Liberty Media’s ownership of Formula 1 since 2017 has been a resounding success, but President Greg Maffei acknowledges a stroke of luck – Bernie Ecclestone’s aversion to social media.
Ecclestone, the sport’s former supremo, prioritized live television experiences and wasn’t interested in social media, fearing it would diminish its value. Maffei saw this as “low-hanging fruit” and exploited it to great effect.
In a recent interview, Maffei admitted exceeding initial expectations. He credits “smart moves” by Liberty Media but acknowledges some good fortune. Social media, a goldmine for fan engagement, was a prime example.
The Netflix series “Drive to Survive” has been a major hit, but Maffei also highlights the role of drivers themselves who are now active on social media platforms. This driver accessibility was actively encouraged by Liberty Media, a stark contrast to Ecclestone’s era.
Fan engagement has expanded beyond social media. Fan zones, exhibitions, and showcases in major cities like London and Washington D.C. have all been successful initiatives.
Maffei acknowledges Ecclestone’s significant contribution to F1 but suggests his resistance to adapt to changing times ultimately hindered the sport. Social media, embraced by other sports, was a missed opportunity for F1 under Ecclestone.
While F1 is thriving, Maffei warns against complacency. Keeping new fans engaged with competitive racing is paramount. Sustainability is another key concern, and ensuring fans understand and trust F1‘s efforts in this area is crucial.
Maffei also highlights the importance of maintaining a good relationship with regulators and ensuring F1 continues to move forward in a positive direction.
Overall, Liberty Media has capitalized on Ecclestone’s blind spot regarding social media and implemented other successful fan engagement initiatives. However, Maffei acknowledges the need for constant vigilance to ensure F1‘s continued success.
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