I am closely observing how the F1 Night Race is Singapore has been marketed online.
(You can get the whole story here
=> The Official Formula 1 Website )
These are what I observed:
1. Opt-in for free newsletters => F1SINGAPORE.COM | SINGAPORE F1 | FORMULA 1 SINGAPORE
(I think there are collecting potential customers who they can market to again for future races. But I think this one is not the official site but it appears as #1 result in Google when I search for "f1 singapore" . Just look at the keywords tags...and compare to the next site.
They are building a list which they can market to them at the backend even after the race
there is another official site here
=> Singapore Grand Prix )
2. Leveraging on Youtube to host videos
* * *
Other monetisation models:
1. selling ads such as image and banner ads online
2. selling of merchandise (there are many Joint Venture with local shops selling sports and motorcars merchandise)
3. promoting Singapore as a tourism spot (there is alot of backend here as tourists may return to Singapore again. Web visitors who have yet to know about Singapore may want to visit Singapore after this big event.)
Again, this is a live event and there are much more money to be earned from hotel bookings, ticket sales, advertisement spaces along the tracks and spectator stands...
So imagine the potential of a single website or blog. You may end up holding your live event in the future.