Liberty Media’s takeover of Formula 1 from Bernie Ecclestone was a stroke of luck, leading to significant advancements in the sport, particularly through the embrace of social media.
Since Liberty Media took control of Formula 1 in 2017, there’s been a substantial transformation. The company’s president, Greg Maffei, attributes this success partly to the easy wins available from the start, given Ecclestone’s neglect of social media. Ecclestone believed that social media would devalue the live TV experience, which proved to be a missed opportunity.
In a recent podcast interview, Maffei shared his thoughts: ‘Frankly, I think it’s only gotten better than we would have hoped. I’d like to think we made some smart moves, but I also think we got very lucky. There’s been some great racing. There’s been some great storytelling, not only with Drive to Survive, but what the drivers have done themselves on social media, something we helped them open up that wasn’t really allowed before.’
Maffei highlighted the excitement generated by new initiatives such as fan zones and showcases in cities like London and Washington, DC. These moves have broadened the fan base and exceeded initial expectations.
Regarding Ecclestone’s era, Maffei acknowledged, ‘Bernie deserves massive credit for what he built with the sport, an unbelievable genius. But things change. And I think the reality is you went from a world where you were worried or thinking about, what are my broadcast partners going to pay me if I put all this stuff for free, to a world where other sports had already embraced it and let their athletes, their participants become huge players in social media.’
The shift to social media has attracted a new group of fans and deepened connections with existing ones. Broadcast partners now see the value in this approach, recognizing that it significantly boosts engagement rather than diminishing it.
Despite the current success, Maffei warns against complacency. He is mindful of maintaining fan interest, especially through competitive racing and sustainability initiatives. ‘Absolutely, complacency you rightly point out, I think that’s one to point out. And I worry, as I pointed out, we’ve attracted a whole group of new fans, how do we keep them interested? In some places, sustainability is a real concern. We have a good sustainability story, but we need to make sure it’s known and understood, and that we’re carrying it out. And that people have belief in it.’
Maffei also emphasized the importance of a strong relationship with regulators and continuous innovation in modern sports practices. ‘It’s incumbent upon us to continue to thrive, [and] ensure that we have a good relationship with the regulator. At various times, we’ve had disagreements, ensuring that we’re moving in the right direction. You know, those are the kinds of things that I think about at night.’
Liberty Media’s acquisition of Formula 1 has indeed proven fortuitous, catalyzing a modern transformation that has capitalized on previously untapped potential. The focus now is on sustaining this success and continuing to evolve with the times.
Source: Motorsport
