Formula 1: A Cultural Phenomenon, Not Just a Sport
Monaco, October 2023 – Derek Chang, the newly appointed CEO of Liberty Media, emphasized that Formula 1 has transformed from a traditional motorsport series into a global “cultural phenomenon” over the past decade. Speaking at the Autosport Business Exchange in Monaco, Chang reflected on Liberty’s journey since acquiring F1, highlighting a significant rise in interest, particularly from younger fans and women.
The upcoming 2025 Global F1 Fan Survey is expected to reveal intriguing demographic trends. Chang noted a surge in American interest, fueled by the integration of races in major cities like Miami and Las Vegas. “When Liberty acquired Formula 1, it was primarily a core motorsports activation,” he stated. “Under Chase Carey and Stefano Domenicali, we’ve evolved it into a mainstream entertainment asset, enhanced by initiatives like Drive to Survive.”
Chang further recognized the pivotal role of driver personalities in engaging audiences beyond track performances, as fan interest now extends to their lives off the circuit. This shift has been instrumental in attracting new sponsorships from prominent consumer brands. Recent partnerships, including a notable deal with Disney and a successful collaboration with Lego, which featured life-size cars at the Miami Grand Prix, illustrate F1’s expanded appeal.
While Chang praised the growth in viewership and diversified branding partnerships, he acknowledged untapped potential in the Chinese market, where F1 has maintained a presence for two decades despite recent disruptions due to COVID-19. “China represents 1.4 billion people interested in sports and high-end brands. It’s essential for us to invest further in that market,” he remarked, underscoring a commitment to increasing F1’s footprint in the region through active engagement and innovative marketing strategies.
As Formula 1 continues to broaden its reach and influence, it remains focused on leveraging its cultural momentum to enhance fan experiences and drive further engagement globally.
