Paramount’s long-term partnership with Formula 1 has spanned over 21 years with weekend coverage of the 2023 Australian Grand Prix.
Paramount Chief Sales Officer Rod Prosser beamed over the Australian Grand Prix weekend as he welcomed guests to the Paramount premises above the pit lane in Albert Park. He pointed out that the broadcaster recently renegotiated a continuation of broadcasting rights in partnership with Foxtel.
The race remains on the recently released “new” anti-siphoning list.
While Paramount has had its challenges securing a full season of major sport, it is home to two of Australia’s most celebrated four-day sporting events – the Australian Grand Prix and the Melbourne Cup Carnival.
“Live sport remains vital to FTA TV and we are home to some of the biggest event sports,” said Prosser media week. “Although these events take place over a shorter period of time, both events have a strong interest in a huge audience. This gives us the opportunity to launch some of our most important franchises on their backs.”
reminded Prosser media week that with I’m a Celebrity, Get Me Out of Here! now underway, it is flowed over master chef on May 1st, which will run in hunted and then dessert master come later in the year.
Although the shows are all strong performers with 10’s Younger demo, Prosser explained: “The market is more challenging than it has been for a long time. The upside is we have the loudest franchises that are tried and true formats. Advertisers rely on them on our schedule and come back to them with both sponsorships and spot purchases.”
Extremely bullish on ad spend prospects
Prosser was optimistic about seeing stronger demand in the second half of 2023. “Advertisers and consumers have been slightly shaken by rate hikes. I’ve spoken to advertisers many times about consumer sentiment. However, Advertiser marketing plans for the second half feel more robust than the first half.”
Sectors that help keep the back half looking strong include Travel, Auto, QSR [quick service restaurants] and retail too.
Meanwhile, revenue and eyeballs at 10play continue to grow. “BVOD continues to be an important part of our business and we are seeing increasing investment in this platform.”
Paramount+ also offers opportunities for brands with messages centered around the platform’s commitment to football. “We make sure the ads are served in a meaningful way, and we’re very aware that subscribers are paying for the service.”
Along with other broadcasters, Prosser said one issue that’s always on the agenda when it comes to user experience is frequency capping. “It’s a hot topic and we’re taking the right actions to ensure we address it.”
F1 and Cup Carnival end the year for Paramount
Along with Prosser, who was recently promoted to General Manager of Paramount, he helped maintain advertising partners over the weekend – ad sales, Nick Bower.
“F1 is the hottest sport in the world right now and we absolutely love it,” said Bower. “As audiences grow, there are two demographics that really come into play. Women love it more as the ticket sales split is 60/40 while it used to be about 80% men. We see a similar split between broadcasts and 10play.
“We’re also seeing younger viewers tuning in and it’s a trend here and globally and these younger viewers are watching longer. They really care about the result, but also about the story behind the result.
“So much is happening in Formula 1 right now and it is really capturing the hearts and minds of this market and many others.
“The Grand Prix weekend is 10 to have a scalable audience, especially during live racing. It’s a moment where live sport takes center stage on Network 10 and FTA TV will always play the biggest role in major sporting events.”
Bower also emphasized the importance of the F1 as a launch pad at Paramount.
“During the race we will promote some big series I’m a Celebrity, Get Me Out of Here! the first. We will also be promoting the Melbourne Cup Carnival 2023. It’s another iconic Australian sporting event and the other bookend for the year that people can only watch FTA on the 10th.
“Last year this show was sensational and we not only told the stories of the thoroughbred champions but also the jockeys. We will continue that in this year’s reporting.”
Hardest working team in the pit lane
Paramount’s sales team worked through three grueling days of F1 testing, practice qualifying and racing.
Bower: “I am fortunate to work with a talented group of state sales executives who lead our teams across the marketplace.
Harness the power of Paramount
“We all work together to fuel the power of Paramount, where we have the best team and culture on the market. The future for us is to work on and understand the power of the global Paramount brand. We are a massive global content company with unmatched title diversity and we are excited to see what the future holds for this market.”
Bower also spoke about viewership growth at 10play, where the channel also sees a strong younger audience.
“Alongside the Australian Formula 1 Grand Prix, we are the home of Australian football. Stream launches for people watching F1 are up 75% over the past two years.”
Part of the Paramount football arsenal is the FA Cup. “It’s the only way to see the oldest football competition in the world,” Bower recalled media week. “Paramount has soccer in many markets and we’re excited to have the Subway Socceroos, Comm Bank Matildas, Isuzu Ute A-League Men and Liberty A-League Women here.”
Australian Grand Prix CEO Andrew Westacott exits the F1 event in great shape