Digital Transformation At Speed
DTRIBE Capital Founder, Martin Berry: As an early-stage tech investor and someone who races cars professionally, it's been absolutely stunning to watch the speed (no pun intended) in which an old school sport like motor racing has digitally transformed itself in just a matter of weeks. This has taught me 3 things:
1. Esports presents a huge untapped market
Take iRacing, the leading online racing platform, for example. Due to COVID-19, NASCAR & iRacing immediately announced in March the formation of the eNASCAR iRacing Pro Invitational Series, an esports series with the sport’s most talented and popular drivers. Competitors use virtual simulators (often from their homes) to race one another, all while being broadcast live on Fox Sports with huge fan engagement via social media. This new digital model has been so successful, it's smashed all previous records for viewership, with iRacing and Formula 1 seeing online audiences increase tenfold in April from 700,000 to 6.8 million via live streams.
2. You can ride the tide, or be drowned by it
Many other series around the world, including the real world championship I compete in myself GT World Challenge Europe, have also followed suit to great success, engaging loyal fans and attracting new ones. In turn, this creates opportunities for its sponsors and advertisers to reach engaged consumers whilst other traditional sports are at a complete standstill and losing mindshare.
3. When we put our minds to it, anything is possible
Whilst the adoption of technology is clearly happening, times like this prove just how quickly shit gets done in a crisis and how those who have had digital at the top of their agenda are seeing the benefits. It is fair to say that most organisations have been lagging in their transformation to digital, especially in the SME space, many of which are now struggling to survive.
I hope in addition to Healthcare becoming a much greater priority, organisations of all sizes continue to accelerate efforts to leverage technology to better serve employees and consumers and in-turn help future-proof their existence. Pictured here is our DTRIBE Capital-sponsored Mclaren 720s GT3 in the virtual world, also competing in the real world series the GT World Challenge Europe and British GT championships this year, when things eventually get back to normal.
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