Has F1 Peaked or Is Its Growth Just Shifting Gears?
How Formula One is Steering Towards a New Era of Innovation and Global Growth
Formula One’s growth story has been one of the most compelling narratives in global sports, particularly in recent years as the sport has captured new audiences, especially in the United States. However, a recent report highlighted a 3% decline in U.S. viewership on ESPN and ABC in 2024 compared to the previous year, raising questions about whether F1’s explosive growth has hit its ceiling.
But the story isn’t as simple as a single statistic. While slight declines in viewership may reflect temporary fluctuations, there’s little evidence to suggest Formula One has peaked. Instead, the sport appears to be in the midst of a strategic evolution, navigating its way to sustained growth and greater global relevance.
F1’s Evidence of Success
The 3% decline in U.S. viewership might spark headlines, but when placed in context, it’s a mere blip in an otherwise remarkable growth story. Over the past decade, Formula One has made unprecedented gains, especially in traditionally challenging markets like the United States. In 2024, average race audiences on ESPN and ABC remained robust, thanks in large part to increased accessibility and high-profile races like the Miami and Las Vegas Grands Prix.
Formula One’s rise is not limited to television metrics. The sport has become a global entertainment powerhouse, extending its influence well beyond the track. Major sponsorship deals continue to flow in, driven by the prestige of marquee events and the cosmopolitan appeal of F1’s brand. Hospitality demand at races has reached record highs, as fans and companies alike seek to be part of the glitz and glamour associated with Formula One weekends. These events have turned into cultural phenomena, drawing in not just motorsport enthusiasts but a broader audience attracted by the spectacle.
Meanwhile, F1 teams themselves have seen significant growth in valuation, reflecting the sport’s expanding commercial appeal. Teams like Mercedes and Red Bull are now global brands, attracting institutional investors and private equity funds that are fueling infrastructure improvements and operational innovation. This surge in team valuations mirrors broader trends in sports, where high-performing franchises are seen as valuable, long-term assets.
Reigniting Growth: The Formula One Playbook
F1’s resurgence didn’t happen by chance. A series of strategic decisions by Liberty Media and an evolving sports landscape created fertile ground for the sport to thrive.
A New Era of Accessibility
Liberty Media’s acquisition in 2017 marked the beginning of a new chapter. By expanding F1’s digital footprint through F1 TV, YouTube highlights, and an active social media presence, the sport dismantled long-standing barriers to entry. Fans—both seasoned and new—now had unprecedented ways to follow and engage with the action. For many younger fans, social media clips and digital storytelling served as the gateway to falling in love with the sport.
Netflix’s Drive to Survive
Perhaps the most talked-about catalyst for F1’s growth has been the Netflix docuseries Drive to Survive. The show’s ability to humanize drivers, highlight rivalries, and dramatize team dynamics drew in a new audience. Younger fans, in particular, found the off-track stories as compelling as the races themselves, reshaping the perception of F1 as more than just a motorsport. By transforming the drivers into relatable, even aspirational, figures, the series created an emotional connection that has fueled enduring fandom.
Elevating the Experience
Modern F1 events have evolved into entertainment spectacles. Race weekends now feature concerts, fan zones, and luxury activations that appeal to diverse demographics. Marquee events like the Las Vegas Grand Prix exemplify this shift, blending high-stakes racing with vibrant cultural experiences. The spectacle doesn’t end with the checkered flag—it’s part of a multi-day celebration that caters to both casual fans and die-hard enthusiasts.
Athletes as Social Media Stars
F1 drivers are not just competitors—they are global influencers. Social media platforms have allowed drivers like Lewis Hamilton and Max Verstappen to connect directly with fans, building personal brands that extend far beyond the racetrack. These individual stories, amplified by platforms like Instagram and TikTok, make the sport more relatable and accessible to younger audiences. Encouraging drivers to expand their digital presence will be critical to maintaining cultural relevance.
What’s Next for Formula One?
The question isn’t whether F1 will continue to grow—it’s how. To make the next leap, F1 must double down on innovation, deepen fan engagement, and expand into untapped markets.
Personalized Digital Experiences
Future fans will expect more from their screens. Second-screen experiences, real-time data overlays, and AR/VR capabilities can immerse viewers further into the action. Imagine fans being able to toggle between cockpit cams, on-track perspectives, and detailed telemetry with the swipe of a finger. Whether it’s following their favorite driver’s cockpit cam or customizing their race-day stats, personalization will be key. Creating these tools will allow F1 to bridge the gap between casual viewers and die-hard enthusiasts, making races engaging for everyone.
Beyond the U.S. and Europe
While North America has driven recent gains, the next frontier lies in Asia, Africa, and Latin America. Adding more races in these regions, combined with local talent development, can help F1 secure its foothold in these markets. Introducing local heroes—drivers and team personnel—from these regions can further strengthen the sport’s emotional connection with fans. Expanding the grid to include more teams could also create opportunities for regional representation and fan engagement.
Sustainability as a Core Pillar
As the world increasingly values sustainability, F1’s commitment to hybrid engines, sustainable fuels, and emissions reduction becomes a competitive advantage. Demonstrating leadership in these areas can attract environmentally conscious fans and sponsors. Sustainability efforts also position F1 as a sport that innovates for the future rather than clinging to the past, aligning it with the values of younger, socially conscious audiences.
Strengthening Fan Communities
Year-round fan engagement can deepen loyalty. Programs like virtual meet-and-greets, behind-the-scenes access, and fan competitions can create a sense of belonging. The digital age offers endless possibilities to connect with fans beyond race weekends, ensuring they remain engaged throughout the season and beyond.
Liberty Media’s Cross-Sport Opportunities
Liberty Media’s stewardship of other motorsports properties, such as MotoGP, presents a unique opportunity to cross-pollinate successful strategies. Insights from F1’s growth in digital engagement, sponsorship models, and sustainability could inform MotoGP’s development, creating synergies across Liberty’s portfolio and reinforcing its leadership in global motorsports.
Our Take
Formula One is far from its peak. Despite minor dips in viewership, the sport’s trajectory remains strong, underpinned by a unique blend of accessibility, innovation, and cultural relevance that has set it apart from other global sports. Liberty Media’s focus on accessibility, cultural storytelling, and multi-day event experiences has fundamentally shifted how F1 is perceived and consumed.
However, the next chapter will require even greater innovation—not just in how fans engage with the sport but also in how Formula One differentiates itself from competing entertainment options. Personalized digital experiences, such as AR-driven fan immersion or advanced data tools, could redefine audience expectations, while bold sustainability initiatives could position F1 as a leader in both technology and responsibility. By leveraging cutting-edge technology, capturing the imagination of untapped markets, and aligning itself with a forward-thinking sustainability agenda, Formula One has the opportunity to not only grow but set a new standard for global sports engagement.
Let us know your thoughts. How do you see F1’s journey shaping up in the years ahead? Join the conversation by leaving a comment or sharing this post.