F1 CEO says drivers are its 'protagonists' and drama is good for business

Business Insider

4 hours ago

Formula 1 CEO Stefano Domenicali is on a mission to expand the company's global footprint and grow its US audience — and that means spotlighting the "protagonists" of the sport.
"They are our jewel, our stars," Domenicali said about F1 drivers at a press roundtable on Monday.
Unlike in sports like football or baseball, he says it can be a challenge to make F1 drivers "the face" of the sport when they're not as physically visible during races. With drivers shielded by cars and fully suited in helmets and gloves, it can be tough for fans to get to know the drivers behind the wheel, the CEO said.
High-profile films like "F1: The Movie," starring Brad Pitt, or the Netflix docuseries "Formula 1: Drive to Survive," help generate buzz. The CEO also said that tension between drivers and clashes on and off the track can be good for business — and there's been no shortage of such.
Races have resulted in many iconic moments, like the on-track collision in 2021 between Lewis Hamilton and Max Verstappen, which triggered an outburst from Mercedes team boss Toto Wolff.
Domenicali joked that there's some truth behind the idea that "all press is good press." He said it's generally good when people have something to talk about.
The CEO added that viewers are "attracted" to the "sporting drama" and casual fans may be especially interested in the lifestyle aspect of the races.
As the company expands its global footprint and reaches more Americans, Domenicali said F1 needs to "cover a very wide portfolio" of viewers and understand the specific needs of each segment. That means using different narratives and languages to tell the story of the sport, Domenicali said.
F1 has already proved successful in diversifying its fan base to some degree. The company's audience has grown to 41% female, compared to 37% in 2018, a spokesperson told BI.
While "there are limits" to drama involved in the sport, the tension has added to its competitive nature, especially as F1 increasingly evolves into an entertainment brand.
Domenicali said the company wants drivers to have different personalities rather than being "20 clones" of the same person. At the end of the day, F1 embodies much more than driving, he said.
"If you want to drive, Uber driving can offer you a great opportunity to do a lot of driving," he said.