Monster Energy Extends With Nascar Through '19: 'They Have Made An Impact'
Tuesday, April 10, 2018 at 04:16PM
April 10, 2018: When it comes to Nascar, Monster Energy plans to be in the sponsorship driver's seat through 2019.
Nascar said it has signed a one-year extension with Monster Energy to remain the title sponsor for its lead Cup Series.
Monster Energy's initial two-year deal with Nascar, signed in December 2016, runs through the current season.
Financial terms were not shared, but the deal was put at $18-$20 million annually by industry analysts.
"Nascar and Monster Energy enjoyed a productive first year and both parties have benefited significantly from the partnership," Steve Phelps, who this month was promoted from evp and CMO to COO for Nascar, said in a statement.
"Monster Energy successfully utilized our sport as a platform to elevate its brand and drive business, while introducing Nascar to new audiences. With this renewal, we look forward to building upon our early successes."
Nascar this season has also signed deals naming PNC as its official bank (replacing Bank of America) and Anheuser-Busch's Busch brand as its official beer (replacing Coors Light).
Monster Energy took over title sponsorship for Nascar's lead Cup Series from Sprint, which was lead sponsor from 2008-16 before deciding not to renew the alliance.
As part of its acquisition of the company, Sprint took over from Nextel (2004-07).
Winston was title sponsor from 1971-2003.
According to Nascar, the alliance with Monster Energy has helped to expand and strengthen its presence with fans and consumers in the 18-34 demographic.
"They have brought a different perspective to the Cup Series. An energetic brand. An edgy brand," Jill Gregory, svp-CMO for Nascar, recently told NYSportsJournalism.
"They drive interest. They brought different elements to the race tracks. All sorts of at-track activation. Music. MMA fights. And obviously the Monster Energy Girls. They create a different buzz in the air."
According to Gregory, the alliance extends well beyond the track.
"They have done a great job of activating at retail," said Gregory. "Their brand and their product is everywhere. So with the growing association between Nascar and Monster Energy, we have been seeing Nascar and our partnership in a lot more places.
"The acceptance of the Monster Energy brand among Nascar fans has been tremendous . . . They have made an impact. And we know that Nascar fans have really been open to their brand and are excited about what they are bringing to Nascar."
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