How has COVID changed the motorsports sponsorship landscape and funding models?

COVID fundamentally shifted sponsorship from being race-focused to social media-focused. During the pandemic, with no racing happening, the only pipeline available was social media. Athletes who doubled down on social media content saw their numbers grow significantly because people were home looking for entertainment beyond Netflix. This led to brands finding athletes through social channels, and agencies started putting together deals solely through social media. The funding model has now flipped - the majority of funding can come through social media deals first, with actual race sponsorships second. Sponsors are still fans of racing, but being on the vehicle isn't as important as engaging with fans around the sport through digital channels.