Formula 1 has been taking huge strides in the department of entertainment reach around the world lately. It’s the decision to have a docuseries about what takes place in the paddock that has garnered new fans for the sport. Netflix’s Drive To Survive series has helped the sport gain a lot of traction towards the sport.
Even though some fans and F1 personalities have a problem with the over-dramatization of the sport’s events, it has given Formula 1 a much-needed boost among the masses.
What does F1’s new deal with Paramount mean for fans?
In accordance with the deal, Paramount+ will make its well-liked content selection available at F1 races all around the world. Popular television shows, big-budget motion pictures, and well-known characters will take center stage within Fan Zone locations, giving attendees an experience.
The inclusion of Paramount+ material in F1 races is a huge step forward for the sport to open Formula 1 to incorporate new entertainment mediums.
đź“°: Paramount+ and F1 extend promotional partnership for 2023-24 season. Deal includes branding, digital sponsorships, and Fan Zone activation. ESPN retains media rights.#F1 pic.twitter.com/v2Uxn3b9Jf
— F1 Naija 🇳🇬 (@f1_naija) April 12, 2023
The deal, however, does not include media rights for F1 as that is in collaboration with ESPN until 2025.
Brandon Snow, Managing Director of Commercials at F1, stated that the partnership showcases Formula 1’s continuous dedication to investigating novel channels to advance the sport and attract fresh audiences. and that F1 is thrilled to work with Paramount+ and thinks that Paramount’s entertainment offering will improve the fan experience at its events.
The partnership was also discussed by Paramount’s Marco Nobili, Executive Vice President, who said, “Paramount+ continues to seek new, innovative ways to reach our global audiences, and I am confident that this partnership with Formula 1 will continue to support our growth globally.”
Along with the content integration, the partnership will offer promotional opportunities in 10 cities, as well as Paramount+ branding on the track and actual trackside signage. As a result, Paramount+ will have an even bigger platform to market its name and content to a worldwide audience.
As an official partner of Formula 1, Paramount will bring all of its characters and the Paramount+ brand to life for F1 fans across the world, Nobili added. The racing and entertainment industries will converge as a result of this international agreement, creating narrative opportunities on and off the track.
After a fruitful cooperation between the two companies last season, Formula 1 and Paramount+ have now joined forces. It demonstrates Formula 1’s dedication to finding fresh ways to market the sport and draw in new fans. The inclusion of the well-liked content selection of Paramount+ and more chances for sponsorship will make F1 events even more enjoyable.
The step is important for Paramount as well, as it has grown quickly in recent years. The collaboration will provide the streaming service with a venue to advertise its name and content all around the world, expanding its exposure.