Already boasting a portfolio of sports and entertainment including the NBA, golf, tennis, music and theater, American Express AXP was ready to further strengthen its partnership to create more opportunities for existing and new cardholders. .
Witnessing F1’s soaring popularity from afar, teams wanted to get an up-close look at the global open-wheel single-seater high-speed racing series, which has grown significantly in the United States thanks to the Netflix NFLX documentary series. drive to survive.
“My team and I flew to Mexico City and we were absolutely blown away,” said Mary Ellen Jelenek, American Express’ senior vice president of global brand marketing and sponsorships. “We were stunned. We went home and said, ‘We need to be a part of this.’
“That’s when we started serious negotiations with F1.”
In October, American Express and Formula 1 announced a multi-year partnership in which AmEx will become the official payment partner of F1 in the Americas, the F1 Academy and the Las Vegas Grand Prix.
The partnership is American Express’ first since renewing its long-standing partnership with the NBA in 2013, which includes the Miami Grand Prix, Canadian Grand Prix (Montreal), United States Grand Prix (Austin) and Mexican Grand Prix. Includes all six F1 races in the Americas. Alongside the Grand Prix (Mexico City), Brazilian Grand Prix (São Paulo) and Las Vegas Grand Prix, F1 Academy is an all-female F1 racing series dedicated to creating equal opportunities for women in the sport.
“This is a truly unprecedented deal for us in many ways,” Jelenek said. “We haven’t entered a new sports sector for a long time, but this is also a deal that spans multiple markets. When we think about what we want to achieve, this partnership is really about F1 and the It’s with all the brands you see, but we also have deals with promoters and ticket providers that power a lot of the races.
“We always make sure that our cardmembers are able to attend our events, but when they do, we have something really special on-site because we are using Amex.”
At the Las Vegas Grand Prix, the first F1 race to be held in Sin City since 1982, American Express will offer cardholders and their guests a fan experience along the Koval Straight after Turn 4 on the 3.8-mile track. Did. This also included the ability to build avatars. You’ll personally drive an F1 car, co-branded merchandise, food and beverages, a Therabody recovery station, and a radio, similar to what AmEx offers cardmembers at the U.S. Open in New York City every summer.
Not only does F1 boast a global audience of more than 1 billion people (F1’s global TV audience in 2021 was reported to be 1.55 billion), but 70% of its fans are under the age of 35. Yes, and this is perfectly true for American Express, which is the fastest. According to Jelenek, the growing demographic is among Millennials and Gen Z.
To validate AmEx’s new partnership, Jelenek said more than half of the Las Vegas Grand Prix tickets purchased with credit cards were purchased with American Express.
“This is like actually proving that we had the correct hypothesis, and obviously we’re incredibly data-driven in our choices, so the flip side is It’s amazing,” she said. “It was the right choice. I think it’s good for F1 and good for Amex. We’re very excited.”
Although the Las Vegas Grand Prix was the last race in the Americas this season and the penultimate race on the 2023 F1 calendar, American Express is excited by the opportunity to operate for the entire season from 2024 onwards. ing.
“We work with our cardmembers as a guide and to really tap into their passions and add elements to our portfolio that meet those needs. Not only can you generate new cardholders, but you can also attract new cardholders to your franchise,”’ Jelenek said. “I think F1 achieves both.”
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