Silverstone revises its pricing policy
A new direction, new commercial policy: the new leaders want to make their racing more affordable for fans and have lowered some of their ticket prices. The result has been successful.
If Silverstone is one of the most popular events on the calendar, it remains one of the most expensive. The reason is that the circuit negotiated a 17-year contract with Bernie Ecclestone, with a 10% annual increase in the fee paid to the FOM.
As it is one of the only circuits on the calendar that does not receive public subsidies, this increase in the price of the lineup is reflected in the ticket prices, as it is the only source of revenue left by the F1’s chief financial officer. However, in times of crisis, it is not possible to indefinitely increase prices, and some fans feel excluded from their favorite sport.
The new circuit director Patrick Allen has thus decided to change this policy and offer cheaper tickets: « We need to attract a broader audience. One way to do this is obviously to have the right product but also to have a good value for money. The last time Silverstone sold tickets for the Grand Prix at 99 pounds was when Lewis Hamilton won his first F1 world championship title. To celebrate his second title, we are selling a limited number of 2015 tickets at the 2008 price. »
1,000 tickets were put on sale at this bargain price. The least that can be said is that fans took advantage of the opportunity as these 1,000 tickets were sold… in 22 minutes. In total, throughout the day, more than 5,000 tickets were sold. The organizers have not forgotten those who had already purchased their general admission entry. They will now benefit from a reserved seat in the stands at no extra cost.
Patrick Allen could only be satisfied with such a response from the fans: « I am delighted with the fantastic response we have received for this offer. It’s great to see the tickets selling so quickly. My goal is to make the British Grand Prix more affordable for fans through better ticket offers. I want to continue doing this in 2015 and beyond. We have also considered the cost for families and reduced prices for children. Children under 11 can come for free, which creates a much better value for money. »
In addition to reducing costs for families, this offer for children also represents an investment in the future. Indeed, the more children get used to going to the tracks, the more likely they are to love the sport and become the fans of tomorrow, which in turn creates future demand for circuit tickets.
Silverstone can afford to offer these promotions all the more because significant work has been done on the circuit’s access points and the parking area, which has long been one of the circuit’s major issues. This shows that with a long-term investment plan, an F1 race can be profitable for a circuit.
With the participation of www.Racingbusiness.fr
