Our reporters Yin Limei and Tong Haihua report from Beijing
On April 19, the long-awaited Formula One World Championship (F1) Chinese Grand Prix officially kicked off.
Formula 1, along with the Olympic Games and the World Cup, is known as the world's three major sporting events. In 2004, Formula 1 was first held in China, and this year marks the 20th anniversary of the F1 Chinese Grand Prix. In 2019, the 1,000th Grand Prix in F1 history ended successfully in Shanghai. After a gap of five years, the Shanghai International Circuit once again ushered in the familiar roar of the engine.
The 2024 F1 Chinese Grand Prix has many highlights. For example, China's first F1 driver, Zhou Guanyu, made his debut on home soil, introducing a new sprint race and hosting a music carnival on a race weekend for the first time. This also makes the 2024 F1 Chinese Grand Prix attract the attention of global media and fans.
At the juncture of F1's entry into "Shanghai time", Emily Prazer, F1's chief commercial officer, was interviewed by a reporter from China Business Daily.
More than half of Chinese fans are under the age of 35
China Business Daily: The return of the F1 Chinese Grand Prix to Shanghai after five years is highly anticipated, especially in 2024, when the sprint race will be introduced for the first time, bringing fierce and exciting competition duels to the audience. In addition to this exciting addition, what other measures have been taken to meet the different needs of the audience?
Emily Platzer: Everyone in the F1 family is excited to be back in China, and this year we are celebrating the 20th anniversary of the F1 Chinese Grand Prix in Shanghai.
The 2024 F1 Chinese Grand Prix is the first time that Chinese Formula 1 driver Zhou Guanyu has raced in front of an audience in his hometown. It will be a very special moment for Zhou Guanyu and his fans.
This year, the sprint setting is the icing on the cake for the 2024 F1 Chinese Grand Prix, with the track encouraging overtaking and adding even more excitement to the weekend. In addition to the thrilling races, fans will also be able to enjoy a wealth of entertainment and live performances by stars.
F1's audience is extremely diverse, so we need to make sure we have something for everyone, from great driving races to entertainment. In terms of the composition of fans, there are enthusiastic and mature fan groups that have been following F1 for a long time, as well as a large number of new car fans from different groups of people. At present, more than half of China's 100 million fans have only started to pay attention to the sport in the past five years, more than a third of fans are women, more than half are under the age of 35, and the number of young and female audiences is increasing significantly. Chinese fans are passionate about F1 and our fan base is growing rapidly.
China Business Daily: In your opinion, how is China's F1 racing different from other racing events around the world?
Emily Plazer: China is a savvy, mature and diversified market with huge brand awareness and loyalty, which offers great prospects for the development of our sport, and we also want to provide a huge platform for Chinese brands to develop overseas or enter new markets. We see this through the team's recent collaborations with well-known Chinese brands such as SenseTime, Hisense, Ambrosi, Weichai Power, and Xiaomi.
Through media rights, ad inventory, regional partnerships, and licensed products, we see opportunities in the Chinese market to grow together with our partners.
China Business Daily: 2024 is the 20th year that the F1 Chinese Grand Prix has been held in China, which has undoubtedly played an important role in promoting China's motorsport. In your opinion, in what ways is this effect most pronounced?
Emily Plazer: These 20 years are a testament to our long-term commitment to the Chinese market and our understanding of the fans who love motorsport. Economically, we believe that companies can see the value we bring and the two-way relationships we can build with each other.
We hope that moments like the anniversary, and Zhou's first time competing in China, will inspire a new generation of young people to embrace karting and science, math, engineering and technology (STEM) subjects as a gateway to the sport." We'd love to see another Chinese driver emerge and there are many other careers in motorsport, and we're looking forward to a new generation of young people joining us."
The financial situation has remained stable, and F1 has gone from weak to strong
China Business Daily: F1 is a global event that attracts a large number of visitors every year. How does your team support your brand's global rollout efforts, and has the approach changed in recent years?
Emily Plazer: We've worked very diligently with our partners, and our partnership has brought tremendous benefits to all parties. Each company has a different brand influence and market, attracting a different fan base.
By working together, we create opportunities to showcase your brand in a way that resonates with your audience. We are also constantly innovating and coming up with new concepts.
China Business Daily: How does F1 help Chinese brands, especially those in the automotive industry, go global, and are there any success stories or initiatives worth mentioning in this area?
Emily Plazer: The cutting-edge technology showcased in Formula 1 motorsport and the fact that it is located in 24 race locations around the world provides an unrivalled platform for the brand's storytelling. That's why so many of the world's top companies have chosen to advertise in this motorsport sport to raise brand awareness on a global scale.
