American Express (AXP) is taking its partnership with Formula 1 to the next level, expanding its reach from the Americas to a global scale. This multi-year sponsorship will now encompass the entire F1 calendar, from Australia to Asia, Europe, the Americas, and the Middle East.
This expanded deal signifies American Express’ commitment to engaging with the growing fanbase of Formula 1, particularly among Millennials and Gen Z, a demographic representing American Express’ fastest growing customer segment. The company aims to enhance fan experiences at select F1 Grands Prix throughout the year and will also host business customers and partners through various hospitality offerings.
Elizabeth Rutledge, Chief Marketing Officer of American Express, highlighted the strategic move: “This demonstrates yet another way we are continuously enhancing the value of American Express Membership for Card Members around the world.”
This exciting news comes at a time when American Express has cemented its ownership of Swisscard, following UBS Group’s announcement to sell its 50% stake. This development follows the recent release of American Express’ third-quarter results, which showed a mixed performance, with revenue slightly below analyst expectations.
Investors seeking exposure to AXP can consider options like Amplify ETF Trust’s Amplify Mobile Payments ETF (IPAY) and ETF Opportunities Trust’s LAFFER TENGLER Equity Income ETF (TGLR).
In the market, AXP shares are currently down 0.19% at $271.88, as of the last check on Wednesday.
This strategic move by American Express signifies its commitment to engaging with the growing fanbase of Formula 1, particularly among Millennials and Gen Z, a demographic representing American Express’ fastest growing customer segment. This strategic alignment with a globally popular and dynamic motorsport suggests a focus on reaching younger audiences and tapping into their spending power.
The global reach of this expanded partnership, coupled with the ownership of Swisscard and the recent earnings report, underscores American Express’ ambitious strategy for growth in the coming years.