After over a year of absolute patience, the most-awaited Las Vegas GP is finally around the corner, and the hype has inarguably been relentless. From weird wedding chapels to the massive pit building, Formula 1 has been busy utilizing every possible method to sound the arrival of wild V6 hybrid turbo-charged engines into the Sin City.
Furthermore, with the Las Vegas GP being one of the most money-driven events in the history of Formula 1, the desperation for extensive marketing has also gone up a notch. In the hopes of luring the entire United States to the extravagant motorsport event, F1 has taken over the Vegas Sphere for the entire race weekend.
And, by the looks of it, the organizers have planned something big with the billion-dollar structure. Coincidentally though, Liberty Media has proved to be a lifesaver for Sphere with the latest three-day partnership. How you might ask?
Finally got to see the Vegas Sphere. Nobody does it like Vegas. F1 Raace is gonna be so lit pic.twitter.com/1cTvv9UD6v
— starfighter (@JomaTheElder) November 13, 2023
According to reports, Vegas charges more than $400,000 to advertise on the Sphere for a mere day and the prices go up to $650,000. Therefore, the overwhelming costs led to a whopping $100 million deficit, and the Sphere needed a customer like Liberty Media to get back on the horse.
What is F1 planning to do with the Sphere for Las Vegas GP?
According to the CEO of Liberty Media Greg Mattei, F1 has rented out the entire Sphere, both the interior screens and the exterior screens. He further disclosed the plans to display the race highlights inside the theatre, later on Sunday.
“This year we have a relationship where we’ve leased effectively the Sphere, both internally and externally,” he said according to Motorsport. “The race will be around the Sphere. So we’re utilising their property. We will own all the advertising on the Sphere for the duration of the race for a fixed fee.We have bundled that into some [sponsorship] deals, and also sold advertising directly to parties during the race, which will defray part of our costs.
#F1 have leased the @SphereVegas for the duration of the #LasVegasGP, and will own all advertising on the Sphere for the weekend.
They will also host a recovery brunch on Sunday morning inside the Sphere where they will be showing race highlights.@F1 @F1LasVegas pic.twitter.com/K11qJotTbJ
— Decalspotters (@decalspotters) November 12, 2023
“It was a necessary cost for us, because we need to be on their land. But in addition, it was it’s a revenue opportunity for us to lease as I said, or sublease, the time on the Sphere.In addition, we’re going to have a recovery brunch, and you will need to recover, on Sunday morning, in the Sphere. And we will be showing highlights of the race internally.”
Overall, a big weekend awaits the Formula 1 fans and the visitors to Las Vegas. For the very time, the entire city of Vegas will have its focus instilled on the motorsport event rather than what it’s naturally famous for; gambling. Therefore, how successful will this million-dollar experiment prove to be for F1 and Liberty Media? Only time will tell.