Why Las Vegas is key to F1’s growth plans

For the first time in three years, there were no restrictions on attendance, and F1 reported a 36% increase since 2019, the last season before the pandemic hit.

The boom in the sport propelled in large part by Drive to Survive contributed to an impressive turnover figure of over $2.5 billion, up 20% year-on-year. The operating profit of the business – the number left after the 10 teams were paid – rose from $92m to $239m.

Liberty and F1 have achieved a lot over the last couple of years, and they did a stellar job of steering the sport through the pandemic, but they are not going to rest on their laurels.

And it’s crystal clear that the Las Vegas GP is a key part of the strategy of continuing to build the sport in the USA and worldwide, and crucially hold onto the fans whose interest was piqued by the hugely successful Netflix show.

“We are very focused on sustaining the growth and interest in F1, in many, many ways,” said Liberty CEO Greg Maffei when discussing the 2022 performance.

“That’s with new innovations on the track, ensuring more competitive racing, with new innovations on around the weekend like the sprint races, lots of ways to grow fan interest on the track. Lots of ways to grow fan interest in some of the things we do off the track, and exposing the drivers.

“Drive to Survive was obviously a key part, but not the only one. We’re helping and the teams are helping create what will be a very exciting movie next year, with Brad Pitt, and the director and the producers of Top Gun Maverick, all of which we think will be another thing to sustain growth.”

But at the heart of F1’s plans is the return to Nevada for the first time in 41 years.

“The Las Vegas race is going to be a massive noisemaker for our sport,” said Maffei.

“And it’ll open up our sport to many people who previously were not aware. While there are 16 and 17-year-olds who are crazed and get up every Sunday morning to watch, there are many people who really do not follow F1.

“It will be hard to miss F1 after Las Vegas, it will be loud, and we will get a lot of attention. So we’re not only thinking about things which are current, but we’re thinking about things for the long term, to try and to stay in that interest, convert that interest into long-term fans.

“And I think we have a lot on our on the plate and many more things in front of us that we’re working on to do that.”

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