“Hollywood Formula”. This is how Bernie Ecclestone describes Formula 1 today. If in the mind of the former great boss of the discipline, the comment is rather pejorative, it well illustrates the tour de force achieved by Liberty Media, which took control of F1 in 2017 At that time, this motor sport was losing its audience, its image was deteriorating. “The public is tired of a competition that is expensive and that consists of seeing how cars consume gasoline,” slips Vincent Chaudel, founder of the Sports Company Observatory.
Liberty Media, a sports entertainment specialist, became involved in various projects. The American company is reviewing the formats of the discipline, expanding the tests, also working on the technology of the single-seaters. Among the novelties introduced, the DRS, the “Drag Reduction System”, which allows cars to lower the wing on the straights, making them gain speed and thus facilitating circulation. “Everything is done to fuel the suspense,” explains Vincent Chaudel.
“In most Grands Prix, the winner is only known in the last five laps, everything can be decided until the end,” said Vincent Chaudel.
“Drive to Survive” Stroke of Genius
Second project for Liberty Media, conquering a wider audience. In 2017, says Lukas Aubin in the book Atlas, geopolitics of sport“the observation of the new leaders is clear: motorsport is getting old, it must be rejuvenated”. An observation that Bernie Ecclestone did not share. The former great financier of Formula confided it to him in 2014 in an interview with the newspaper The echoes: “I don’t understand why everyone covets the young generation so much (…) we know that most of these young people have no money. I prefer to target the very rich 70-year-old man.”
To reach the younger generation, Liberty Media partners with Netflix to produce the documentary series. drive to survive who goes behind the scenes of the world championship. First broadcast in 2019, the series is a hit, especially among young people who are passionate about F1. Therefore, the audiences for the Grand Prix between 12 and 17 years old have increased by 50% in 2022.
Americanization of the discipline
Liberty Media, finally, expands the number of races. There will be 23 this season, including three in the United States, in Austin, Miami and Las-Vegas. The United States, which for a long time shunned discipline, preferring IndyCar or Nascar championships, finally allowed itself to be seduced. “This is without a doubt Liberty Media’s biggest success,” says Vincent Chaudel, “The US market is important for endorsements, TV rights and cars.”
Proof of Formula 1’s renewed appeal, car manufacturers are once again fighting to become part of it. Ford and Audi will thus have their single-seaters on the starting grid in 2026. The Alpina team, which belongs to the Renault group, has offered the services of Zinedine Zidane. The footballer has become the ambassador of the brand for a few weeks. He will also be able to “participate in the reflection on the transition to the future of the automobile and on the development of the Alpine models of tomorrow,” says Alpine.
Bought 6 years ago for $4.4 billion by Liberty Media, Formula 1, according to the magazine Forbes, is now valued at $17 billion. The discipline has found a second youth.
Source: BFM TV
