The return to the \u201cnew normal\u201d\nis happening at rapid speed and the motorsports industry is at the front of the\nfield. This month we will take a look at\npath ahead and how racing entities are part of that plan.<\/p>\n\n\n\n
The\npandemic related shutdown during the 2020 season impacted the sports and entertainment\nindustries hard. Key aspects of the\nrevenue streams were not able to operate at levels that would maximize\nprofitability.<\/p>\n\n\n\n
Fast\nforward eighteen months and the outlook is much different. Cautious optimism has returned with the covid\nvaccination progressing to over fifty percent of the population.<\/p>\n\n\n\n
Federal,\nstate and local municipalities are rapidly revising their guidelines towards\nnormalized. Indications are that most\nareas will be fully open at the start of the summer.<\/p>\n\n\n\n
This\nis great news for the economy, especially those dependent on spectator based\nactivities.<\/p>\n\n\n\n
Utilization\nis key to any facility. That will be made of primary and secondary related\nevents.<\/p>\n\n\n\n
The\nhome team or key tenant gets first choice of dates. When schedules are finalized by the leagues\nthen those days are set on the calendar.<\/p>\n\n\n\n
The\nlast two years have seen \u201ctypical\u201d schedules under constant change with\nshortened seasons, cancelled and rescheduled games.<\/p>\n\n\n\n
The\nkey has been flexibility. <\/p>\n\n\n\n
There\nis hesitancy to set a date for third party events in the short because\nuncertainty still exists over pandemic limitations. These bookings include music concert tours,\nfamily-oriented shows, and sports-centric competitions. <\/p>\n\n\n\n
Many\nstadium and arenas host over 200 events annually. This is comprised of primary tenants at 50%\nand third-party events at fifty percent. \n<\/p>\n\n\n\n
There\nare expectations that the number of ancillary bookings could double next year\nat they try to make up for lost revenue. This could lead to a record setting\nyear for live entertainment related tours.<\/p>\n\n\n\n
Performers\nare ready to go on the road again to maximize earnings. Entertainment continued its creative process\nbe writing new music and releasing it on video platforms.<\/p>\n\n\n\n
Streaming\nmusic is the norm but generates lower revenues then traditional album sales and\ndownloads. Touring is highly attractive\nand there is pent-up demand from both the artist and the consumer. <\/p>\n\n\n\n
Motorsport\nfacilities will play host to many of these third-party events. The large footprint and the ability\nself-contain are favorable characteristics. \n<\/p>\n\n\n\n
Tracks\nhave hosted music concerts (Country 500 at Daytona International Speedway) and\nfestivals (Electric Daisy Carnival at Las Vegas Speedway) in the past. Most events of this nature have a finite\nlifespan due to promoter and artist changes or consumer preference. It can be expected that new ones are being\nplanned and will return to these type of venues.<\/p>\n\n\n\n
Racing\nschedules also undergone changes. Series\ntook the shutdown as a chance to re-set resulting in a few tracks not hosting\nevents. This was done for financial\nreasons and fan and sponsor input.<\/p>\n\n\n\n
Track\nofficials are reaching out to promoters and booking agents letting them know\nthat their facilities are open for business.<\/p>\n\n\n\n
Legislative\nefforts continue to support race tracks place in the economy. <\/p>\n\n\n\n
The\nRPM Act \u2013 Recognizing the Protection of Motorsports Act of 2021 \u2013 was reintroduced\ninto Congress. <\/p>\n\n\n\n
This\nbill seeks to amend the Clean Air Act and provide an exemption from certain\nantitampering provisions for modifying a motor vehicle that is not legal on the\nstreet of highway and is used solely for competition and other purposes.<\/p>\n\n\n\n
The\ngoal is to guarantee that the industry can offer parts that enable to compete.<\/p>\n\n\n\n
The\nstate of North Carolina has earmarked $45 million for the motorsports\nindustry. These funds are part of the\nAmerican Rescue Plan. <\/p>\n\n\n\n
Charlotte\nMotor Speedway, Rockingham Speedway and North Wilkesboro Speedway are each receiving\n$10 million. The remaining amounts are\ngoing to smaller tracks and the development of a Motorsports and Moonshine\nHeritage Trail.<\/p>\n\n\n\n
Motorsports\nwas hit hard but kept flexible and worked hard at developing plans and\nrelationships that will benefit its future.<\/p>\n","protected":false},"excerpt":{"rendered":"
The return to the \u201cnew normal\u201d is happening at rapid speed and the motorsports industry is at the front of the field. This month we will take a look at path ahead and how racing entities are part of that plan. The pandemic related shutdown during the 2020 season impacted the sports and entertainment industries […]<\/p>\n","protected":false},"author":5,"featured_media":862,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"_links":{"self":[{"href":"http:\/\/businessofspeed.speedwaysonline.com\/index.php?rest_route=\/wp\/v2\/posts\/854"}],"collection":[{"href":"http:\/\/businessofspeed.speedwaysonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/businessofspeed.speedwaysonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/businessofspeed.speedwaysonline.com\/index.php?rest_route=\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"http:\/\/businessofspeed.speedwaysonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=854"}],"version-history":[{"count":4,"href":"http:\/\/businessofspeed.speedwaysonline.com\/index.php?rest_route=\/wp\/v2\/posts\/854\/revisions"}],"predecessor-version":[{"id":868,"href":"http:\/\/businessofspeed.speedwaysonline.com\/index.php?rest_route=\/wp\/v2\/posts\/854\/revisions\/868"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/businessofspeed.speedwaysonline.com\/index.php?rest_route=\/wp\/v2\/media\/862"}],"wp:attachment":[{"href":"http:\/\/businessofspeed.speedwaysonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=854"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/businessofspeed.speedwaysonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=854"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/businessofspeed.speedwaysonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=854"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}