LONDON: Formula 1 is experiencing a surge in popularity, with a global fanbase now exceeding 750 million, fueled by rising interest across the Middle East region as well as among young female fans, according to a new study released on Tuesday by Nielsen Sports.
The study revealed Saudi Arabia as one of the sport’s fastest-growing markets, with an 11% increase in fans compared to the 2023 season.
Globally, F1’s fanbase has grown by 5.7 percent since 2021, with women now making up 41% of all fans. Young women aged 16-24 represented the fastest-growing demographic, reflecting the sport’s evolving accessibility and appeal.
Jon Stainer, global general manager at Nielsen Sports, attributed this success to Formula 1’s innovative fan engagement strategies.
“Formula 1 is a perfect example of a rights owner innovating its relationship with fans,” he said.
“Growth of interest, especially among women and newer markets like Saudi Arabia, can be attributed largely to a shift in how the teams and drivers are profiled today, and the access they are affording global audiences.
“New sponsorship categories are opening up. We’re seeing a significant shift in the brands engaging in the sport, attracted to this changing fan demographic,” he added.
Netflix’s acclaimed docuseries, “Drive to Survive”, has played a pivotal role, with 35% of viewers of the show expressing intent to watch more races. Another quarter of surveyed fans credited the series with their newfound passion for the sport.
F1’s commercial prospects have also increased, with sponsorship deals seeing a 56% rise in value since 2019.
The average sponsorship deal now stands at $5.08m, up from $2.87m from pre-pandemic levels. The diversification of sponsors — which range from luxury brands such as LVMH to IT giants such as HP and Dropbox — has cemented the championship’s status as a commercial powerhouse, the Nielsen report said.
While the Middle East leads the charge of new fans, the series continues to thrive in traditional strongholds, especially in Europe.
