F1’s global influence, according to AlphaTauri Team Principal Franz Tost, is a crucial component in helping teams get adequate sponsorship to continue and develop, with TV viewer numbers on the rise and record amounts of money put into the sport in partnership arrangements.
F1, according to AlphaTauri Team Principal Franz Tost, is the finest promotional tool for firms looking to boost their international reputation or brand awareness.
Since taking over the marketing rights to Formula One in 2017, Liberty Media has worked to increase the sport’s appeal, with last year’s cumulative Number of viewers reaching 1.55 billion, up 4% year on year from 2020.
F1’s drive into new countries and destinations is growing, and Tost cited the championship’s remarkable global reach as a major component in its teams’ continued survival, as their potential to recruit sponsors and partners grows.
“F1 is the best possible ambassador, from the sporting side, that you can have in the world,” Tost said.
“F1 is such a good global player. We are [racing] every second weekend, nearly everywhere in the world.
“As a company, you must also be a global player, otherwise it doesn’t make sense.
“If you, as a company, want to improve your image or brand awareness, whatever you want to do, F1 is the best marketing tool.”
Record F1 sponsorship outlays
Tost’s remarks come as a number of large corporations have agreed to major cooperation contracts with Formula One teams in the run-up to the 2022 season.
One such company is Oracle, which secured a sponsorship contract with AlphaTauri’s sister team, Red Bull, valued between $75 and $90 million per year, reputedly the largest sponsorship outlay in Formula One history.
With such money pouring into the sport and viewers rushing back to grandstands after already being shut out for much of 2020, Tost believes F1 is in good financial shape and its teams’ futures are safe.
“Companies always use F1 to increase their business,” said Tost.
“They use F1 as one of their marketing tools, and therefore I think that F1 will have a bright future.
“Last year, grandstands were full, and this is not only because of COVID – no, they’re motorsport fans.
“I think that also in the future, F1 will be successful, and this means that [AlphaTauri] will survive.”
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