At a recent ‘F1 in Depth’ event in Monaco, Liberty Media CEO Greg Maffei discussed the potential expansion of the Formula 1 racing calendar in Southeast Asia as part of a broader strategy to tap into emerging markets and capitalize on the sport’s growing popularity in Asia. Maffei highlighted the successes and opportunities for F1 in Southeast Asia, noting the increasing interest in the sport in the region, particularly with the addition of a Chinese race this year, which was successful due in part to the presence of a Chinese driver. He emphasized the cultural impact of having national representation in the sport, which has led to growth in interest in countries like China.
Maffei also mentioned that there is interest from other Asian cities such as Bangkok, Seoul, and multiple locations in Indonesia in hosting Grand Prix events. He explained the criteria used by Liberty Media to evaluate new race locations, emphasizing that they consider factors such as fan base, potential for growth, ability to host a successful race, and affordability. Maffei hinted at the possibility of adding a second race in Southeast Asia alongside China, pointing to the region’s strong potential for further expansion of the sport.
Stefano Domenicali, CEO of Formula One, provided additional insights into the global demand for new F1 races, revealing that more than 35 venues have expressed interest in hosting races, with 11 considered serious contenders. Domenicali highlighted the market’s demand for more races and explained that the current limit of 24 races per season is set to stay, with the addition of several new races in recent years to meet the growing demand. He emphasized the need for continuous improvement in the sport and the importance of pushing everyone to be the best.
Overall, the discussions at the F1 event in Monaco highlighted the significant interest in expanding the Formula 1 calendar in Southeast Asia, driven by the region’s growing fascination with the sport and the potential for further growth in countries like China, Thailand, and Indonesia. The presence of national drivers and teams has played a crucial role in increasing interest and viewership in these regions, showcasing the cultural impact of representation in the sport. The Formula One Group and Liberty Media are keen on capitalizing on the demand for new races while also maintaining a balance in the number of races per season to ensure quality and competitiveness.
