The global racing series Formula One is experiencing an unprecedented wave of sponsorship deals from consumer brands, driven by its success in capturing a younger demographic. The sport has achieved record-breaking attendance figures of 6.5 million for 2024 events, largely attributed to the Netflix series ‘Drive to Survive’ and increased Hollywood visibility.
Leading brands including Nestlé’s Kit Kat, which will become the “official chocolate bar” next season, and luxury conglomerate LVMH with its Moët & Chandon, Tag Heuer and Louis Vuitton labels, have joined the sport’s impressive roster of blue-chip sponsors. The series has also welcomed McDonald’s, Lego Group and Mattel’s Hot Wheels as commercial partners this year.
Under Liberty Media’s ownership, F1 has transformed into a premium sports and lifestyle brand, generating £632 million in sponsorship revenue through the third quarter of this year – more than doubling its 2019 figures. The sport’s expansion in North America, with races in Miami and Las Vegas joining existing events in Texas, Mexico City and Montreal, has strengthened its appeal to western marketers.
The sport’s demographic shift has been remarkable, with 42 per cent of its 750 million fan base now under 35 years old. Female viewership has risen to 41 per cent from 37 per cent in 2018. This evolving audience profile has attracted a broader range of consumer-facing brands, which now represent over 63 per cent of team sponsorships, up from 55.9 per cent in 2020.
Social media platforms, particularly TikTok, have played a crucial role in this transformation. Through behind-the-scenes content and partnerships with teams like Aston Martin F1, the sport has successfully engaged younger audiences. The average sponsorship deal value has nearly doubled since 2019, reaching just above £5 million, while contract durations have shortened to 3.2 years, allowing for more diverse partnership opportunities.
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