International Speedway thrives with TV
Revenues increased from $117M to $130.1M during the third quarter of 2014 for International Speedway Corporation, and although scheduling discrepancies had a role in that, so too did ISC’s beneficial relationship with broadcast television.
“We are pleased to report higher revenues on a comparable basis for our third quarter driven by contractual increases in television broadcast rights and stabilizing admissions,” stated ISC Chief Executive Officer Lesa France Kennedy. “The second annual Faster Horses music festival at Michigan International Speedway was a success, paving the way for more value building ancillary events, and along with the IndyCar event at Auto Club Speedway and consolidation of Motorsports Authentics pushed revenues even higher.”
The scheduling discrepancy involved the IndyCar Series event held at Auto Club Speedway in the third quarter of fiscal 2014; it occurred during Q4 in 2013.
However, ISC is looking to broadcast television for both revenue and promotion. Kennedy said, “During the quarter we announced our expectations for television broadcast rights from the new contracts beginning in 2015. Broadcast rights represent ISC’s largest revenue segment and these recent agreements provide us the long-term visibility to continue investing in our business to the benefit of our fans, partners and local communities while continuing to build shareholder value. We are poised to elevate ISC and the sport by having two of the world’s largest media companies, NBC and FOX, promote NASCAR racing.”