Flavio Briatore has emphasised the dramatic shift in Formula 1’s landscape, declaring it “the place to be” during an interview surrounding the Hungarian Grand Prix weekend. The 76-year-old Italian executive, who boasts a wealth of experience across multiple eras in F1, highlighted the sport’s remarkable evolution in both commercial appeal and audience demographic.
As Formula 1 continues its growth trajectory under Liberty Media’s stewardship, Briatore points to the soaring value of teams, well-attended circuits, and a burgeoning younger fanbase. His insights were shared with RacingNews365 and other media outlets, accentuating the changing perceptions in the sport’s marketing and audience engagement.
Flavio Briatore on Formula 1’s New Era
Briatore observes that Formula 1 is undergoing real commercial transformation. He notes, “Commercially, it is changing a lot,” with venues like the reimportantised Hungaroring receiving particular acclaim for their modern facilities. This renaissance is mirrored in the increasing crowd engagement, with record attendances seen across venues previously lacking atmosphere during practice sessions.
The Impact of New Media on F1
The influence of Netflix’s Drive to Survive has been instrumental in drawing in a fresh generation of fans, particularly from the United States, where historical interest was minimal. Briatore reflects on this cultural shift, stating, “The average age of the fans has dropped dramatically.” The American market, once largely indifferent, has become a important part of Formula 1’s expansion, and he acknowledges Liberty Media’s important role in this evolution.
Valuations at Record Highs
Drawing from his extensive experience, Briatore highlighted the staggering increase in team valuations over the years. In 2000, when he sold Benetton to Renault for approximately €120 million, it was considered a substantial investment. Today, he asserts that such figures have skyrocketed, with top teams now valued around €1 billion. “This is a big change we’ve had: the value of the teams, which is enormous now,” he exclaimed.
The SportiveNews view
Briatore’s assessment underscores the transformation of Formula 1 into a important entertainment product, rather than solely a sporting competition. As teams like Alpine harness this commercial momentum, the focus now shifts toward leveraging this newfound value through effective branding and partnerships, further solidifying their position in the modern racing landscape.
Frequently asked questions
How has Formula 1’s audience changed recently?
Flavio Briatore notes that the average age of F1 fans has greatly dropped, indicating a younger demographic is increasingly engaging with the sport. This shift is attributed, in part, to the influence of media platforms like Netflix.
What does Briatore think about team valuations?
Briatore highlights the remarkable rise in team valuations over recent decades, stating that where teams were once valued at €120 million, they now see valuations soaring to approximately €1 billion. This reflects the expansive commercial growth within Formula 1.
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