Carey offers insight into Formula 1’s future
New Formula 1 chairman Chase Carey has outlined a focus on growing the sport’s digital product as part of Liberty Media’s plans to take F1 to the next level.
Carey attended his first F1 race at last weekend’s Singapore Grand Prix following the $US8billion ($AUD10.4 billion) sale to the American media organisation.
Speaking for the first time via the Formula 1 official website, Carey, who has been installed alongside CEO Bernie Ecclestone, has offered an insight into Liberty Media’s vision for the future.
The former executive vice-president of 21st Century Fox believes growing the F1’s digital footprint and increasing event promotion are among the group’s immediate targets.
“The historic pillars are important and we will continue to grow those – make the events bigger from the promotion side of it, and with broadcast probably widen the core television experience to today’s needs,” Carey told Formula1.com.
“I believe that a good digital product makes the television product more rewarding.
“Marketing the sport, in telling the story of the stars and heroes and the incredible machines. Then strengthen it geographically.
“So there is not ‘the cash cow’, but there is growth possibility in every area.”
Carey is fully aware of the task ahead given the complexities of the sport aided by its global reach, dealing with 21 nations and varying political environments.
Although eager to grow the sport, he says Liberty Media is unlikely to make any immediate changes, while stressing that F1 cannot be run as a dictatorship in the future.
“Realistically what I am doing in the next few months is probably more listening to what people have to say – and adjusting that,” he added.
“It is a sport with a wide range of constituents, so it is important to understand what each of those constituents’ objectives are, what their issues are, and then to provide a degree of leadership that take all that into account.
“You cannot make everybody happy all the time, but you’ve got to understand what everybody wants and then find a path.
“Sure, that is not a task for a committee, as committees tend to become bureaucratic – but there also can’t be a dictatorship – even if probably here they are used to it.
“They need leadership, and leadership means that you create a vision to achieve the right goals for the future.”
Carey has also declared plans to grow the F1’s footprint in North America although not to the detriment of F1’s strong appeal in Europe.
The sport has tried on several occasions to build its share of the American market having touted plans in recent years to host two races in the region.
“It is too early to have a clear plan, but we clearly will have a plan to develop America, to be in the right market,” he said.
“There is a big untapped audience in the US. I don’t want to criticise the efforts in the past, because I don’t know the efforts in the past.
“Formula 1 is a great premium brand and that means to me that you want to be at a location like Los Angeles, New York or Miami. Ideally in the great cities in the world.”