A formula for success: How Formula One racing embraced digital and social media to engage fans

Natalie T. Wood and Janée N. Burkhalter
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Natalie T. Wood: Saint Joseph’s University, USA
Janée N. Burkhalter: Saint Joseph’s University, USA

Journal of Digital & Social Media Marketing, 2023, vol. 11, issue 1, 43-59

Abstract: In January 2017, Liberty Media finalised its purchase of the world’s premier motor racing series, Formula 1. At the time of acquisition, the sport had developed a reputation as an ‘old boys club’. Global viewership and fan engagement were declining, and the sport had lost sponsors. This decline was largely attributed to a lack of marketing and a failure to adapt to the digital age. Liberty engaged in extensive marketing research to understand fans’ desires and interests to reverse this trend. Its research identified two key target markets: existing committed fans who skewed older and a new younger target market — millennials. To meet the needs of existing fans, Liberty developed a strategy that involved providing more detailed information about the sport through podcasts, enhanced YouTube videos and F1 TV streaming services. For younger fans new to the sport, Liberty created a number of initiatives across different platforms, including the Netflix docuseries ‘Drive to Survive’, an esports game, encouraging fans to vote for their favourite ‘Driver of the Day’, and promoting race-specific hashtags on social media. Liberty also recognised the importance and power of social media and the need for involvement at all levels of the sport — association, team, driver and sports member — to keep fans engaged year-round. This case study highlights the importance of data-informed decision making, understanding how fans are developed, what motivates them and how fan engagement manifests across different platforms.

Keywords: sports; fandom; Formula 1; engagement; users and gratification; strategy (search for similar items in EconPapers)
JEL-codes: M3 (search for similar items in EconPapers)
Date: 2023
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