P1racenews AI automatic summary:
New documentary explores why US companies are flocking to F1
“What sets F1 apart from typical American stick and ball sports is how companies don’t just purchase advertising space, but also leverage their technologies that teams actually deploy,” CNBC reporter Sara Eisen found in her documentary on the business of Formula 1. Liberty Media’s ownership has driven significant worldwide growth, with Netflix series Drive to Survive serving as a catalyst for international expansion. The focus has been on tapping into the untapped US market, with races added in Miami and Las Vegas to make it three US rounds per year. The documentary explores how F1 has grown in popularity in the US since Liberty Media’s takeover six years ago, with team valuations reaching billions of dollars. F1 teams are run like global businesses, with CEOs thinking about staff, culture, excellence on the track, and revenue streams. The surge in F1’s popularity has attracted US-based sponsorships, with Red Bull signing a landmark deal with Oracle and other teams partnering with companies like MoneyGram, Google, and Dell.
Forrás: motorsport
