The popularity of Formula 1 has grown multitudes since the release of the popular Netflix series ‘Drive to Survive’ (DTS) in 2019. F1’s viewership and earnings have grown by tens of millions in the last four years, making the commercial side of things more profitable than ever for the sport’s governing authorities. In a bid to keep the numbers up, veteran F1 Journalist Tom Rubython advised Greg Maffei (CEO of Liberty Media) to invest $100,000,000 and acquire the hen that hatches golden eggs, according to Business F1.
F1 has nearly 500 million fans worldwide, making it one of the most popular sports across the globe. Per Rubython, around 125 million of these fans are attracted to the sport, not because of the races, but the series on Netflix. He claims these fans eagerly wait for the arrival of each new season and might often skip out on watching live races. As such, acquiring the production house responsible for creating the series might have been a ‘golden ticket’ idea by Rubython.
Formula 1 could benefit greatly by investing $100 million
F1 is one of the most expensive sports out there. Right from the operational costs to buying a ticket as a fan, no aspect of the sport is cheap. To draw a larger profit as the sport’s owners, Rubython gave Maffei an idea, which he reveals in an editorial piece in the BusinessF1 magazine. However, the Liberty Media CEO opted against acting on the advice.
“I advised Maffei to make the producers, James Gay-Rees and Paul Martin very rich men and buy their Box to Box Films Ltd production company and secure their services for the future. I estimated it would cost him around $100 million.”
“He thinks Formula One’s new-found success is down to his talents and the talents of his executive team. It’s not. It’s down to that television series and the talents of a couple of guys from East London.”
Box to Box Films’ James Gay-Green and Paul Martin have played a huge yet understated role in helping boost the sport’s popularity. As such, Maffei opting to not listen to Rubython’s advice might not have been a great step. Adding to a list of reasons why their genius is unparalleled, Rubython listed the example of the ‘Break Point’ (Tennis) and ‘Full Swing’ (Golf) series created by the duo; both of which have done wonders for each of these sports.
Maffei opted to invest triple the money to buy another company
The growing popularity of the other two series would also help F1 as Rubython believes the Production House’s name will keep bringing in more viewers. As such, acquiring an ownership stake would only have boosted Liberty Media’s portfolio as one of the biggest media houses on the planet. However, Rubython’s words could only translate to a ‘what could have been’ scenario.
Despite Rubython’s consistent efforts to get Maffei to buy Box to Box Films, the American businessman went another way. He opted to buy a company called QuintEvents, which Rubython claims to be “neither here nor there.” Run by entrepreneurs who claim to be “good at what they do,” the company cost Maffei over $313 million. The Journalist believes Maffei has overpaid for the company, which will bring little to no value to F1.
With the quality of DTS seemingly going down in the last couple of seasons, there is a possibility of the viewership going down, too. Only time will tell what the future holds for F1 and its ‘behind-the-scenes fans.’
