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Formula 1 banking on female audience to boost revenue
Liberty Media will find new ways to shift Formula 1 up a gear. If more female fans tune in, they will help Chief Executive Stefano Domenicali fuel revenue at his motor-racing division. Forget Lewis Hamilton. In 2023, he’ll find himself chasing a Louise Hamilton. The $29-Billion media goliath bought Formula One Group, which holds commercial rights to the F1 Championship, for a racy $8-Billion in 2017. While sales for 2021 hit $2.1 billion, just 5.6% above pre-pandemic levels, operating income was modest at $40 million, and earnings fell 6% year-on-year in the quarter ending September 2022. Domenicali can take two roads to speed growth. Scheduling more races would boost sales from...
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