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Dublin, Dec 10, 2020 (GLOBE NEWSWIRE) – The “Motorsports Online Advertising Market – Forecast (2020 – 2025)” report has been added to ResearchAndMarkets.com’s offering.
The motorsports online advertising market is forecast to reach $ 256.7 million by 2025, with compound annual growth of 24.1% between 2020 and 2025. Although well established, the online advertising market of Motorsports is one of the fastest growing motorsport league markets. Over a period of time, the market has evolved significantly mainly due to incessant technological development and integration.
Key takeaways
- Online motorsports advertising is the perfect way to advertise products, facilities, teams and leagues in the racing market. Online motorsports advertising includes integrated multi-channel advertising opportunities including a mix of OTT digital advertising and traditional online advertising.
- Programmatic advertising is the automatic buying and selling of ads online. This automation makes shopping more efficient, streamlines the process, and consolidates digital advertising activities within one technology platform.
- It has created new possibilities for marketers as mobile ads are displayed on smartphones. Mobile ad networks like Google Mobile Searches, Facebook and Instagram Mobile Feeds and in-app advertising for smartphones allow marketers to target potential customers and promote their brand.
- Europe is expected to dominate the online motorsport ad market during the projected period. The European online advertising industry has taken the lead in advertising spending, outpacing television advertising revenue (Internet revenue).
Drivers: Online Motorsport Advertising Market
– Continuous technological developments and advanced digital platform
Marketing automation is a perfect way to reduce the time it takes to introduce many of these techniques. And automation is just one feature that comes with a great product information management (PIM) solution. A successful PIM can centralize event data, automate marketing activities and metrics, distribute product catalogs and information to as many outlets as you need, and analyze data so that sales and marketing plans are constantly improving and the bottom line continues to increase. The high rate of adoption of modern tools in online advertising will help to strengthen the reach of motorsports among sports enthusiasts and thus the market for motorsports online advertising will grow.
– The appearance of Covid-19
The COVID-19 pandemic may have caused a ‘timeout’ at motorsports events around the world, but it has brought the virtual racing platform to the forefront, that is, due to the arrival of Covid-19, the Motorsports leagues are taking virtual careers and gradually focusing on this emerging digital media market. Formula 1 introduced the Digital Grand Prix series to replace the conventional racing bill discarded or postponed due to the pandemic. MotoGP is running its own virtual version, with current heavyweights like current world champion Marc Marquez and Yamaha’s Maverick Vinales joining the action. Such factors have placed digital media at the forefront of motorsport leagues and will make the online advertising model, even after the Covid-19 pandemic, a popular part of motorsport leagues. These factors also affect the growth of the motorsports online ad market.
Challenges: Motorsports Online Advertising Market
– Use of traditional advertising media
The main factors hampering the growth of the global online motorsports advertising market are the shortage of trained employees and the continued use of conventional advertising media such as television and newspapers. Despite the disadvantages such as high cost and intrusive nature, television advertising is still used by various motorsport teams and leagues that possess factors such as convenient and flexible advertising medium, strong impact, and massive coverage. Partnerships with various broadcasting companies that typically include a certain amount of motorsport league advertising on television have led to a focus on this medium. Today it is understood that almost every home has a television. Therefore, spreading your message to a large number of viewers is extremely simple for motorsport teams and leagues. Therefore, the motorsport leagues still use television advertising of these factors, which constitutes a barrier to the online advertising market for global motorsports.
Market overview
Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Motorsports Online Advertising market. The driving market for Motorsport’s online advertising is expected to be dominated by major companies such as Oath Inc, Google LLC, Facebook Inc., Microsoft Corporation, Amazon, Inc. and Twitter Inc.
For more information on this report, visit https://www.researchandmarkets.com/r/b1an1o
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