LOCAL ECONOMIC IMPACT REPORTS
Formula Money has worked for circuits at all stages of the race hosting process, from pre-contract to the build up to the race to post race analysis and contract renewal. Races we have worked with include the Australian, Brazilian, Bahrain, United States and Mexican Grand Prix, which has commissioned Formula Money economic impact reports for all of its races since it returned to the F1 calendar in 2015.
ENDORSEMENT OF OUR REPORTS
“One of the most relevant elements for the negotiations.”
Gustavo Daniel Sánchez Herrera, Mexican Grand Prix
“Thank you very much for your outstanding report.”
Claudia Ito, Brazilian Grand Prix
“A great report on Melbourne.”
Ron Walker, Australian Grand Prix
“The report is well put together and brings out the value of Bahrain to F1 calendar.”
Lakshmi Sonia Anderson, Bahrain Grand Prix
The following is a selection of articles about work we have previously produced for race hosts:
MEXICAN GRAND PRIX
2017 Grand Prix
Grand Prix Mexican GP: El FORMULA 1 GRAN PREMIO DE MÉXICO 2017™ deja una derrama económica de más de $14.780 mil millones de pesos en el país (Spanish)
Twitter Moment: Balance económico del GP de México (Spanish)
2016 Grand Prix
Mexican GP: La edición 2016 del FORMULA 1 GRAN PREMIO DE MÉXICO deja una derrama económica de más de $12 mil millones de pesos en el país (Spanish)
Mexican GP: A través del FORMULA 1 GRAN PREMIO DE MÉXICO 2017, el país le demostró al mundo que sigue en pie
2015 Grand Prix
Mexican GP: Revelan Secretaría de Turismo Federal y CIE resultados económicos del FORMULA 1 GRAN PREMIO DE MÉXICO 2015 (Spanish)
Latte Luxury News: Grand Prix’s $753 Million Economic Impact For Mexico (English)
UNITED STATES GRAND PRIX
Formula1Blog: Austin GP nets $200m in media coverage
AUSTRALIAN GRAND PRIX
Herald Sun: Priceless publicity drives push for new Grand Prix contract
Sports Business Daily: Australian F1 Grand Prix Exposure Worth $204M A Year To Host City Melbourne
CUSTOMISED REPORTS
Each report is fully customised for the potential host city and looks in detail at the effects of hosting a race, including economic impact and exposure value. A typical report includes: • Calculation of the annual local economic impact that a Grand Prix brings to the host city, including spending in key areas (such as hotel rooms, food and beverages, and travel) and assessment of the value of media exposure, arriving at a total annual benefit for the host city.
- Hotel room usage by F1 fans and workers
- Other spending by F1 fans and workers
- Total direct, indirect and induced local economic impact of a Grand Prix
- Annual media exposure value
- Projection of economic impact over the course of the race contract
Formula Money economic impact reports have a number of features that mean they give a unique angle on the benefits of hosting a race. Our reports don’t just take into account the impact of fans visiting the race but also estimate the value of exposure for the host city – one of the main reasons hosts get involved in Formula One.
Our reports don’t just track existing events but can also be prepared for proposed races. Formula Money can build this research around parameters already established by the prospective promoter, such as whether the race will be hosted on a circuit or street track, proposed ticket prices or planned circuit capacity. Many of our projections are based on the experiences of existing F1 races. This grounds our conclusions in reality and enables us to highlight some of the unexpected benefits of race hosting.
Our in-depth knowledge of F1 means that we can also assess the potential revenues for the race in areas such as sponsorship and ticket sales. Clients often combine a local economic impact report with data on the finances of hosting a race, an introduction to the business of F1, and our Grand Prix Attendance Report to get the complete picture of hosting a Grand Prix.
To discuss how we can help, please email Caroline Reid at caroline@formulamoney.com
