Formula 1 is the pinnacle of motorsport, and millions of kids around the world dream of participating and winning a Grand Prix, or better yet, securing the coveted World Championship.
Recently, Formula 1 has ascended to become one of the most popular and fastest-growing sports globally. From the speed of the cars to the competition between teams and drivers, Formula 1 is piquing the interest of many as a sport they can enjoy and have friendly arguments over.
Netflix’s documentary series “Drive to Survive”, which gives an exclusive behind-the-scenes experience for all F1 fans, has played a pivotal role in this growth. The competition and the drama one can experience from “Drive to Survive” is something that people would never be able to witness by just watching the race or listening to opinions on social media.
This series has given all F1 fans the ability to understand how the teams work with their drivers and the entire strategy behind a race. “Drive to Survive” has been amazing in terms of marketing, as it supercharged the sport’s popularity in the US market.
Who and what is behind the surge in popularity?
In January 2013, Liberty Media made waves by purchasing the Formula 1 Group for an eye-watering $4.4 billion. This has been the move that has enabled Formula 1 to grow rapidly stateside. With their marketing prowess, Liberty Media has been able to market Formula 1 as the sport to watch if people want to see the world’s very best drivers duel at face-melting speeds.
That’s not all. Liberty Media has also taken major initiatives to host more races in the US by announcing new races at Miami in 2022 and the Las Vegas Strip in 2023. This has increased revenues drastically, from $1.83 billion in 2018 to $2.57 billion in 2022. In 2023, Formula 1 has even become one of the 10 richest sports in the world with an exceptional value of $5 billion.
“Drive to Survive” has been a driving force behind this influx of interest. The series captures all the competition and emotion behind all the teams and drivers. Viewers can understand exactly what happens in each race and know all the technical details of each team. Strategies and the conversations between the teams and their drivers show everyone how the teams plan on winning a Grand Prix or even just surviving the race.
Through “Drive to Survive”, more people, who were initially unfamiliar with the sport, have become dedicated fans of Formula 1. Netflix also revealed that people who have watched “Drive to Survive” have binge-watched the series instead of taking time to watch it, showing people’s interest in the racing series.
Now, the series has become one of the most anticipated series on Netflix, with each season bringing in millions of viewers, especially from the US. The drama on the racetrack in recent years means that “Drive to Survive” will have a significant pull on the American audience.
Is it only ‘Drive to Survive’ that has fueled this popularity and a surge in revenue?
Absolutely not. The ownership by Liberty Media has also brought large sponsorship deals from companies in the US. Companies such as Bridgestone, FedEx, and AT&T are displayed prominently on some of the fastest cars in the world.
The addition of the Las Vegas Strip and Miami races has also created a lot of interest and generated huge amounts of money for Formula 1. For instance, The Miami Grand Prix and the United States Grand Prix are estimated to bring in $1 billion into the US economy. The increase in tourism, hospitality, and job opportunities also poses a benefit in terms of marketing.
US broadcasters like ESPN have also invested money into covering the F1 races to allow people to watch with ease. Through engagement on social media, people in the United States have access to websites and applications to interact with one another, contributing to the growth of the fanbase of people in the US.
What does this mean for racing in the US?
The addition of US teams and a US driver has also increased interest in the sport in the US. The HaaS F1 Team has been flying the flag for America in Formula 1 for a considerable amount of time. The arrival of Logan Sergeant at Williams and his commendable performances have made the racing fraternity in the country get up and take notice as well. This has proved that Americans can return to winning ways in the world’s fastest sport.
This has become evident in the fact that one of the US’s best racing brands, Andretti, has made it no secret that they are interested in entering the series as a new team. With the emergence of US talents like Colton Herta and Alex Palou in IndyCar, it wouldn’t be a surprise to see an all-American team in Formula 1.
Drive to Survive and Liberty Media: A catalyst for growth
The impact of Formula 1 on the US market transcends revenue and extends to the realm of tourism. “Drive to Survive” has not only swelled the ranks of Formula 1 enthusiasts but has also redefined the experience for existing fans, making it richer and more immersive. This series has been instrumental in boosting viewership and driving economic growth through heightened awareness.
As Formula 1 continues its upward trajectory, “Drive to Survive” and Liberty Media have transformed a once-elitist sport into an eagerly anticipated spectacle. With each thrilling Grand Prix, fans eagerly anticipate the behind-the-scenes revelations, creating an exhilarating and suspenseful experience with each season of “Drive to Survive”.
The potential of Formula 1 in the biggest market in the world remains boundless, as ongoing improvements in all aspects leave us wondering whether this sport will surpass its competitors in terms of viewership and revenue.
(Jonathan Ferreira)