CNBC introduces you to the actors driving the multi-billion dollar deals from the F1 circuit, in the first episode of this season’s ‘Inside Track: The Business of Formula 1.’
In the high-octane world of Formula One, success is driven by more than skilled drivers and engineers.
F1 promoters have generated billions of dollars in revenue from the circuit, generating cash from several areas, including media rights, ticket sales, merchandising and sponsorship.
“Running today is not enough. Our biggest source of success is because we are able to communicate with our fans, we understand that we are a global business,” said Stefano Domenicali, CEO of the Formula One Group, in an interview with CNBC Inside Track: The Business of Formula 1.
In fact, it was a major deal – Liberty Media’s acquisition of F1 in 2017 – that propelled the sport forward. Since then, F1 has expanded to the United States, introducing a number of expenses that make the teams more invested and increasing viewership among young viewers.
“We are not competing with any other sport. We are competing with different things,” said Domenicali.
“The young generation, they compare sports and movies, and other things that are important to them. So that’s where we have to focus. That’s where we need to be strong, and maybe that’s why we’re so successful,” he added.
Watch the video above for an in-depth look at the world of marketing in F1, featuring interviews with Formula One Group CEO Stefano Domenicali, McLaren Racing CEO Zak Brown, Williams Racing Team Principal James Vowles, Scuderia Ferrari HP team principal Fréd Vasseur and others. .
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