Chicago, IL (PRWEB) February 10, 2010
North American-based companies will spend an estimated $3.37 billion to sponsor motorsports teams, tracks and sanctioning bodies this year, up 2.1 percent from the $3.3 billion spent in '09, according to IEG Sponsorship Report, the world's leading authority on sponsorship.
While the projection lags IEG SR's 3.4 percent increase for the overall sponsorship industry and 2.8 percent rise for sports properties, it is welcome news following the six percent decline in motorsports spending from '08 to '09.
"The motorsports category has suffered more than many others recently, as its high cost of entry in many cases fell victim to increased scrutiny over corporate marketing expenditures and questions about return on investment," said William Chipps, IEG Sponsorship Report's senior editor.
Although many companies opted out of racing during or following the '09 season--Allstate Insurance Co., Brown-Forman Corp.'s Jack Daniel's and Beam Global Spirits & Wine, Inc.'s Jim Beam, are among those who dropped out of NASCAR--there are some bright spots.
Most notably, the Indy Racing League late last year brought on Phillips-Van Heusen Corp.'s Izod clothing brand as title sponsor through a new six-year partnership.
And despite the large number of sponsor defections, a number of NASCAR teams have been able to renew, and in some cases, expand existing partnerships.
For example, Aaron's, Inc. expanded its primary sponsorship of a Michael Waltrip Racing Sprint Cup team for six additional races, while Diageo North America, Inc.'s Crown Royal brand extended its partnership with Roush Fenway Racing, becoming primary sponsor of the Matt Kenseth-driven No. 17 car for 35 Sprint Cup Series races this year.
NASCAR itself recently brought on two new sponsors, both in nontraditional categories: movie theater advertising firm Screenvision Cinema Network, LLC and Drive4COPD, a health awareness campaign for chronic obstructive pulmonary disease funded by Boehringer Ingelheim Pharmaceuticals, Inc.
About IEG, LLC
IEG is the world's leading provider of independent research, consulting, training and analysis on sponsorship. Founded in 1981, IEG provides corporations and properties with the strategies and tools to harness the sales and marketing power of sports, arts, entertainment and cause marketing.
IEG offers services that include sponsorship consulting, competitive intelligence and valuation. IEG also produces IEG Sponsorship Report, the industry-leading digital publication covering best practices, news and other information; the IEG Sponsorship Sourcebook, the definitive guide to sponsors, properties and agencies; and additional industry publications and sources.
IEG also is the leader in sponsorship training. Its internationally renowned Sponsorship Conference, now in its 27th year, attracts a capacity crowd of delegates each year. Through its conferences, seminars and webinars, IEG has trained more than 45,000 sponsorship executives worldwide.
For more information about IEG and the sponsorship industry, please visit http://www.sponsorship.com or call 800/834-4850 (outside the U.S. and Canada, 312/944-1727).