The apex of motorsports has seen a significant improvement in its fortunes in recent years thanks to Netflix’s smash hit ‘Drive to Survive.’ Statistical information shows that Formula 1 supports this tendency and had a successful 2022, with its overall worth increasing to a staggering $2,500,000,000. According to some reports, the sport has expanded its global limits, with numerous countries vying for the opportunity to host an F1 race in their backyard, lining up to pay more than $50 million. Though F1 has been around for over 70 years, the major change happened when Liberty Media took control from F1 boss Bernie Ecclestone. Only after that did the owners collaborate with Netflix to create the fan favorite ‘Drive to Survive’ (DTS).
However, as much as the F1 community admires DTS’s efforts, they now want the sports to remain relevant beyond the influence of Netflix. Mohammed Ben Sulayem, president of the FIA, has emphasized this precise requirement. The FIA president warns F1 against complacency, stating that the sport cannot rely just on Netflix as a means of attracting fans to the competition. Instead, he argues that the authorities involved must evolve to remain effective.
Mohammed Ben Sulayem call to anticipate future challenges of F1
After its great success in recent years, reports suggest Formula 1 experienced a 757% increase this year. However, according to Ben Sulayem, it is critical to prevent complacency, emphasizing the importance of an up-to-the-minute mindset. According to the FIA president, the sport faces growing issues that are very different from the earlier years. For that, Sulayem highlights modern barriers that include politics, environmental concerns, and a stage shift toward electric technology.
Sulayem’s remarks appear to be about current Formula 1 developments. Contrary to its previous position, the F1 set a goal in 2019 of becoming carbon-neutral by 2030. The F1 included eco-friendliness in all of its decisions during a three-year period. Concerning electrical shifts, Sylvain Filippi, Managing Director of Formula E Envision Racing, suggests that Formula One could be forced to make a major decision by 2035 to go all-electric or become a specialized niche.
Apart from this, in an interview with Motorsports.total, Sulayem also highlighted Netflix’s remarkable contribution to audience engagement, “What they’ve done during the pandemic is fantastic. I will always be indebted to them.” However, he also believes it will not be enough for today’s generation.
He added, “ We can’t just rely on Netflix to attract people. The new generation wants to learn about motorsport. You can’t run it the way you used to.” The Emirati, while concluding, claimed that improving the business model is critical, and he is confident that F1 will endure for a long time provided that the FIA should be as strong.
Evidence of F1’s tremendous financial growth thanks to DTS
In 2021, there were still some attendance limits. However, in 2022, F1 continued to profit globally at full capacity thanks to the DTS boost. According to Motorsports.com, the overall crowd attendance was 5.7 million, reflecting a 36% increase since 2019. Whereas the total revenue increased by 20% in 2022 from $2.136 billion to $2.5 billion.
The operating income of the business, which is the amount left after paying the teams and other costs, increased from $92 million to $239 million. Besides this, the team’s share increased from $1.068 billion in 2021 to $1.157 billion in 2022. Furthermore, the F1 authorities stated that the main metric of primary revenues increased by 14% from $1.850 billion to $2.107 billion. This sum was divided among race promotion fees (28.6%), the rights to the media (36.4%), and advertising (16.9%).
The sport’s general development and global importance, as well as its sustainability efforts, are tempting huge brands like Audi and Ford to join the top echelons of racing in 2026, which the F1 feels will only add value to the sport.
