Experiential Marketing Manager at The Racers Group, Ryan Werner shows us how the world of Formula 1 would look if he ran it. Enjoy!
I started working in racing for the love of the art thanks to Formula 1. Isn’t that why most of the drivers start racing too? Aspiring to get to Formula 1?
If I ran the fastest and certainly the most expensive show on earth, I would start trying to make it more competitive; it had become so predictable that sports betting doesn’t even make sense for the discipline. Yes, this would indeed involve modifying the BoP (Balance of Performance). But how? Well, starting with the engine regulations, having the manufacturers build the exact same model, production instructions provided by Formula 1. Agreed on the rule changes regarding tires, refueling and new aerodynamics for 2017.
A channel where they could show highlights, pre-event activities, team and driver news, replay epic moments of Formula 1’s history, etc. How is this feasible? Through Time Warner Cable, another one of Liberty Media’s companies.
Now that Liberty Media acquired a big percentage of the series, I would use their power of decision making to put Zak Brown right up there next to Ecclestone for the two to work together in a way. I would also bring Niki Lauda as a consultant, as his criteria has been significantly noticed supporting the Mercedes AMG Petronas team.
There has to be a salary cap established, since the top Formula 1 drivers get paid more than NASCAR’s or IndyCar’s, however the earnings immediately fall off after the top three drivers and the majority of NASCAR racecar drivers make more money than their Formula 1 counterparts.
We need to make the show accessible, agreed, this is not a people’s sport but ticket ranges are overpriced for some of the markets. Going back to Liberty Media’s acquisition, their assets need to be used and taken advantage of. Ticket prices could lower down a little, using the different services provided by their companies, like naming Ticketmaster the official ticket supplier for the sport, managed by Live Nation. Using Expedia.com for creating travel hospitality packages as well. Using both platforms wouldn’t cause additional costs to Formula 1, which would translate to better pricing for packages.
The single-seat auto racing program needs to have its own TV channel, an exclusive Formula 1 channel operated by the series, not from Sky Sports, not from BBC, not Channel 4 F1 – just like Canal F1 Latinoamérica, kind of what NFL does with NFL Network; there’s no need to show the races, as broadcasting rights are one of the main sources of income, but a channel where they could show highlights, pre-event activities, team and driver news, replay epic moments of Formula 1’s history, etc. How is this feasible? Through Time Warner Cable, another one of Liberty Media’s companies.
And last, but not least, we all know who are the fans’ favorites, so at every race we can observe how the merchandise spins around Hamilton, Mercedes, Ferrari and Red Bull; the reason is obvious, this is for the vendors to boost sales, but if I was running Formula 1, I would make every track support the local driver and/or team, if applicable of course.