Liberty Media chief executive Derek Chang believes that Formula 1 has evolved into a “cultural phenomenon” over the past decade, rather than just a racing series.
Chang, who took over the role in January, notes the significant growth F1 has experienced in terms of audience expansion, particularly in engaging women and a younger demographic.
Under the leadership of Chase Carey and Stefano Domenicali, F1 has transformed into a mainstream entertainment asset, beyond just a motorsport product.
The addition of races in new markets like Miami and Las Vegas has further elevated the sport and attracted more diverse viewers.
Recent partnerships with brands like Disney and Lego indicate a shift towards engaging consumer-facing companies and expanding fan engagement beyond the track.
