Sold to US group Liberty Media this year, Formula One looks set to be embarking on one of the largest shifts of marketing and promotion of the sport in decades, with the goal of attracting more sponsors and fans, especially in their homeland of the United States.
As outlined in the Financial Times, the roughly twenty race series is expected to be going through a overhaul, with each event promoted as ‘an equivalent of the Super Bowl’. This will include events in addition to the racing, in a similar fashion as to what we have seen in recent years in Singapore, Austin and Silverstone where additional attractions are put on in the local area. The announcement that Talyor Swift’s only concert in the US this year at the United States Grand Prix saw ticket sales rise, and major artists have played every year in Singapore.
While Liberty Media are keen to host another race in the US, where rumours have included Miami, New York or Las Vegas, there is still a commitment that keeps Formula One in his heartland of western Europe, with a renewed push in promotion there.
Leaving marketing up to the teams and the drivers in the most part, Formula One is also set to gain a marketing department to oversee the new digital platforms available, which could include ‘Over The Top Broadcasting, Virtual Reality, or alternative social platforms’. A Formula One executive told the Financial Times: “There’s no marketing, no research, no data, no digital platforms … This sport has unique global content and hasn’t done enough to take advantage of that. We need to build the rivalries and enable people to understand the technology that goes into the sport.”
The role of Bernie Ecclestone is also set to change, although that has yet to be defined, and famously dismissed the importance of new broadcasting platforms and social media.
Liberty Media is expected to take control in early 2017.