Authorities must consider how racing is positioned to appeal to the next generation of millennials, and beyond that, Generation Z. Vast differences exist in the interests and media habits of over 55s and under 35s, for example, specifically within existing horseracing fans, only 33 per cent over 55s show an interest in the latest technology products, compared to 62 per cent of 18-34 year olds.
ITV Racing’s coverage, which has sought to demystify horseracing and make it more appealing to a wider audience, has seen significant increases in viewers during its tenure, including the younger generation, with 2020 ratings 45 per cent higher than in 2016 when Channel 4 last held the rights.
For instance, it is well documented that the adoption of augmented reality (AR) can increase engagement with fans and attract new audiences, with many sporting entities, including Premier League rights holder, BT Sport, and NASCAR, making AR integral to their customer outreach strategies.
If racing can secure the right brands, who will be able to implement targeted activations aimed at younger generations and attracting new audiences through enhanced experiences, commercial deals will not only provide funding for current stakeholders, but will be a catalyst for change that will benefit the sport for years to come.