‘It would be a financial hit to racing’: Has the Melbourne Cup lost its media value?
The race that stops a nation is set to go ahead this afternoon, but debates have again ignited regarding the race’s value in a number of areas, including to the media.
$8 million is up for grabs in the Melbourne Cup, $4.4 of which goes to the 2023 winner, with the jockey raking in five percent ($220,000). While the prize is indeed lucrative, the crowds are not what they used to be. In 2022, a record low of 73,816 turned up to Flemington for the races, though it should be noted that Melbourne was experiencing a flood at the time.
Has the Melbourne Cup lost its media value? Absolutely not. Every person in the office was watching, the phones went dead. No customers calling. Outside there was barely a car on the road and everyone was glued to the television.
Unfortunately the TV ratings are incorrect when it does not count people outside their residence and most of the people are watching it at their place of work.