At a recent ‘F1 in Depth’ event in Monaco, Liberty Media CEO Greg Maffei discussed the potential expansion of the Formula 1 racing calendar in Southeast Asia as part of a broader strategy to tap into emerging markets and capitalize on the sport’s growing popularity in the region. Maffei highlighted the success of the Chinese Grand Prix, attributing the increased interest in the country to the presence of a Chinese driver in the sport. He emphasized the cultural impact of having national representation in Formula 1 and noted the interest from other Asian cities such as Bangkok, Seoul, and multiple locations in Indonesia to host Grand Prix events.
Maffei elaborated on the criteria used by Liberty Media to evaluate new race locations, focusing on areas where fans are located, potential for growth, the ability to host a successful event, and affordability. He mentioned the possibility of adding a second Grand Prix in Southeast Asia alongside China. Stefano Domenicali, CEO of Formula 1, added to the discussion by stating that more than 35 venues have expressed interest in hosting F1 races, with 11 being serious contenders. Domenicali emphasized the need to make the right choices as the number of races is capped at 24, with the sport expanding from 17 or 18 races just five years ago.
Domenicali highlighted the evolving landscape of the sport and the global demand for new F1 races, explaining that the market requires expansion and that Formula 1 is committed to meeting that demand while ensuring quality and competitiveness. He stressed the importance of pushing everyone to improve and striving to be the best, indicating that the objective of Formula 1 is to drive growth and excellence in the sport. The discussion at the event underscored the significant interest in expanding the Formula 1 calendar in Southeast Asia and other regions, driven by the growing popularity of the sport worldwide.
The collaboration between Liberty Media, Formula 1, and various stakeholders in exploring new race locations reflects a commitment to innovation and global expansion in the sport. The interest in hosting Grand Prix events in Southeast Asia, as well as other parts of the world, demonstrates the allure of Formula 1 and the potential for growth in emerging markets. By strategically evaluating new race locations based on fan engagement, growth potential, hosting capabilities, and affordability, Formula 1 aims to enhance the global reach of the sport and provide exciting opportunities for fans and stakeholders alike.
As Formula 1 continues to evolve and adapt to changing market demands, the sport remains focused on delivering high-quality racing experiences while pushing for continuous improvement and excellence. The interest from various cities in Southeast Asia and beyond to host Grand Prix events underscores the global appeal of Formula 1 and the significant opportunities for expansion in emerging markets. With a clear vision for strategic growth and a commitment to meeting the demands of the evolving landscape of motorsport, Formula 1 is poised to further establish itself as a premier racing series worldwide.
