No Mercy / No Malice: F1 Is at an Inflection Point
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I'm Scott galloway. Y and this is no mercy. No formula one may be the future of sports and media, but it's not without some speed bumps.

F one is at an inflection point, as read by George han.

Just as my obsession with relevance and economic security have often crowded out what's really important relationships, i've let my preoccupation with the election results crowd out. The blessings in my life got so fucking sick of politics. So let's talk about cars.

Fast cars. I'm in vegas for formula one. Actually the truth is i'm not here for the race.

It's more desperate attempt to avoid the inevitable melt into l irrelevance, which I believe can be arrested by extending my analysis. Also, I love vegas. The last race I went to was the inaugural miami grand per in twenty twenty two.

IT was a great time despite f one races being boring. Here he comes, there he goes, and so on and so on and so on. The real fun is found far from the track.

The vibe is money, tech and glamour. A super bowl for the super rich if nas cars android f one is IOS. In miami, I went to a dinner party on the beach hosted by car bone, a fabulous restaurant right in the middle of a coped flare up.

Fab, you less White left. John played to seven hundred people, crowd in into a hot tent with no venues. I had two thoughts. I'm getting coffee tonight and it's worth IT. I was right on both counts.

F one has long had large and rabbit fan bases in european south america, but that enthusiasm didn't land on us shores until twenty seventeen, when liberty media bought a controlling interest in the league under new boss greg maffei. F one took a big swing at amErica targeting Young people matthei and the f one team built an iconic brand in the most competitive market. In less than a decade, there were races with celebrities and attendance, tom cruise, lebron James, rona, new sponsorships and an aggressive social media presence.

However, liberty y's gangster move was the netflix dock series drive to survive. E, now in its sixth season, the show is rewriting the playbook regarding how sports leagues market themselves. It's behind the scenes.

Look at a lot of Young, good login guys. As math once told, the N, B, C, hard charging billionaire am owners and high tech pit crews competing in a series of uber lux international locations. F, one wasn't the first to try this.

The nfl s hard knocks premiere on h. Bo back in two thousand, one by focusing on individuals and harnessing the power of storytelling drive to survive, used streaming to introduce U. S. Viewers to drivers who are superstars overseas.

Among the Lewis hamilton and max were stepping IT gave new by read american fans a compelling point inventory and became a found a binge able video that was easily shared, particularly on instagram. There are accounts to voted to what hamilton wears as he walks on red carpets. Tribal rivalry, betrayal, greed, revenge, all the stuff humans are hardwired to love in a lustrous package.

Every week, champion's muse about having a target on my back. Young guns talk about being hungry. Everybody obsesses about forces beyond their control.

Shakespeare knew this term pretty well. Mark arras would have felt at home. The song remains the same.

The actual game being played is an important the results. Liberty paid four point six billion dollars for f one. IT now has a market cap of about twenty two billion dollars in twenty twenty three.

F one generated about three point two billion dollars in revenue, up from two point six year before most of IT. From promotional deals with host cities, media rights and team sponsorships. TV viewership ship has doubled since liberty took over, though the U.

S. Audience pales besides those of the nfl and other big team sports. And it's only a third of nascar. In twenty twenty two, f one signed a three year deal with the sp n up for renewal next year worth two hundred seventy million dollars. American TV viewership of this year's miami grandpre was three point one million, the largest ever for us race.

Meanwhile, between twenty seventeen and twenty twenty one, the average age of an f one fan dropped from thirty six to thirty two. About forty percent of fans are now female. Earlier this year, liberty announced that had bought a majority interest in moto G P, which is the motorcycle racing.

What f one is to autos owning a team. F one has turn used to be a money pit for a brand or a billionaire in the throws of a midlife crisis. Now teams are a legitimate asset class.

Oracle is paying red bull one hundred million dollars to put its name on their car. Mercedes paid one hundred seventy six million for its team in twenty ten. It's now worth one point five billion dollars.

The phenix sons and Chelsea fc were recently purchased for four billion and five point three billion dollars, respectively. So media tech, increasing value. And White left, join everybody's happy, right? It's sort of the mood in vegas this year is subdued, a bit chastened even for starters, the business face of all this success.

Matvey is out. His contract expires at the end of this year and liberty announce you will be leaving to be replaced temporarily by chairman john malone. Malone is brighter than me, but that won't stop me from making the following assertion.

He retired. Slash fired the wrong guy. Meta has doubled liberty shareholder value in the past twelve months and received comp averaging twenty five million dollars per year.

