MoneyGram's Sponsorship in Drive to Survive: Payout Evaluated
In a strategic move that aligns with Formula 1's growing popularity, especially in the US market, MoneyGram has reaped significant benefits from its title sponsorship of the Haas F1 Team.
As the title sponsor, MoneyGram's brand visibility has been significantly enhanced, thanks in part to the popular Netflix documentary, Drive to Survive, which spotlights the thrilling world of Formula 1 racing. The 2023 season of the documentary, which focused on the 2023 season (MoneyGram's first as a sponsor), featured MoneyGram's logo an impressive 239 times across the series.
The documentary, a leading show on Netflix, was viewed globally for 90.2 million hours, providing a vast platform for MoneyGram's brand to reach a wide audience. The majority of instances of MoneyGram's logo appeared in episode four, which focused on Haas's performance in the season.
The qualitative evidence suggests a measurable positive impact on MoneyGram’s brand visibility and earned media from the Drive to Survive Season 5 association. This is consistent with the broader trend of Formula 1 attracting new brands seeking short-term but highly visible consumer marketing opportunities.
MoneyGram's logo is prominently displayed on the car, team uniforms, and on-site branding, ensuring maximum visibility for the brand. As a result, MoneyGram saw a 55% increase in earned media impressions in 2023, and reported a nine-point increase in global brand awareness from its first season as a sponsor of F1 team Haas.
This strategic sponsorship not only boosted MoneyGram's brand awareness and earned media impressions but also helped the company leverage its association with Formula 1 to generate notable media coverage and audience engagement. For more detailed information, read our full report on F1's payment sponsorships by Lucy Ingham and Callum Tyndall.
The new US events and the sport's growing popularity have made Formula 1 an attractive proposition for consumer brands with younger audiences. MoneyGram's title sponsorship of the Haas F1 Team provides a significant marketing opportunity, and the company has publicly acknowledged that its sponsorship has increased both awareness and usage of its services.
In conclusion, MoneyGram's title sponsorship of the Haas F1 Team has proven to be a successful marketing strategy, boosting the company's brand awareness and earned media impressions, particularly in the US market where Formula 1 now holds five events.
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