We recently looked at Tourism Victoria’s use of Major Events Mathematics in analysis of the Australian Grand Prix, claiming the event brought Victoria $35.6 million dollars of “media value”, despite their own report telling them the figure was at best $6m.  An alternate report by analysts Formulamoney put the figure at $263,000.

Our renewed interest in Major Event Mathematics prompted us to explore the strange world of the Australian Grand Prix Corporation Annual Report.  In the Chairman’s report, Ron Walker says:

Formulamoney, an annual, independent data report on the business of Formula 1™ based in London values the global exposure of Melbourne during the 2012 event to be in the region of $217.2 million, an increase of 13.9% on 2011.

Full disclosure – we haven’t read Formulamoney’s 2012 report, as it would cost a couple of months of Ecolarge office rent to pay for it.  We have read the 2011 report, however, which is available free online.  It clearly says that the total global brand exposure garnered by ALL sponsors totalled nearly $59m, while Melbourne struck it lucky with $263,000.  So either:

• The 2012 GP actually produced brand exposure for Melbourne  82,600% greater than 2011, or
• Mr Walker has misread the report and is misleading his shareholders (that’s you, Victoria!), or
• There is some strange property of Major Event Numbers at play here.