Taking a growth-centric approach to expanding F1

What do I mean by this?

Since Liberty Media's 2017 acquisition of Formula One, the sport has intensified its expansion by adding new races, collaborating with content partners, inviting new investors and spending lots of capital. The goal of these expansion efforts is clear given the ever-increasing costs to gain access to this one-of-a-kind sport. It's all in the name of revenue. Everybody knows it.

But what if it wasn't just about the money? Hear me out.

Over decades, the championship advanced on an unparalleled level to become the indisputable pinnacle of motorsport globally. This sport-centric approach captivated fans around the world and secured a lasting cultural relevancy for the race series. Of course, money was pivotal to the growth back then too. Those who've had it have always led the pace in terms of technological innovation. But being a team owner hasn't historically been all that profitable. The recently released Brawn: The Impossible F1 Story gave viewers an insider's perspective to just how precarious the financial situation can be.

The Disney Plus documentary series also highlights the pivotal battle between former F1 czar, Bernie Ecclestone, and the teams who threatened to break away from the championship until a more equitable race and media rights revenue split could be achieved. Bernie Ecclestone was the first to take a truly money-centric approach to growing the sport when he acquired the commercial rights to the series in the 70s. And though F1 popularity and reach rose to new heights, it also nearly succumbed to its own greed.

With Liberty Media stepping into the driver's seat, there's a very clear objective to build incremental revenue sources. A lot of moves have already paid off -- resulting in the sharp rise of interest in the sport notably thanks to Netflix's Drive to Survive multi-season series. It's no surprise, then, that we're starting to see more legendary and original stories brought to screen. If you've been following F1 this season, you'll have noticed Brad Pitt's presence at a number of races, culminating with him taking to the track in Silverstone in July -- all spearheaded by Apple Studios. Whether all the content is or remains must-see, we can absolutely agree that we have more access to F1 stories now than ever before.

If Liberty Media has already found success by delivering fans what they've craved, why not double-down on listening to this critical audience? I'm trying to follow the logic of their decisions but it isn't easy. Why continue to expand the race calendar to locations that are certain to price out most F1 fans? Why remove patient, cold and tired fans from the only session many of them could afford for the Las Vegas Grand Prix ? Why spend excessive amounts of money staging an unnecessary sideshow when you have such a refined spectacle (eventually) on the track? The latter is truly baffling given the cost back to Liberty Live Group but I suppose it's all about portraying a specific image.

This might be a very unpopular opinion but I don't think any sports property that understands and values its community needs to come at them so over-the-top to motivate their passion. F1's greatest strength is how unique it is among global sports. This is why we should feel obligated to preserve its differences rather than see it become just another American sports league (I mean no disrespect).

I've been studying the business of sport for so long and from so many angles, I can confidently say no other top-tier sport has so many differentiating assets. It's staged across multiple cities, countries and continents -- hosting millions on an annual basis, no less. It embodies glamour, celebrity and sophistication. It's the peak of performance where every detail matters. I'm only able to marginally understand the technology behind the sport but the teamwork that's required to fuel this level of innovation and performance is not only exemplary but mind-boggling. Despite the lack of women on track, there are actually no regulations that prevent women from racing in F1. The inequality comes down to the lack of investment in female racers. This screams opportunity. F1 could be the biggest multi-gender sports league in the world. F1 even has real-world application and can become a powerful environmental actor. And with voices like Sebastian Vettel contributing to this movement, I have high hopes for a positive F1 influence in the fight against climate change one day soon. With such high-value assets, why would anyone keep throwing money at wasteful distractions?

This is exactly why I suggest F1 owners shift from a money-centric mindset with tunnel vision around one priority to a genuinely growth-centric attitude that would propel F1 into the most dominant global sports league to drive innovation and positive cultural influence. The more we nurture these different assets of F1, the more we'll see them each deliver dividends.

There are new players entering the F1 scene all the time. With emerging sports investors like Ryan Reynolds , who comes equipped with his own production company in Maximum Effort , there's growing potential for F1 to define sports culture and avoid getting lost in it over time. Many keen observers have already suggested 2022 was "peak F1" with growth stalling presumably over a Red Bull/Verstappen-dominant season. To be fair, as a fan, I totally prefer watching a more competitive field. But I've tuned in a lot this year as both a fan and a marketer. I've enjoyed the kind of access the media broadcast delivered (putting aside that pay-tv limits accessibility to sport overall...). From the increase in female on-air personalities who offer their own unique perspective to the sport, to the sneak peeks into current and former drivers' passion projects. I've actually been inspired by F1 more this year than ever.

As I think about what the sport needs more than spectacle to grow its audience, it's accessibility. While the glitz and glamour is a staple to F1, the sport needs to remain inclusive. F1's heartland is Europe because of its grassroots heritage. For genuine fans to continue to flock to F1, they need affordable destinations and tickets. Again, I just see more opportunity here not a limitation to potential revenue.

I also believe access sits in the power of partnerships. So many brands jump on the F1 bandwagon -- without an active role to highlight. As an F1 fan, I care about feeling like I'm part of a community. Most F1 partners aren't exactly giving "community" when they show up trackside. But I bet they could if they assigned value to some of F1's more unique assets as I've outlined here. The Deadpool crossover this weekend validated that Alpine and its investors already see the enormous potential in this fandom.

With one final race to go this year, I'm already looking ahead to the 2024 season. Like many others, I'd love to see less waste and more substance. I'm really curious to see who'll start taking more risks and gaining greater advantages. I'm here for the collective effort to growing this sport in the best ways possible.