How Netflix’s F1 show helped McLaren enter India

At first glance, British supercar maker McLaren’s decision to enter India appears to be a continuation of the India growth story. After all, India is generating millionaire dollars—albeit mostly in the technology start-up space. In fact, the latest Henley Global Citizens Report estimates that the number of dollar millionaires and billionaires in India will increase by 80 percent over the next 10 years, compared to only 20 percent in the US and 10 percent in developed European economies. Germany, France and UK.

This massive increase in the number of ultra-high net worth individuals has made India one of the fastest growing luxury markets in the world. In fact, one could argue that McLaren, a niche player in the supercar businesses, itself a small niche in the world automobile sector, has been late in joining the party.

You might also like

A cautionary tale hangs in Adani’s NDTV bid

Center may cut tax rates in new income tax regime

Why rising interest rates do not make FDs attractive

How NBFCs are taking on gold loan companies

The classic British marque, familiar to thousands of fans of F1 racing in India, however, is not very visible in India. In fact, actor Kartik Aaryan recently took to the social media network Instagram when he shared pictures of himself posing with him. 3.72 crore McLaren GT, as it turns out to be the first McLaren GT in India! In contrast, Italian supercar maker Lamborghini, which entered India a full decade ago, sold 100 cars in 2021. The first half of 2022 saw sales of 17,000 luxury cars (up from the humble Mercedes and BMW!).

However, the rising number of uber-rich is only a part of the story of luxury supercars in India. Given the dire condition of roads in most parts and the glacial speed at which traffic moves in our metropolises, supercars in India sit in garages more than they do on the road. Still, there is clearly insatiable demand for these super expensive wheels, with Mercedes alone reporting 6,000 unfinished orders by the end of June and waiting times for Ferrari extended to seven months.

Supercar makers probably have to thank the immense popularity of Formula 1 car racing in India for this appetite for supercars. According to F1 Motorsport, India ranks fifth in the global audience for F1 races with around 32 million fans, slightly behind the US, which has 34 million fans.

Thus the pushing giant is streaming the surprisingly successful docu-series on Netflix’s F1 racing, ‘Drive to Survive’. The show has changed viewers’ perceptions of the sport, particularly in the US, which has been dominated by NASCAR racing until now.

According to industry reports, Formula 1’s overall ratings rose by more than 40 percent in the US in 2021, making it the most-watched F1 season ever in the US. F1 added an estimated 73 million fans worldwide, largely due to the massive popularity of Netflix’s top-ranked TV show ‘Drive to Survive’ worldwide.

He is not everything. In a rare feat, the show has rekindled interest in the sport to such an extent that US Grand Prix ticket sales soared 15 percent since the start of the show.

It has also changed the fortunes of the carmakers participating in F1. McLaren last won a constructors’ championship in 2008. Nevertheless, the Netflix show has a huge fan following of its drivers and team members. According to Nielsen’s Global F1 Fan Survey for 2021, “The success of Netflix’s “Drive to Survive” Behind the Scenes documentary series is to open the game to a newer, younger and more diverse audience, to make the sport more accessible and funnel. Then in the form of new fans who engage with F1, teams and drivers, as well as the rich social media content provided by independent media platforms, this time clearly in the rankings on favorite drivers and teams. is a contributing factor.”

In fact, McLaren’s popular driver line-up helped secure the support of nearly 30 percent of respondents—making it F1’s most popular team according to the report. McLaren is clearly leveraging this readymade brand to open new markets like India. The phrase “as seen on TV” – used in print and point-of-sale advertising to promote brand awareness – has taken on a whole new meaning.

Elsewhere in Minto

In opinion, Diva Jain promotions. separates from The Reality of ESG Investing, Dharmakirti Joshi and Adhish Verma explain what can fuel India Already high food inflation, Barry Eichengrin and Poonam Gupta explain how to survive 7%-plus GDP growth, Can India become high income country, The Long Story depicts three scenarios.

catch all business News, market news, today’s fresh news events and breaking news Updates on Live Mint. download mint news app To get daily market updates.

More
low

subscribe to mint newspaper

, Enter a valid email

, Thank you for subscribing to our newsletter!