F1 | F1 CEO Domenicali on Netflix' DTS: "A vital point on the growth of awareness with a young generation."
F1's President and CEO, Stefano Domenicali discussed the popularity of Netflix’ Drive to Survive which has engaged a younger fan base into F1. This, coupled with the announcement that additional funding for F1’s scholarship program will continue, shows that F1 is eager to attract the next generation of talent.
Formula One's President and CEO, Stefano Domenicali as well as Liberty Media’s President and CEO Greg Maffei spoke during a recent Liberty Media Corporation 2021 Q4 Earnings Call. One of the many topics of discussion was the popularity of Netflix’ Drive to survive which has engaged a younger fan base into F1. This, coupled with the announcement that additional funding for F1’s scholarship program will continue, shows that F1 is eager to attract the next generation of talent.
As well as March bringing the start of the 2022 F1 season so too will it bring Season four of Netflix’ global smash hit ‘Drive to Survive’. The question was posed to Stefano Domenicali during the conference call as to how he views the importance of Netflix’ series, to the growth of Formula One, ahead of season 4 dropping on March 11th.
“It is becoming just a different way to not to speak about Formula one without having or given to Formula One platform maybe added value, maybe, I think it's better to renegotiate and see with Netflix or with the other partners what could be a possibility to do something different in the future.” Domenicali remarked.
The key word here ‘renegotiate’ may imply that changes to the deal are to come in future. Seeing how Drive to Survive has hit unprecedented levels of success, F1 is eager to ensure it profits fully from this. Greg Maffei, Liberty Media’s President and CEO, explained to those listening that as much as F1 has benefited from Netflix the same can be said the other way round.
“While it clearly has helped us and you've seen growth in our TV audience for example in the U.S. across, we noted 58% this year and our average age over the last few years has come down four years in terms of who are our fan base. That having been said, it's a win product for Netflix's too. It was the number one at some point during the year in 27 countries. It is relatively cost-effective programming for them. So I think it's an absolute win. As much as Netflix has done for us, I'd like to think we've done well for Netflix.”
However, Netflix’ Drive to Survive has a more immediate problem.
Having been unsatisfied with what he considered to be a fake narrative in season 3 due to manipulating the element of drama rather than reality, Max Verstappen ceased contact with Netflix midway through filming of ‘Drive to Survive’ last year. Therefore, it remains to be seen how season 5 will be presented when the time comes as access to the new F1 Drivers’ Champion is severely restricted.
Although, fans of the show will recall that Mercedes, as well as the F1 Drivers’ Champion of the time Lewis Hamilton, were not involved in season one and the show proved a hit, nonetheless. Nowadays, Mercedes is one of Drive to Survive’s biggest advocates, a point which Liberty’s CEO Greg Maffei, referred to with delight.
“We've clearly seen a change in the mentality of the teams. I love to tease Toto [Wolff] about how he hated Drive to Survive in the first season, wouldn't participate, had his -- had a host of reasons. And now I would describe him as a pretty enthusiastic fan. And I think he's represented of what the way most of the teams feel. So it's been a win all the way around. Clearly, grown our sport, not only in the U.S. but around the world, but it is a great thing for Netflix as well. So I hope the marriage continues for a long time.”
Stefano Domenicali also praised the platform as he commented:
“This platform has been a vital point on the growth of awareness, mainly with a young generation and with newcomers of Formula 1. And for that we need to thank that vision and the product and the quality of that that has been really very, very good.”
As F1 finds a much younger audience, the organisation is keen to ensure no young minds or talented individuals are lost along the way. Therefore, it was encouraging to hear that funding for F1’s scholarship programs will be extended. Stefano Domenicali shared an update on this initiative during the recent conference call.
“We recently announced our extended funding commitment to the Formula One Engineering Scholarship Program for underrepresented group through 2025 part of our drive to increase diversity within the sport. This program was launched in 2021 with the selection of 10 scholars in the UK and Italy. And their scholarship covers the full cost of a student's tuition and living expenses for the full duration of their degrees.”
As part of a wider program of diversity and inclusion initiatives, Formula One has also committed to creating apprenticeships and internships across their business model. With that in mind and ahead of the inaugural Miami Grand Prix, F1 has launched their flagship F1 in Schools STEM Programme in Miami Gardens. Stefano Domenicali outlined what the current state of play is for this program of education.
“F1 in Schools is the largest STEM program in the world, operating in over 50 countries and providing hands-on interactive experience to develop key engineering and social skills.”
All of this cements the fact that in F1, diversity is much more than a buzz word. Sir Lewis Hamilton has been vocal in the changes he wants to see within the sport he loves. Consequently, the days of F1 being an elite institution appear to finally be shifting as the organisation seeks to attract talent from all walks of life into the pinnacle of motorsport.
