ACM targets Monaco GP superyachts to generate more money for F1

19/05/2023

In an effort to increase revenue from the Monaco Grand Prix, the Automobile Club of Monaco will be charging a new fee of up to €300 per yacht guest; a move that will likely generate millions in extra revenue for the owners of F1.

The future of the Monaco Grand Prix very publicly hung in the balance until August 2022, when it was confirmed that the Automobile Club de Monaco (ACM) had signed a three-year deal to remain on the Formula One calendar until 2025.

Among the reported issues was the excessive fees demanded by Liberty Media Corporation, an American mass media company that acquired the Formula One Group in 2016 and has spearheaded newcomers like the Las Vegas Grand Prix and the Miami Grand Prix.

Now, in an effort to boost revenues from the Monaco Grand Prix and meet its contract renewal obligations, the ACM is targeting Monaco’s luxury yachting sector.

In an official communication by the ACM, seen by Monaco Life, organisers of events on yachts have been informed that: “For the 2023 and future editions of the F1 Grand Prix de Monaco and Formula E, the terms of the new F1 Promoter Agreement and the rising client demand, particularly from the F1 Teams and F1 Global Partners, have obliged ACM Direction to introduce a much stricter approach to the Port Access/Viewing Pass.”

New fees being applied at the Monaco Grand Prix

With the iconic Monaco Grand Prix circuit located right next to the water, a defining aspect of this prestigious race are the superyachts that line the harbour. Given their locations, however, most yachts do not provide direct views of the F1 race track.

Previously, only grandstand tickets were required for people leaving the yachts and entering the circuit to view the race. A significant berth fee also applies to the vessels.

Now, each vessel allocated a berth in the port during the Grand Prix must apply additionally for viewing passes for each of their registered guests during the racing period. Crew and suppliers must also have passes, however these will be free.

Different wrist bands will be allocated for hospitality “day” guests on each day of the event.

In Zone 1, the fee is 310€ per person, in Zone 2, the fee is 200€.

Monaco is home to some of most sought-after berths in the world. Considering the number of yachts that Monaco can accommodate during the GP, the revenue generated from this new system is likely to be significant.

As reported by Monaco Life, the largest yacht this year will be Octopus, the 126-metre behemoth formerly owned by Microsoft co-founder Paul Allen.

Increased checks

According to the ACM, “port checks will be made systematically during the event to ensure all guests are in possession of an ACM Access/Viewing pass. Security checks will be operational all around the circuit.”

The Monaco Grand Prix will be held from Friday 25^th to Sunday 28^th May.

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Photo by Monaco Life

New report: more people are getting their daily news online than ever before

by: Stephanie Horsman

19/05/2023

Traditional media is fast falling behind online outlets as more people than ever before look to internet sources, social media and email newsletters for their daily news and information, according to a new EU report.

As news becomes more readily available online via the internet and social media platforms, readers are turning increasingly away from traditional news outlets, according to the latest European Media Industry Outlook report put out by the European Commission.

ONLINE NEWS: A FAST GROWING MARKET

The report shows that most Europeans consume news daily, with television on the top of the heap with regards to the source of information. This is followed by online media, radio, social media and the printed press. In real numbers, 42% of European consumers get their regular news fix from online media outlets and another 44% use social media.

Online media was the fastest growing sector in terms of usage, owing to factors such as better internet saturation, improvements in online offers, and younger audiences who use the internet for their primary source of information. The report found that 40% of young people aged 15 to 24 get news online, with 46% also using social media platforms.

Smartphones and near universal internet coverage have facilitated this trend, with 77% of the respondents questioned saying they got at least some of their news online via their phones. Consumers also stated that they like the interactive qualities online news offers, such as sharing links to stories and discussing articles with friends.

STRONG GROWTH

The digital news market has seen an incredible 60% growth in terms of revenue share, going from €2.5 billion in 2016 to €3.7 billion by 2021. Print press is still four times bigger, but its share is dwindling: total income in 2016 was €22 billion, but that’s now down to €16.1 billion in a significant 27% drop.

Furthermore, the online market’s revenues are forecast to grow by another 22% by 2025, which is considerably more than television or radio, who are only expected to see 11% boosts. Print is predicted to see a loss of 14% in the same time frame.

Advertisers are also seeing the benefits of putting their funds toward digital, with more and more buying space on sites to the tune of €2 billion in 2021.

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Photo source: Maxim Ilyahov on Unsplash

How to identify the latest email scam to hit Monaco

by: Elsa Carpenter

19/05/2023

All week long, emails falsely claiming that recipients are threatened with “criminal proceedings for acts of a sexual nature” have been hitting inboxes of those connected to the Principality. Here’s what to watch out for.

On 18th May, the Monegasque government sent out an official communiqué warning residents of a scam email circulating the Principality.

“This is a malicious attempted phishing campaign with the purpose of defrauding potential victims who would respond to the message,” reads the communiqué. “This false summons refers to alleged “criminal proceedings for acts of a sexual nature” brought against the recipient of the message.”

Monaco Life has now seen a copy of the email, which tells the recipient that their name figures on a list of those implicated in criminal proceedings, with particular reference to paedophilia, pornographic images and videos of minors, exhibitionism and online masturbation.

*A copy of the scam email seen by Monaco Life*

The fraudulent email requests that the recipient reads an attached PDF document and replies to the email “as soon as possible”.

Though clumsily written, the email features a logo similar to that of Monaco’s Police Department in the header as well as an Interpol seal and a QR code. It also lists a fake summons number and reference code, and uses the name and title of Régis Bastide, Monaco’s Police Commissioner, to add more false credit to the email.

Those with a keen eye will notice the unofficial email address from where the email has been sent. In the case of the email seen by Monaco Life, the address is: messagerie.police.gouv.mc@gmail.com.

As per the government-issued statement regarding the scam, “the only email addresses used by government services are of the following type: xxxx@gouv.mc.”

What to do if you receive the email

As reported previously by Monaco Life, the advice of the government is to: avoid opening the PDF, not respond to the sender, immediately inform Monaco’s cyber department of the email via cyber@gouv.mc, and to then delete the original fraudulent email.

Read more:

Monaco warns of scam police department emails

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Photo source: Mad Artz Graphics

Day: 19 May 2023