Formula 1's American dream faces reality check as Liberty Media CEO discusses TV rights and fan engagement
When Liberty Media took the reins of Formula 1 in 2017, it kickstarted a new era for the sport—one that embraced storytelling, social media, and global expansion like never before. Fast-forward to 2025, and the picture is evolving. The U.S. market, once viewed as a cornerstone of F1's future, is no longer being treated as the primary growth engine. Instead, Liberty Media is starting to look beyond American borders, signalling a possible pivot to untapped international opportunities.
Liberty Media chief sheds light on Formula 1's battle to win American viewers and secure better TV deals
Newly appointed
Liberty Media CEO
Derek Chang made this shift clear during his remarks at the J.P. Morgan Global Technology, Media, and Communications Conference. 'In the US, we [F1] are not a major player, but globally, we are,' he stated bluntly. This candid admission reveals a sobering reality: despite the surge in American F1 interest driven by Netflix's Drive to Survive, Formula 1 still sits on the periphery of mainstream U.S. sports culture.
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The Vegas experiment has been a wake-up call. Liberty Media's direct involvement in organising and promoting the
Las Vegas Grand Prix
was seen as a major commitment to the U.S. market. But year-over-year enthusiasm has dimmed. 'The fall-off from the first year to the second year was a bit more dramatic than anticipated,' Chang admitted. Still, he remains 'cautiously optimistic,' noting improved ticket movement this season, a signal that lessons have been learned and adjustments made.
Yet, the American media landscape is proving to be another tough nut to crack. ESPN currently holds F1 broadcasting rights through 2025, but their future involvement remains uncertain. Formula 1 is reportedly eyeing a $180 million per year deal from 2026, yet heavyweights like NBC have already bowed out of the race for rights, while ESPN may not see the value at such a price point. Chang, however, isn't just looking for the biggest check—he wants a media partner who can embed F1 deeper into American culture.
'We're obviously looking for a partner that can help us continue to grow the fan base,' Chang said. He emphasized that Formula 1, compared to leagues like the NFL, NBA, and MLB, still has 'a lot of headroom' in the U.S. 'It's up to us to go out and capitalize on that.'
Interestingly, Chang isn't fixated on traditional media deals. In his view, F1 is no longer merely a racing series—it's a content-rich, cultural phenomenon. In the age of streaming, where digital platforms hunger for compelling content, the sport has become more about lifestyle, drama, and cinematic appeal. This cultural momentum is set to get another boost with the upcoming Brad Pitt-led F1 film, which hits theatres June 25. 'I think this is a pretty significant moment in terms of the amount of investment and promotion that Apple and Warner Bros are putting into a project like this,' said Chang, expressing optimism for its impact.
Globally, Chang sees brighter prospects. Markets like China and India are now on Liberty Media's radar. 'You look at a market like China where we've actually had a race, and we probably haven't probably not invested what we should,' he noted. India, with its deep love for entertainment and sports, is another frontier with immense potential. 'Can we break through in a way?' Chang asked, drawing parallels between F1's glitzy appeal and Bollywood or the IPL.
What emerges from Chang's vision is not a retreat from the U.S., but a recalibration. The goal is no longer solely to 'Americanize' Formula 1, but to globalise it with tailored strategies for each region. The sport may never rival American football stateside, but worldwide, it's gearing up to tap into the next billion fans.
In many ways, Liberty Media is back at the drawing board—armed with data, experience, and now, the humility to accept that not every market responds the same way. But for a brand as visually thrilling and globally revered as Formula 1, the track ahead is still filled with opportunity.
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