Turnstile sponsorship valuation platform secures prestigious Formula 1 client
Leading sports and entertainment consultancy Gemba has announced that Formula One motorsport team Williams Martini Racing (WMR) has signed up to use its Turnstile sponsorship valuation platform.
Looking to more accurately value its sponsorship portfolio for existing and potential commercial partners, WMR is the first Formula One team to sign onto the Turnstile platform, which takes a revolutionary new approach to valuing sponsorships by incorporating methodology that goes beyond just exposure measurement by also analysing the intellectual property value of sponsorship assets.
Commenting on the rationale for appointing Turnstile, WMR Head of Commercial Richard Berry advised “we were really impressed when we saw how Formula 1® was using Turnstile to underpin more strategic discussions with existing and prospective partners.
“Williams Martini Racing is always working to ensure that we are providing our commercial partners with best practice and we saw the adoption of Turnstile as another proof point of this commitment.”
“The Turnstile methodology will allow us to have more holistic discussions with commercial partners by recognising the full extent of our value proposition.
“We are also very conscious that Williams Martini Racing fans are consuming our sport across a variety of mediums and Turnstile will be able to capture the full extent of our global audience. Finally, and most importantly, we are excited about working with Turnstile to understand, for the first time, the full global value of our Intellectual Property.”
Encouraged by the positive reaction the new platform is receiving from the global sport and entertainment industry, Gemb Director Rob Mill stated “our aspiration is to make Turnstile the global standard for the pricing of sponsorships in sport and entertainment, so the endorsement of such a powerful brand like Williams Martini Racing is a very important milestone for us and strong recognition of the value of the platform.
“Since the launch of Turnstile in late February, we have had a tremendous reaction to the platform from both brands and rights holders. The industry is desperate to get a new approach to pricing sponsorships, that moves the conversation away from the current obsession with simply counting logos.”
Launched by Gemba earlier this year, Turnstile is currently being rolled out across a number of markets with projects relating to leagues, teams, events and stadiums recently completed.
Images: Williams Martini Racing 2018 driver Lance Stroll and Sergey Sirotkin.
