Narain Karthikeyan's performance at the Formulae One circuit has put fortunes of ESPN Star Sports on a high note, with Indian advertisers willing to put their money behind motor racing.
Although he ended up only 15th in the Australian Grand Prix, the sports channel is of the view that Karthikeyan is all set to be a crowd puller for the channel.
It is worth noting that ESPN has gauged the interest of Indian companies in Formula One racing and is earmarking more advertising spots on its channels for Indian advertisers during broadcasting of racing events.
The channel, which currently has about eight to nine India-centric Formula One advertisers, has set aside about 25 per cent of the inventory for Indian advertisers.
"The Formula One telecast is a pan-Asian event. But as the Indian advertisers are keen to participate, we have decided to mark up about 25 per cent of the advertisement time on the feed to India for India-centric advertisements," an ESPN Star Sports executive said.
However, one of the factors that could come in the way of potential Indian advertisers is the comparatively high advertisement rates for an event like the Formula One, which does not provide huge viewership as of now.
According to market sources, Formula One advertisement rates would be anywhere between $2,700 to $3,000 per spot. Compared to this, advertisement spot rates on a non-India playing cricket telecast is only about $1,200 to $1,800.
But, it is much lower than the $15,000 to $20,000 charged for an advertisement spot on an India playing cricket match.
ESPN-Star Sports, which has the exclusive rights to telecast F1 races in India, expects its viewership to get a boost with Karthikeyan's elevation and his possibility to be a part of the remaining races in India.
To cash in on the development, the sports channel is planning to do some programming with Karthikeyan and racing, which is still largely and urban sport.
Karthikeyan's popularity may be not anywhere near that of the Indian cricket stars. But by becoming the first Indian to break into the world's most expensive sport, Formula1 racing, the 28-year-old's endorsement deals, estimated to be in excess of $1.5 million, can match the earnings of many in men in blue.
Karthikeyan is currently being supported by a consortium of companies led by the Tata group that includes JK Tyre, Bharat Petroleum and the energy-drink brand, Red Bull.
