NASCAR President Says Streaming Deal with Amazon Prime Is a Game-Changer

NASCAR is pursuing new ventures including securing a streaming deal with Amazon Prime. NASCAR President, Steve Phelps, confirmed this Amazon deal saying it would play a major role in bringing the sport in front of a broader audience.

According to Phelps, Amazon was a major player in the sports industry and would play a pivotal role in distributing sporting content.

He also recognized Amazon as a leading streaming platform while pointing to the previous efforts made by the company to venture into sports.

NASCAR Is Coming To Amazon

While speaking to CNBC's Jim Cramer, Phelps pointed towards the past sports deals secured by Amazon such as the National Football League (NFL). He noted that Amazon would do the same thing with NASCAR as it did with the NFL.

In a Monday interview with @jimcramer, NASCAR President Steve Phelps discussed his company's new deal with Amazon Prime streaming.https://t.co/p6EhJuX1E3

- Mad Money On CNBC (@MadMoneyOnCNBC) January 30, 2024

Amazon, from a sports standpoint is here to stay. What they've done with the NFL, obviously, what they're going to do with us, there'll be other sports properties, I'm sure, that they will bring in to the fold," Phelps said.

NASCAR initially announced its deal with Amazon Prime Video last year. At the time, it announced that the deal in question would run for seven years. Amazon Prime now has exclusive rights to five of NASCAR's Cup Series races next year.

Phelps is thrilled about what the future holds because of this deal. He noted that partnering with Amazon marked NASCAR's first pure streamer" at the Cup Series level.

While there are apparent benefits to working with streaming platforms such as access to a vast audience, NASCAR is still pursuing linear television.

Phelps noted that the traditional TV industry still played a pivotal role in the sport. NASCAR currently has agreement deals with FOX, NBC, and TNT Sports to show other races.

Phelps also discussed other ways that the company is transforming its offerings. The company hosted the first annual Cup Series street race in 2023 in Chicago. According to Phelps, 80% of those who attended the event had never been to a NASCAR race.

Prime Video and Sports

Amazon appears to be venturing into sports massively. The pursuit of sporting content follows a need by streaming platforms to attract more subscribers and boost profitability in the highly competitive industry.

It is not the first time that Amazon is working with a major sports brand. In 2021, Prime Video secured a deal with the NFL that gave it exclusive rights to the Thursday Night Football package.

While airing the first NFL game last season, Amazon recorded around 13 million viewers. The deal is also growing numbers on the platform as viewership on Prime Video rose by 24% this season.

Last month, the streaming platform announced making a minority investment in Diamond Sports Group. It also said it would secure a commercial deal to provide access to sports services offered by Diamond through the Prime Video streaming platform.

Under the deal, Prime Video will be the primary partner of Diamond, with customers also getting to purchase direct-to-consumer access for streaming content on local Diamond channels.

Streaming Platforms Battle for Sports Content

It appears as if sports have become the next go-to option for streaming platforms. Streaming giant Netflix is set to release a documentary series about NASCAR known as NASCAR: Full Speed."

On March 3, Netflix will air the highly awaited The Netflix Slam" for tennis fans. This event involves a live tennis match between Rafael Nadal and Carlos Alcaraz.

Netflix also secured a deal with WWE to start airing live matches for RAW in 2025. The deal, valued at $10 billion, will attract wrestling fans to the streaming platforms.

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