Back in 2014, it came out that Formula 1's ex-CEO Bernie Ecclestone had a marketing strategy that prioritized attracting 70-year-old cash-loaded folks over the younger generation.
I mean, just look at this quote. It’s like a TV script of the worst marketer in the world.
"That's what I think. I don't know why people want to get to the so-called 'young generation'. Why do they want to do that? Is it to sell them something? Most of these kids haven't got any money.
"I'd rather get to the 70-year-old guy who's got plenty of cash. So, there's no point trying to reach these kids because they won't buy any of the products here and if marketers are aiming at this audience, then maybe they should advertise with Disney."
No shock, that approach tanked with F1 losing 200 million since 2008.
Then Liberty Media acquired F1 for $4.4 billion in 2016 and decided to get more viewership in the U.S.
They repositioned F1 as a content company, ultimately striking a deal with Netflix for the docuseries, Drive to Survive (DTS), in 2018. Initially it was overlooked by two major teams, Ferrari and Mercedes, and they refused to participate.
But Red Bull, a marketing company disguised as an energy drink, who also owns an F1 team, was all in for season 1.
And now they are up billions of dollars on the investment already and F1 is one of the fastest-growing sports globally.
An unexpected blessing
Ferrari and Mercedes’ absence helped the show pivot to more interesting storylines.
It forced the producers to concentrate on the championship battle, mid-tier, and bottom-tier teams.
Giving viewers an intimate connection with all 20 drivers.
F1's unique structure, with tension and conflict between teammates and different teams, gave itself perfectly to captivating storytelling.
Creating a fascinating dynamic between teammates, as seen across the DTS seasons:
Verstappen / Checo
Hamilton / Bottas
Lando / Ricciardo
Then you have the dynamic between teams.
With only 10 teams, finishing 1 or 2 spots above or below where you’re projected means making (or losing) tens of millions.
The story that’s bigger than the sport
Since DTS premiered in 2019, F1 saw a 40% increase in US viewership, record-breaking races, and a valuation jump from $8B to $17B in just four years.
Surprisingly, less than 20% of the show is actual racing.
Because the story of these athletes gets people more invested than just focusing on who’s the better driver.
Focusing on their personalities and faces has attracted an estimated 73 million new fans. The 2022 US Grand Prix in Austin, Texas had 440k in attendance, up 51% from 264k in 2018. US viewership also doubled since the show's premiere (671,000 to 1.2 million) and the average age of an F1 fan has dropped from 36 to 32.
They also officially announced its new deal with ESPN, which is reportedly worth $85 million annually and includes a record 24 races in 2023 — including three U.S. races in Las Vegas, Miami, and Austin.
And the cherry on top?
Netflix pays F1 a licensing fee for DTS, essentially making it the most lucrative advertisement ever.
Key takeaways for your brand
Tell your true, original story
Viewers of DTS got invested in the personal lives of these drivers, not in their abilities.
When viewers get connected to these personalities, whether it’s the driver with the against all odds underdog story they want to root for, or the villain that they want to see lose, they’ll be tuning in and will be more emotionally invested in the outcome.
But if they just talked about how good a driver is, the car they drive, and the prize money they get, it would have never attracted any new fans.
Invest in content and distribution
F1 shifted from a traditional marketing approach to a content-driven strategy.
Not ads promoting F1, because ads are boring.
But content native to the platform that had great distribution from Netflix. And of course their algorithm had a hunch it would perform well, but it was still a risk, because there’s never been a TV drama series about racing before.
So don’t be boring, tell your bigger story, show your personality, and make it about more than just what you do in your career.