It’s official. NASCAR is racing “Full Speed” toward a second season. But there are some speed bumps along the way. While the sport reaps the benefits of its Netflix docuseries set to return next year, it also deals with the departure of one of its four primary partners—GEICO. 

America’s second-largest auto insurers have been a mainstay in NASCAR since 2009. With an estimated asset value of over 32 billion dollars, GEICO’s backing emerged as a crucial component when the sport switched to a new sponsorship model in 2020. Now, with only Coca-Cola, Busch Beer, and Xfinity Internet backing them, the future of that ‘primary partner’ revenue system has become uncertain in the immediate future. But thanks to a renewed interest, and a brand new $7.7 Billion media rights deal on the horizon, the consequences might not be that detrimental after all, regardless of GEICO’s departure.

GEICO bids farewell, but Netflix’s “Full Speed” races ahead

While the exact financial impact of GEICO’s departure remains unclear, reports from Sports Business Journal suggest the company paid NASCAR “low seven figures” in 2019 to become its official insurance partner. In comparison, trusted sources have told SBJ that just to get NASCAR: Full Speed off the ground in 2024, the governing body had to spend “well into the mid-seven figures.” Some claim the official expenditure estimates could even exceed $5 million.

The five-part feature making it to Netflix’s top 10 most-watched list in the US during its debut weeks was proof of everyone’s due diligence behind the project. But the cherry on the cake must’ve been that NASCAR: Full Speed made the top-10 list in nearly 20 countries outside the United States. To narrow it down further, Season 1 of Full Speed amassed five million viewers per episode on average. That speaks volumes about the global demand for NASCAR’s brand of high-speed excitement. After all, very few sports can replicate its one-of-a-kind entertainment value.

Given the success, a second season is already in the works. Matt Weaver notes that the production crews are already on the tracks reeling in footage through the month. Hopefully, viewers can get more than just five episodes this time around. Regardless, thanks to the support of Netflix, the sport is now doubling its focus with the formation of ‘Full Speed Entertainment.’ This joint venture between NASCAR Studios and Words + Pictures aims to open the door to more racing-related content in the future.

Connor Schell, CEO of Words + Pictures, was optimistic about the collaboration: “The opportunity to bring audiences more great racing content and collaborate with NASCAR opens a wealth of possibilities we can’t wait to get working on.” And it seems, NASCAR officials are totally in line with that vision. From Tim Clark, NASCAR’s Chief Brand Officer to John Dahl, a man who has worn many hats, and currently serves as the governing body’s SVP of content, there is plenty of optimism floating about for a potential second season of NASCAR: Full Speed.

Sure, this sport might lose a significant source of revenue with GEICO’s exit from their portfolio of primary backers. However, thanks to its strategic investments for the future, NASCAR is prepared to deal with the absence and whatever subsequent losses it may incur.

A $7.7B switch driving NASCAR forward

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NASCAR’s willingness to invest heavily in “Full Speed” signals a shift in strategy. The sport has gone global in a big way. And to engage broader audiences, it will soon have to turn digital. Adding to this evolving landscape is the upcoming media rights deal set to take effect in 2025. The agreement, valued at $7.7 billion, will bring NASCAR its usual traction from traditional broadcast platforms like FOX Sports and NBC.

But come 2025, the sport will also be available on younger streaming platforms like Amazon Prime Video, WB Discovery, truTV, and the Bleacher Report Add-On on Max. That takes the number of streaming platforms airing NASCAR next season to six. It will surely help open up NASCAR’s signature brand of racing action to markets that might have never been savvy to the ways of stock-car racing. And that demographic is hardly a minority.

Besides, with a 40% increase over the old media rights deal, NASCAR appears to be positioning itself for long-term stability across multiple media platforms. Gone are the days of the sport relying on sponsorships and ticket sales to generate a profit. As NASCAR President, Steve Phelps had said earlier, “Our goal was to secure long-term stability with an optimized mix of distribution platforms and innovative partners that would allow us to grow the sport while delivering our product to fans wherever they are…” In layman’s terms, it has all progressed beyond the confines of the United States. And if the sport is to survive in the long run, it must capitalize on its growing global interest.