Derek Chang: Formula 1 will now focus on China

      At an event for partners and sponsors in Monaco, Derek Chang, Executive Director of Liberty Media, spoke about plans for the further development of Formula 1.

      Derek Chang: "When Liberty took control of Formula 1, it was a classic racing series. Over the past ten years, under the leadership of Chase Carey and then Stefano Domenicali, we have managed to transform Formula 1 into a cultural phenomenon that goes far beyond sports.

      Of course, the main focus is on what happens on the track. This is our basis. But we've turned Formula 1 into a much broader, more popular entertainment product. Today, Formula 1 participants are not just racers, but brand ambassadors. People are interested not only in their results, but also in life outside the track.

      We continue to expand our understanding of what makes Formula 1 unique, and we are constantly attracting new brands. We have moved from an advertising-funded B2B sponsorship model to a B2C model. This week we announced a partnership with Disney, and we're working well with Lego. The Formula 1 audience is constantly growing, and we are reaching new target groups: children, casual viewers, and people who have never been interested in motorsport before.

      As head of the NBA in China, which is the world's leading sports brand in this country, I have seen with what energy the Chinese public reacts to sports. And I am convinced that Formula 1 has great prospects for growth there. The COVID-19 epidemic has set us back. We haven't raced there in four years, having lost momentum. But China has a history and traditions of Formula 1. We have been racing in Shanghai for more than 20 years, and we had a Chinese rider, Guanyu Zhou, who is not competing this year, but may return one day.

      We are talking about a country with a population of 1.3 billion people. People in China love sports. They love brands. And this is where Formula 1 can prove itself, because we are a premium brand, and the brands we work with perfectly match this positioning. I believe that the growth potential of Formula 1 in China is huge.

      We need to continue investing in China and expand our sports there. Although we have a presence on major social media platforms, including Tencent and the state-owned broadcaster CCTV, our position is not as strong as we would like it to be. We will continue to invest to turn the situation around. This is a huge market that we will now focus on."