China Business News: Looking to the future, what is the future development direction of F1 and what is the promotion strategy in China?
Emily Plazer: Thanks to the current financial regulations, investments, sponsorships and the commercial success of the recent championship, our motorsport program is in a very stable financial position. F1 has gone from weak to strong, but there are still some areas that we need to target and develop further.
In recent years, the demand for hosting events has been very strong, which has led to a potential revenue increase for both the organizers and the media. At the same time, the new opportunity to include exclusive F1 garage products is also a growth point.
We also have room to grow in our ad inventory with dynamic ad technology, and our regional partnerships provide us with an additional revenue stream.
It is worth noting that licensed products will also be an area with huge growth space for us. For example, our partnership with the PUMA brand has enabled us to reach new audiences through tailor-made collections.
When it comes to promoting events, we work closely with promoters, broadcasters and partners to better disseminate the message of the event.
China Business Daily: With the rise of digital platforms, how can F1 adapt its marketing and content strategy to attract audiences in China and globally?
Emily Plazer: As a broadcast and media rights company, we're at the forefront of all things digital. We have F1 TV, F1.com and very successful social media channels, particularly in China, where we have increased our social media followers by 3.4 million since launching our Weibo and WeChat channels in 2018. Our channel has just recently been launched on Bilibili and Kuaishou platforms.
In addition, we are always looking for new opportunities to showcase this sport through shows such as our Netflix series "Drive to Survive". We're working with Reese Witherspoon's production company to shoot a behind-the-scenes look at the F1 Academy series. We've also partnered with Apple Studio to create an F1 film starring Brad Pitt, which will premiere in 2025.
Encourage more women to get involved in motorsport
China Business Daily: F1 is increasingly focusing on improving the fan experience through the track and digital platforms. Can you elaborate on the latest innovations and initiatives aimed at providing a more immersive and interactive experience for car fans?
Emily Plazer: From the use of digital technology on the track to international broadcasts, we've always been committed to innovating the fan experience.
As I mentioned earlier, our audience is very diverse, so we needed to produce events and shows that would both meet the detailed needs of passionate fans and educate curious new viewers about the sport.
For the 2024 International Event, we're using more graphics to tell the story of the field, from race narratives to in-depth information about driver, car and timing data. Upgraded technology in the team's broadcasts, new camera angles and the use of augmented reality highlight key stories on the track.
China Business Daily: With the rise of esports and virtual racing, how can F1 capitalize on these trends to attract younger audiences and expand its global reach?
Emily Plazer: We have a number of licensing partners in the gaming space, including EA Sports, Frontier, Fanatec, and Playseat. The F1 eSports Championship is resuming and we have exciting developments in our F1 fantasy game in China, which we will be announcing in the near future, so please stay tuned.
China Business Daily: As a female senior leader in the racing industry, you have inspired many aspiring women in the field. How do you see the changing role of women in and out of motorsport, and what steps is F1 doing to promote gender diversity and inclusion in the sport?
Emily Plazer: F1 is full of talented women. Last year, I hosted the inaugural Las Vegas Grand Prix with an all-female senior team, which was a huge success, and this year we will build on that.
Within the F1 management team, we have set up the F1 Academy, which has been established for just over a year. Under the guidance of Managing Director and General Manager Susie Wolff, the F1 Academy is going from strength to strength.
Our goal is to encourage more women to get involved in motorsport on and off the track. On the track, Formula 1 is the biggest male-female sport, and F1 academies have been breaking down barriers to women's participation in the sport – mainly the lack of track time and financial support. The F1 Academy's goals also include encouraging girls to take STEM courses, setting role models, raising awareness of what it takes to play the sport, and highlighting the diversity of the positions offered to attract more women to other F1 careers.
In 2023, F1 Academy has also launched a global initiative called "F1 Academy Discover Your Motivation", which aims to increase the pool of female talent in motorsport on and off the track. Focusing on the four pillars of 'Youth Engagement', 'Talent Discovery', 'Engagement & Advancement' and 'Community', the programme provides young women with the opportunity to participate in entry-level and career programmes to promote and increase women's participation in motorsport.
In 2023, the F1 Academy has teamed up with the acclaimed international karting series Future Champions to launch a new junior karting series, Future Champions Academy, which aims to increase women's participation and inclusion in national and international karting competitions by breaking down barriers to entry.
F1 also runs a series of events to encourage underrepresented young people to participate in the sport through scholarship programs with five universities, as well as our 'The Next Grand Prix' programme. We also run a lot of activities on the race floor, at the UK Media and Technology Centre and in schools to encourage more people to join F1.
(Editor: Zhang Shuo Review: Tong Haihua Proofreader: Liu Jun)
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