Why is the FIA targeting the US market?
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United States Grand Prix
FIA being the governing body of F1, in recent years, has managed to make the sport popular all over the World. Moreover, as things stand, the hierarchies at both organizations have been taking further steps to make the pinnacle of motor racing an even greater hit than it already is, especially, in America.
Since F1 made its debut on Netflix with the Driver to Survive series, the stock of the sport has skyrocketed in the US, and within a few years, it has become one of the most-watched sports there.
FIA is very much aware of this fact and wants to tap into the potential that the American market still has on offer. The sport has connected on a deep level with the young generation in the US and this was very much evident from the carnival-like atmosphere that was witnessed during the 2022 Miami Grand Prix.
Moreover, as per the 2023 calendar, it has been made public that in regards to making the sport more popular in the US, the higher-ups have decided to add Las Vegas as another venue to host an F1 race.
With Las Vegas as the newest addition, America has got three races on the calendar and this makes it pretty clear how serious the FIA and F1 are about making the sport popular in the US.
F1’s stock is on the rise in the United States of America
F1 was bought by Liberty Media in 2016 for a whopping amount of $4.4 billion which allowed them to gain access to the 400 million fan base that the sport had back then.
Moreover, the popularity has grown massively over the years because of the joint efforts of Liberty Media and the FIA, and today America is viewed as a country where they still can get more fans to engage with the sport.
F1 is traded on NASDAQ under the ticker “FWONA” and while the revenue in the US declined from $523 million to $485 million in 2020 because of the pandemic, the stock of the sport has gone on to increase exponentially since then and it was very much evident from the insane crowds that were seen during the Miami Grand Prix.
The year 2022 has marked the dawn of a new era in F1 that has made racing more exciting, and this is another reason why the FIA is trying extremely hard to make F1 more accessible in America.
F1’s star is on the rise all over the globe and with how things are going, it will not come as a huge surprise if the sport gains more fans in the US in the future years.
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Rishabh Negi
(3244 Articles Published)