Pertinence, genuineness, and continuous fan interaction emerged as central themes as Las Vegas played host to the inaugural F1 Business Summit on the eve of the Grand Prix. The event even offered a glimpse into a potential future where Formula 1 teams might substitute wind tunnels with a digital equivalent of their racing vehicle.
The event, unfolding in the self-proclaimed hub of entertainment and athletics, showcased a diverse lineup of speakers from F1, Liberty Media, sponsors, and licensing partners, alongside representatives from other sports such as the Women’s NBA and the NFL.
F1 CEO Stefano Domenicali commenced the event, establishing the prevailing sentiment. He noted that while F1 has experienced substantial growth within the US market, there remains significant potential for further expansion. “We need to maintain attentiveness and responsiveness. We must maintain social relevance in the US,” he asserted.
Domenicali elaborated on F1’s pursuit of diverse strategies to capture attention and connect with novel audience demographics in the US, encompassing initiatives like the Brad Pitt film project and collaborations with entities such as Lego and Apple.
This concept was reinforced by Chief Commercial Officer Emily Prazer, who detailed the commercial team’s insights into consumer engagement, gleaned from licensing arrangements with brands like Disney, Lego, and Electronic Arts.
F1 x Disney, Mickey Mouse with Romain Grosjean, former F1 driver, Emily Prazer, Chief Commercial Officer at Formula 1 and Tasia Filippatos, President of Disney Consumer Products
Photo by: Formula 1
“Licensing has been a relatively underutilized avenue for us, as our primary emphasis had been on sponsorship,” she clarified. “Our objective was to determine the most effective means of reaching the broadest possible audience, encompassing the new enthusiasts drawn to the sport through Drive to Survive. However, upon acquiring that fan base, sustained engagement becomes crucial. Collaborations with entities like Disney and Lego have provided invaluable insights into achieving this. As an organization, we lacked prior experience in this domain, and we approach learning with humility.”
Disney commands the world’s most extensive licensing operation, generating $62 billion annually across 180 nations. A recurring principle emphasized the necessity for perpetual storytelling and interaction with the fan community.
“The era in which brands could passively await consumer engagement has passed. The focus now revolves around proactively integrating the brand into captivating and innovative avenues, ensuring presence on the platforms frequented by consumers,” remarked Disney’s Tasia Filippatos. “Through the synergy of compelling narratives between F1 and Disney, we guarantee accessibility on the platforms utilized by consumers. Current consumer trends indicate a preference for partnerships that exhibit authenticity coupled with an element of surprise.”
Following a conversation about investment prospects in women’s sports, where Susie Wolff showcased her proficiency in panel facilitation mirroring her aptitude in managing a racing series, the concluding panel delved into prospective technologies. John Saw from T Mobile presented a compelling depiction of the forthcoming wave of technological disruption anticipated within F1, stemming from advancements in AI: “I foresee the emergence of digital replicas of race vehicles and tracks.
“These digital counterparts will surpass the precision of tools like wind tunnels and CFD. Their adaptability to account for weather conditions and other external factors will enable fine-tuning even as the actual vehicles are in motion on the track. This would serve as a co-pilot for engineers, and would promote greater equity among the smaller teams.”
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– The Autosport.com Team
