This year the Formula One race made its way to Miami , declaring its the new home for the races. Formula One races have increased in popularity over the past two years. It seems like overnight people are all talking races! Thanks to the hit series on Netfllix “Drive to Survive”, has helped boost the popularity of F1 in the US. ESPN has reported an increase of 56% viewership in the past year! Ticket sales in Miami sold within 24 hours for the three-day suite and grandstand pre-sale. Its increase in popularity has not only made this event a success but we can’t talk Formula One without bringing up the brand merch that was being sold only online and through the event.
If you're wondering how does Formula One make all its money? Well, it boils down to a few things, sponsorships, running lean teams, ticket sales, and yes you guessed it selling branded swag! Just last year alone Fanatics F1 swag soared on their website! Their partnership alone has increased sales by almost 200% since 2017 and their online stores alone had grown 40% globally! Selling their branded merch has proven to be an absolute success and is showing increased popularity over time. The US is proving in becoming a much bigger market for F1 as they open up more events throughout the US.
During the Formula 1 event branded merch was also for sale. One branded shirt could cost up to $110! While at a glance you may think these prices are high, when you have a strong brand and popularity branded merch will prove to sell on its own making it a true revenue generator. Joe Popliano shared an image of the branded F1 merch from the races in Miami with prices from the onsite store. Some commented being some of the people purchased some of the swag on-site while others claimed to find better deals online. Either way, it goes to show that branded merch has been a great addition for fans to promote their favorite drives and sponsors.
Selling branded merch is a great way to promote the brand and create awareness.
So what makes Formula 1's branded merch so successful? It features recognizable logos and designs on premium apparel and products, sure. But more importantly, it's available for purchase at the event. While customers and fans can absolutely hop online and scour the internet for deals, nothing really beats the excitement of buying a piece of promotional swag that you really connect with to help commemorate a special event. For F1, branded merch has proven to be a significant revenue source, and continues to grow in popularity.
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