Liberty Media’s President Greg Maffei Reflects on F1’s Transformation Since 2017 Takeover
Since taking ownership of Formula 1 in 2017, Liberty Media has made significant strides in transforming the sport. According to its president, Greg Maffei, some of the advances were facilitated by the low-hanging fruit that existed from day one.
In a recent interview on the James Allen on F1 podcast, Maffei highlighted the previous regime’s lack of interest in social media as a key area for improvement. He believes that Bernie Ecclestone’s deliberate avoidance of social media, fearing it would devalue the live television experience, was an easy thing to change and exploit.
“Frankly, I think it’s only gotten better than we would have hoped. I’d like to think we made some smart moves, but I also think we got very lucky,” Maffei said. “There’s been some great racing. There’s been some great storytelling, not only with Drive to Survive, but what the drivers have done themselves on social media, something we helped them open up that wasn’t really allowed before.”
Maffei credits the growth of F1’s fan base to initiatives like fan zones, exhibitions, and showcases, which have opened up the sport to a new reality. He also praises the drivers’ increased social media presence, which has helped attract a new group of fans and given them a greater connection to the sport.
“Bernie deserves massive credit for what he built with the sport, an unbelievable genius,” Maffei said. “But things change. And I think the reality is you went from a world where you were worried or thinking about, what are my broadcast partners going to pay me if I put all this stuff for free, to a world where other sports had already embraced it and let their athletes, their participants become huge players in social media?”
However, Maffei warns that Complacency is a significant threat to F1’s continued success. “I think that’s one to point out, and I worry, as I pointed out, we’ve attracted a whole group of new fans, how do we keep them interested?” he asked.
Sustainability and Competitiveness
In addition to competitiveness, Maffei also highlighted sustainability as a key concern for F1. “We have a good sustainability story, but we need to make sure it’s known and understood, and that we’re carrying it out. And that people have belief in it,” he emphasized.
Ensuring competitive racing is also crucial, according to Maffei. “As the bar is continually raised, I mentioned how we worked hard to catch up in social media. We worked hard to catch up in some of the things that other modern sports are doing. It’s incumbent upon us to continue to thrive, [and] ensure that we have a good relationship with the regulator,” he said.
In conclusion, Maffei believes that Formula 1 has made significant strides since the Liberty Media takeover, but there is still much work to be done to ensure the sport remains competitive, sustainable, and engaging for fans.
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