Liberty Media, the future owners of the highest class of single-seat auto racing, are thinking of reviving the brand of Formula One through a series of media events, in the style of a Super Bowl. The expected effect is that every one of the 21 races will be regarded as a unique experience and viewed by millions.
Liberty also considers selling the rights of using the brand in order to increase the income. Their intention is to expand the event of a Grand Prix in a week filled with activities that are related to it. They have also shown their interest in increasing the presence of F1 in the United States, possibly in cities such as New York, Los Angeles, Miami and Las Vegas.
The person in charge will be Chase Carrey, former manager together with Rupert Murdoch at 21 Century Fox. Until now Carrey has only been checking out and familiarizing with things, as Bernie Ecclestone said, without making any decision of change, but with the 8 billion$ transaction completed in April 2017, a new Formula One society will be born and the shift of the power holders will bring changes to Formula 1.
Carrey has anticipated the strategy Liberty Media has to revitalize the brand and he has talked especially about bringing more complex technology into F1. He enlarged upon the problem in the Financial Times, claiming that it is paradoxical that the most technology-related sport in the world does not yet have a sponsor from the Tech Industry. Liberty Media has bought Formula 1 in order to make money, and that is why they are willing to share its management. They are looking to involve new sponsors from the digital industry apart from the already existing ones. The new manager claims there is currently no marketing, research or digital support enough to make the most of this unique sport’s potential and that efforts should be made in order for people to better understand the complexity of the technology involved in F1.
Leave a Reply