We’re sure that many people are now aware of the fact that F1 is one of the most popular and lucrative sports in the world. We all know the sports disciplines that attract the most viewers, like football, basketball, soccer, ice hockey, etc. When it comes to the lucrative ones, many people would say golf, since the tournament prize money is usually higher than in many other disciplines. In between these two concepts, you have formula 1.
Formula 1 racing has been able to grow from a niche sport to something that has come to the forefront of the public consciousness. They were able to skyrocket in their popularity as they increased their social media following by 40 percent during the 2023 year, as they are now sitting at 49.1 million followers. That alone should provide you with an idea about how many people are interested in watching these races.
However, questions are surrounding it. People are wondering if F1 can get a foothold in the States, even though it’s been around for 70 years. Today, we will be diving into Formula 1 and figuring out if it has the chance to continue growing or if it has reached its peak. We believe that common folk, who are not particularly interested in this sport don’t have the right idea about it.
Along with F1 growth, one thing that definitely continues to grow in popularity is March Madness as we get 68 of the best college basketball teams duking it out for the National Championship. Make sure to get your March Madness Predictions on Betus in for a chance to win some serious cash.
Now, we would like to provide you with a couple of insights that can help you understand how popular F1 is in the United States.
Continue Getting Eyes on the Product
People are following the sport on social media, and they are interested in what they are seeing as their video views increased by 50 percent during the 2023 season, and hit seven billion views. It is not just on the social media side of things either, as traffic to the F1 official website has increased 44 percent itself during the calendar year of 2023.
When you compare these figures to the previous one, you will clearly see that this is an increase in popularity. At the same time, it wouldn’t hurt to take a look at broadcasting agreements between US television companies and the institutions this sport has. In the last couple of years, these contracts surpass millions of US dollars annually, which wasn’t the case in previous decades.
Another aspect we want to emphasize is the number of people around you who became interested in watching these races. From our experience, more people we know started watching the most significant races in a season. If this is not a clear indication of the increased popularity of this discipline, we do not know what is.
Now it is time to evaluate and figure out how the sport can improve upon its reach. They have incredible backing from Liberty Media to make sure it continues to evolve and the people in the United States are eating up the additional content. Without any doubt, we can say that this sport has reached its peak in popularity in the United States, with utmost assurance.
Making Sure People See the Content
Formula 1 racing has been one of the more popular sports on the rise, but the biggest way to hook American consumers is advertising. Most races are outside of North America as it is a global sport, and can be shown throughout all different times. However, Formula 1 does a great job of allowing people to share their content globally.
We think it is quite clear why this is a great approach. They do not need to invest in marketing themselves. Instead, other companies will do it instead of them. Naturally, there’s always some sort of compensation, but there’s no doubt that the amount of money they invest is nowhere near the amount they get at the end of each race, from various sources.
The huge advantage that F1 has over other sports like the NFL, MLB, and NBA, is the fact that this is a global sport. It increases the number of eyeballs by having a global broadcast so people all over the world can see it. F1 would be great for an American audience. That’s why we can see that people have become quite receptive to this sort of content.
These days, viewers don’t need to turn on their TV to see all this content. Instead, there are a plethora of sources from which they can get it. Just think about countless streaming services that have been created in the last two decades. Surely, many would say Netflix. However, this is not a streaming service that would produce something like this. Nevertheless, the concept stays pretty much the same.
In the professional wrestling world, hundreds of thousands of fans stay up to watch content provided in Japan, so similarly there will be an audience that would want to watch F1 racing n a live format, whether it be on television or on a streaming platform. There are many stories about how fathers and mothers stayed up late to watch Mohammad Ali’s matches in Africa.
So, nobody should be surprised when this happens in this day and age when this sort of content has become significantly more accessible due to modern technologies. You don’t really need to invest your best efforts into following these. Many modern technologies can do that for you.
Marketing Needs to Improve
There are drivers from all around the world and one thing that Formula 1 can do as a league for the individual drivers is market their personalities. Successful brands have done that with athletes, such as Jomboy Media has done for MLB players, and there is a section of the viewing public that want to have a personal connection with the people who participate in every sporting event.
With F1’s boom in popularity, it is critical to keep this momentum, as the world is beginning to go back to normal after Covid. Marketing to the next generation of drivers and fans is something that every sport needs to do to sustain its popularity into the future.
Formula 1 has done a great job on the social media front to get their events in front of people in the United States, and that is a great step toward establishing the brand to newer audiences. Formula One has created a footprint in the United States, and now it is time for them to continue expanding. All the information we’ve provided you can help you grasp the importance of this concept in the United States.