in 2022.
These impressive figures raised some eyebrows in the motorsport community, with some questioning their validity. However, Formula E clarified that the numbers were based on viewers tuning in for at least one minute, which is a standard protocol for TV ratings worldwide. Formula E’s partnership with CBS, as well as its presence during NFL matches and Premier League games on TNT Sports in the UK, contributed to the increased viewership. The championship also saw significant engagement on social media and its website, with a single Instagram reel becoming the most-viewed content in Formula E’s history.
Formula E’s new streaming partner, Roku, prominently featured the Mexico City race on its platform, offering various programs and exclusive content. The addition of Whisper TV to the production team has also enhanced the quality of Formula E’s broadcasts, with David Coulthard conducting interviews with the top three drivers on their way to the podium. The championship’s presenters, including Jermaine Jenas, have shown improvement in their coverage, and the in-session chats with team principals provide valuable insights into the qualifying sessions.
Formula E’s recent partnership with Whisper TV and TNT Sports has helped increase TV viewership in the UK, with a 29% increase compared to the previous season’s Mexico City race. The coverage, led by Jermaine Jenas, attracted an average of 41,000 viewers, peaking at 100,000 viewers after a Premier League football match. Formula E aims to capitalize on these partnerships and the inherited audiences to expand its fanbase.
While Formula E’s recent success is encouraging, there are still questions about the long-term growth and development of its fanbase. The championship attracts a unique demographic, with a higher percentage of female fans and a younger audience compared to traditional motorsport. Formula E’s TV production is top-notch, but it lacks the hardcore racing fans who crave the traditional motorsport experience. However, the championship is making positive strides with initiatives such as the FIA Girls on Track activation and its sustainability educational program.
Overall, Formula E has made a strong start to the season, but its real success will be determined as the season progresses. The championship has significant assets, but its calendar stability and media reach have historically been weaknesses. With new investments and partnerships, Formula E has the potential to become a prominent player in the sports business industry. The upcoming races after the break in March will be crucial in accelerating its growth and solidifying its position in the market.
According to the Source the-race.com