Key insights
- Formula One CEO discusses the sport's rapid growth in the US market, highlighting increased attendance and successful races in Austin, Miami, and Las Vegas. The partnership with Apple aims to further engage younger audiences. While positive for the entertainment sector, the direct impact on broader US equities is limited.
Formula One (F1) CEO Stefano Domenicali joins Yahoo Finance Executive Editor Brian Sozzi to discuss F1's rapid growth in the US market, new racing regulations, and more.
Watch the video above to hear more on the sport's focus on expansion and entertainment.
Can you say that it has been successful what you have done in here so far?
You know, what, yes. And on the other way, not enough. We want to deliver even more in the future. But if you just think that a couple of years ago we had only one race in Austin, that uh, you know, it was quite difficult to have it to have more than 60,000 people for the weekend. We were, you know, in the old days in Indianapolis or or in Detroit in the 90s, but we were not really present in the culture and in the communication, in the sport dimension of
You know, since almost four years, five years, we have Miami. You know, this will be the third year in Las Vegas and in a blink of an hour we move, you know, in a dimension where for example in we have more than 450,000 people. Now we have, you know, an incredible success in Miami that is sold out, in Las Vegas that is becoming a reference Grand Prix for the world. So, I think that if you look back, we were quite successful to deliver a great result in such a short time, but we are not uh, you know, as always,
we want to do more and that's our approach. We want to we want to grow. and I have to say that to now, we have great deals, for example, the one that we have done with Apple, that will allow us to push even a different dimension that mainly for the younger generation will enable us to be even more stronger. if you look at the first two races, we received 99.9% periodic percent of wow, how many how amazing were the race because we are a lot of overtaking that people understand that as a main factor of having fun.
Of course, as always, it is normal that it's always been the case when there is a step change of of a regulation, and this is very big. You have to expect some some things that has to be adjusted. and and and this is the approach we have always said. If there is something that we need to adjust, we will take the time with and here the federation, the FIA is responsible to coordinate everything with the teams to do it in the right way with no negativity. Of course, Max expresses his opinion which we need to respect, but we take on board the the the the positivity, the fact that he wants to be for one, he wants to make sure that his comment are taking on board, we will. And the FIA at the teams we will, but we don't have to lose the bigger picture focus. The fans wants to have excitement on the race, wants to have a lot of overtaking, wants to have action on the track. This is our main thing that we need to remember is vital for our success of the future.