Liberty Media is looking to increase revenue in their motor-racing division and they believe female fans will help them do just that. In 2023, Lewis Hamilton won’t be the only driver racing around the track – Louise Hamilton could join him. This blog post will explore how female fans can fuel Formula One’s growth in the next few years.
Scheduling More Races
One way Liberty Media can boost sales is by scheduling more races. This would create more opportunities for sponsorships, tickets, and broadcast opportunities which would all lead to increased revenues for F1. However, increasing the number of races does not come without drawbacks as it could require a larger budget for safety measures and personnel costs for running each race.
Reaching Out to Women
Another way Liberty Media can increase revenue is by reaching out to women who may be interested in Formula One racing. Currently, only 8% of F1 fans are women and there is a large potential audience that has yet to be tapped into. Studies have shown that when more women are involved in sports organizations, more people tune in and become interested in watching the sport itself. With this in mind, Liberty Media should focus on drawing more female fans by creating a positive environment where women feel included and celebrated. They could also look into hiring female drivers or having events specifically geared towards female audiences such as an “all-female” racing event or special promotions for existing races with a strong female influence.
Increasing Female Representation
One way to help drive up interest among female viewers is by increasing representation of female drivers. Audiences for women’s sports have been growing exponentially and sponsorships for top-level female soccer and rugby have risen 146% from last year alone. Unfortunately, F1 hasn’t yet featured any female drivers at the highest level but that could be set to change soon. The FIA (Fédération Internationale de l’Automobile) recently launched a ‘Women in Motorsport’ Commission with a mandate to increase female participation in motor racing, including at the professional level. It’s clear that if F1 wants to continue to grow its fan base then diversifying its driver lineup is essential.
Digital Expansion
The digital landscape provides another platform for F1 teams and fans alike to connect and engage with one another like never before. With over 6 million followers on Twitter, 1 million followers on Instagram and 3 million subscribers on YouTube, Formula One already has an impressive presence online. However, there is still plenty of room for growth as these numbers pale compared with those of other sports leagues like the NBA or Premier League Soccer which boast hundreds of millions of followers across all major social media platforms. By taking advantage of new technologies such as virtual reality or augmented reality, F1 could create an even more immersive experience for viewers both online and offline.
It is clear that if Liberty Media wants to achieve higher revenues from their motor-racing division they need to find ways to drive up viewership and interest from both men and women alike. Reaching out to female fans is one of the best ways that they can do this as studies have shown that when more women are involved in sports organizations, viewership increases significantly. Focusing on creating a positive atmosphere where women feel included and celebrated while also finding new ways to draw them through promotions or events specifically geared towards them can help Liberty Media fuel its growth even further over the coming years.