Formula 1 has become so commercialized in recent years that it’s led to the exclusion of some great brands, according to team principal and former race car driver Michael Andretti. Speaking exclusively with Racecar News, the 52-year-old said: “I think our sport has changed dramatically from when I started watching it as a kid. “A lot of things have changed over the last 20 or 30 years, and I think that commercialization is one of those things. It’s great for the business side of things, but it hasn’t been great for the racing side. “We have so many single-brand teams now that we don’t need all these manufacturers anymore. There were more than two manufacturers back in my day, and there are only maybe two left now. That doesn’t make any sense – but that’s how our sport is today because there’s just so much money involved in it now compared to when I was growing up as a teenager and watching Formula 1 on TV every weekend. If you don’t have money then you can get left behind pretty quickly in this business… It just seems like greed got out control and everything is about making more money now instead of building something sustainable for the future of this sport.”
What is the future of Formula 1?
The future of Formula 1 is unclear at the moment, but it’s likely to be an exciting one. As the sport moves further into the digital age, it is likely that the way we watch and experience racing will change dramatically. Events like the inaugural Formula E racing series and the FIA World Endurance Championship have set the bar extremely high for how the future of motorsport should look. As for the future of F1 itself, one thing is for sure – the digital transformation of the sport is going to be fascinating to watch. The current commercial agreements in place between Formula 1 and the teams and the media are set to expire at the end of 2020. Speaking at the recent Sport Industry Symposium in Bangkok, Formula 1 CEO Chase Carey said that he was “very optimistic” that a new deal will be struck. “We have been in discussions with the teams, media partners, and commercial rights holders, with the aim of reaching an agreement before the end of next season,“ Carey said. “We are making good progress. We remain very optimistic that we will reach an agreement before the end of the year.”
Is there a role for promoters in F1?
Promoters are largely seen as a relic of bygone racing days. They are often seen as a nuisance or an unnecessary expense that can only slow down the process. But F1 has often been a promoter’s dream. In 2002, local promoters in Bali were given F1 tickets for free – in return for promoting the event. If the race was a good one, they were also given two-for-one tickets for the next F1 race held in their country. This led to overexposure and a significant loss of ticket revenue. The practice was eventually banned, but as F1 promoters have learned, it is sometimes better to allow the teams to promote their own events. Most often, the team’s sponsor will attend, and the fans and local authorities will benefit from the experience. However, if the promoter wants to bring in some additional revenue, they can sell tickets at a higher price (or the promoter can simply get the extra income by buying tickets at face value). F1 promoters can also use the extra publicity to promote other events, such as concerts and other sporting events.
The role of the media in F1
The media rights issue is a complete grey area at the moment. Current deals expire at the end of 2020, but the FIA is keen to bring them back into the fold. In a recent interview, Carey said that he hoped to negotiate a new deal with the media “sooner rather than later.” However, some analysts believe that pushing for the current deals to be renegotiated would be a better and more profitable strategy. As we have seen in the football and cricket industries, there is significant demand for high-quality live coverage of any sporting event. Formula 1 is a particularly attractive option for the media, as it is the only sport that runs on a full weekend. As a result, the races are shown on free-to-air and subscription television all over the world, and millions of fans can enjoy live coverage of the races.
Safety and sustainability
Safety concerns continue to be a major issue in F1. The series has only been held in one country for longer than one race weekend –Venezuela. In 2013, McLaren was fined $100 million in relation to the use of illegal parts during the 2012 season. The following year, the same team was involved in a crash that saw driver Lewis Hamilton walk away unscathed. While there have been some large fines imposed on teams and drivers, they have been too small and too frequent to have a significant impact on the safety standard of the series. While there have been plenty of safety initiatives, such as reducing the number of laps in Formula 1 races, these have been too small and sporadic to make a difference. In 2016, the FIA announced plans to make the series more sustainable, with the ultimate aim of reducing its carbon footprint. However, the series has failed to make any significant progress in this area, and it remains an unsustainable series that is having a significant impact on the environment.
Promoting diversity and inclusion
As the world becomes more diverse, teams are also becoming more diverse. At the end of 2017, there were 35 female drivers in Formula 1, making up a total of 12 teams and 246 drivers. This figure is expected to rise over the coming years, as more women are encouraged to enter the sport. At the same time, teams are also trying to promote greater inclusion among fans and invite fans from all walks of life to attend their events. In 2017, Haas F1 team organized a festival for fans that included a performance by Brazilian rock band Sepultura and a talk by the team’s Mexican driver Esteban Gutierrez. The Fédération Internationale de l’Automobile, the governing body of the FIA, is also encouraging the use of social media to promote diversity and inclusion.
The commercialization of Formula 1 has led to the exclusion of some great brands and has also had a negative impact on safety, sustainability and promoting inclusion. However, the series is likely to be an exciting one as it moves further into the digital age and the way we watch and experience racing is likely to change dramatically. The future of Formula 1 is unclear at the moment, but it’s likely to be an exciting one. As the sport moves further into the digital age, it is likely that the way we watch and experience racing will change dramatically. Events like the inaugural Formula E racing series and the FIA World Endurance Championship have set the bar extremely high for how the future of motorsport should look. The role of the media in Formula 1 is also a grey area. Current deals expire at the end of 2020, but the FIA is keen to bring them back into the fold. In a recent interview, Carey said that he hoped to negotiate a new deal with the media “sooner rather than later.” However, some analysts believe that pushing for the current deals to be renegotiated would be a better and more profitable strategy. The safety concerns are also a major issue in Formula 1, with only one country has hosted the series for longer than one race weekend and the current safety standards are not expected to improve any time soon. On the other hand, promoting diversity and inclusion among the teams is also an important issue for the future of the series.