David zaslav has been paid in average of one hundred fifteen million dollars for the last three years to destroy two thirds of Warner brother's discovery shareholder value. My father says he's ready for something new. Liberty thanked him and said, twenty twenty four made a capstone to his brilliant ten year.

Who knows what really happened? Liberty is also restructuring assets with spin off to tell a cleaner story. Maybe mav didn't want to drive a smaller car or didn't want to deal with.

The department of justice is anti trust investigation. It's looking into f one's rejection of a proposed new team from retired driver Michael and ready, maybe a sale of f one is looming. Liberty says it's not, or none or all of the above.

Whatever the reason, matvey leaves a sport that, while still thriving, is at an inflection point. Last year's much hype, vegas grandpre was something of a shit show. Race fans complained that Prices were crazy in getting around.

The event was difficult. Drivers complained about the track. Casinos, bars and restaurants complained about disruption. U. S.

Grand presides, with a few exceptions, don't have the infrastructure that you, ea, pean and south american sites do. Courses, grandstands and other structures tend to be ad hawk affairs. Fans watching at home have complained about glitchy streams on E S P N plus and other services. Meanwhile, f one still hasn't completely shake in the funk of last season's uncompetitive races, which wafted into twenty twenty four max first step in once so many seven of the first ten this year that a lot of board fans tapped out in TV viewership and social media engagement have saved IT all feels very one thousand nine hundred ninety when pete samplers was so dominant and boring that people felt he'd ruined tennis season.

Race fans .

point out the periods of dominance by a hot driver have always been part of the sport. Think Michael schumaker and IT was just a matter of time until the other teams figured out how to take on, which seems to have happened recently. While the step is a lock to win driver of the year for a fourth time, competition for the team championship has gotten much livelier.

The downturn, though, highlights two weaknesses. While f one's marketing has been brilliant, IT has had trouble providing one a consistently great product like high excitement, competitive races and to a consistently great experience at an affordable Price. For fans who aren't wealthy, f one must baLance its lucks aspirational vie with a simple fact, most auto racing fans are not rich.

A fan on a budget would have to spend at least twenty two hundred dollars for a bare bones vegas st. Grand pre weekend. Given last year's fiasco, it's not surprising that hotel Prices are way off this year.

The hardiest things in business are pricing and compensation. F one blew the pricing. Wimbleton center court has a capacity of fifteen thousand and seats, their average two hundred dollars. The seating capacity at f one vegas last year was one hundred thousand, and grandstand tickets were twenty five hundred dollars. IT may have set a record for the worst demand slash elasticity forecasting of any event its size in history.

I am not, as I said, into racing, so I don't know what kind of rule or organisational changes everyone needs to make IT harder for another ver stop and to dominate and kill viewership. A secret to the N. F, L.

Success is a draft system that helps keep all teams somewhat competitive. In the last five years, ninety four percent of N F, L teams have appeared in the playoffs. Similarly, in an attempt to maintain some level of parity, f one has implemented spending caps.

Also, f one would be well served to do more to Foster Young U. S. Talent and produce a homegrown super star. At this year's brazil grand pre, half of argentinas showed up to watch argenton driver franco cola pintal. American fans need someone they can get that excited about.

Netflix could keep applying the drive to survive formula to new sports, going to teams in saying pay us a hundred million dollars and will do two seasons of what that means to play for the boston red socks or take a league in a second or third tier, prosper, say, pickle ball or the cross to the next level at a lower Price point. Magazine publishers do this the most profitable businesses, our custom jobs like that four seasons magazine in hotel room. What is definitely going to happen though is that sports teams are going to keep increasing in value, even though there are shitty businesses in terms of cash flow.

Most of them will lose money every year. Then in a few years they'll sell at extraordinary multiples to the next generation of men in their sixties, still trying to impress their dads, however well or badly f one handles the bumps at hitting. Now what IT has done with netflix may become the default sports media model.

You're gone to start to see media businesses, celebrities and streaming companies come together to build sports entertainment enterprises. Imagine tom cruise and disney not buying the anhang ducks, but an entire league. There's something more here.

One in seven men can't name a single friend, and one in four can't name a best friend. The premier league, the nfl and f one give men license to bond and express emotions in a safe place. In addition, these events happen in the most wonderful venues ever constructed, not on a fucking screen.

We are a social and emotional species, and being part of a collective, watching people with speed, strength and alien like instincts compete puts us in the moment. I'll be at f one this weekend, and for a few moments i'll be in that moment, pardoned from the past, where my anger and depression won't let me forgive myself, and distracted from the future where i'm focused on gardening, more relevance and money. I'll be there watching the collision of men, machines, technology and culture. But more than anything, i'll just be there.

Life is so rich.

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