MrE had some interesting things to say: "The whole show, evidenced by the massive TV audiences right across the world, as well as the sellout circuit attendances, proves that we are on a winner of a championship right now."
Based on that, though I would dig up what ratings I could find. Got some as reported by the Guardian, is as follows:
Australian: Sky - average audience of 526,000 viewers, with a five-minute peak of 1.02 million as Jenson Button took the chequered flag.
Malaysian: ?? averaged 964,000.
Chinese Grand Prix: BBC had an average of 2.85 million viewers between 7am and 10.15am on Sunday, a 39.4% share of the audience. The race had a five-minute peak of 4.21 million. Sky's live coverage on its Formula 1 channel averaged 480,000 viewers between 6.30am and 11am, with a peak of 887,000.
Bahrain: Sky - averaged 738,000 viewers and a 6.2% share. Viewing peaked at 1.614 million.
Barcelona: Sky - averaged 512,000 viewers, a 3.6% share. Peaking with 1.05 million.
Monaco: BBC - 2.211 million (26%)
What's interesting is the free to air attracts more viewers. Also, I wouldn't say these are "massive tv audiences" seeing as the extended articles on these ratings go on to show some of them are way way down. Massive - would suggest a huge increase, which we're not seeing. Also, another article mentioned Valencia ticket sales are down and they will not sell out. Also notes most tickets are bought from international visitors and that locals are shying away.
MrE and his spin again?
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