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Investing.com -- A former Formula One (F1) Director has credited Netflix (NASDAQ:NFLX)’s ’Drive to Survive’ series for a significant shift in discussions with sponsors, according to excerpts from an In Practise interview. The Director contended that prior to the Covid-19 pandemic, Formula 1 struggled to resonate with many sponsors, often seen as elitist, environmentally harmful, and misogynistic.
The former F1 Director, who has been involved in selling sponsorship for the sport since approximately 2010 or 2011, noticed a transformative change in perceptions post-Covid. This change was amplified by the Netflix series, which made the sport more approachable and sustainable, both environmentally and financially.
The series has not only expanded sponsorship opportunities for F1 Group and teams, but also altered the sport’s image from elitist to aspirational. Despite the audience numbers remaining relatively stable, the perception of Formula 1 has drastically changed in the last four years, driving the increase in commercial deals in the sport.
The sponsors have not significantly changed, with luxury brands such as Rolex and LVMH (EPA:LVMH) still partnering with the sport. However, the shift in perception has made the sport more appealing to these sponsors. The former director emphasized that this subtle change in perception from ’elitist’ to ’aspirational’ has had a profound impact on the sport and its commercial deals.
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