Following an unimaginable level of success in 2023, Red Bull is off to a flying start in 2024, as they are now introducing a whole new line of operations called Red Bull F1 Marketing. The first-of-its-kind establishment will manage the rapidly growing list of sponsors for both Red Bull and AlphaTauri, as revealed in an update on X by RBR News.
Given the same, Red Bull made significant hirings in their media and marketing to further bolster their plan in December 2023. Per Nick Stocker, Red Bull’s Commercial Director, the team is extremely close to becoming the first and only team in F1’s history to be able to sustain solely on sponsorship money, owing largely to the success brought to the team by Max Verstappen.
| Red Bull F1 Marketing has been created, aiming to manage the rapidly growing list of existing and potential sponsors for both Red Bull and AlphaTauri.
Red Bull’s recent recruitments of new media and marketing positions in late December.
Nick Stocker, Red Bull’s… pic.twitter.com/ZcuKPQoFLB
— RBR News (@redbulletin) January 11, 2024
Back in 2006, the late Dietrich Mateschitz claimed that when Red Bull first started, there wasn’t much market for them, so he promised that the team would one day create a market for themselves. And the prophecy is starting to come true, with the Red Bull energy drink now standing as the world’s third-biggest soft drink company.
In 2020, Red Bull invested about $1.76 billion (€1.6 billion) in sponsorship and advertising to primarily target the young demographic across the planet. The Austrian company has led the charge alongside other similar companies to convince the youth that incorporating an energy drink into their daily routine has become the need of the hour in the modern lifestyle.
Max Verstappen’s success was key to Red Bull increasing their sales
Max Verstappen and Red Bull were in the thick of things throughout 2023, capturing the headlines with each passing race. As such, Red Bull’s popularity kept growing because of the screen time and coverage the team got.
Given the same, Horner claimed they were now on the path of the adage, “Win on Sunday, Sell on Monday.” He added that the F1 team is the biggest marketing impact that the beverage company has ever had, especially since they race 23 times a year.
Each time they race and win, the sales of the energy drink face a positive impact. Furthermore, catering to regional needs by housing a local hero driver adds to the business’s cause. For example, with Sergio Perez serving as a driver in the team, sales of the energy drink’s cans increased multitudes throughout Mexico.
While the energy drink company acknowledges that the racing team’s success uplifts their sales, they refuse to share exact numbers. However, they revealed they now control 13% of the market share when it comes to the beverage market.
