Formula One chief executive Chase Carey says the championship is working with existing broadcasters to help promote its F1TV over-the-top (OTT) streaming service ahead of the 2019 season.
The motorsport series is planning to ramp up commercial efforts behind the subscription-based F1TV platform Formula One’s owners Liberty Media launched in May.
However, Carey admits there have been more technical issues than expected since the platform went live at the Spanish Grand Prix – five races into the season – and described the 2018 launch as a work in progress.
“It’s a multi-year project to get it where we believe it can get to,” Carey said of the OTT platform via an investors’ conference call. “But I guess I’d say this year ended up being almost a beta project.
“We didn’t launch it at the beginning of the season and, for a sport like ours to really achieve our potential, it’s a season buy more than a sort of race buy.”
Carey says Liberty will improve the platform’s reliability before setting out a “commercial proposition to market”, which will vary across different international regions.
“One of the exciting opportunities we’re developing is with our traditional broadcasters,” he continued. “Some of the deals we did – renewals we did for 2019 – we’re partnering with them to promote the OTT platform.
“We’re working with them as opposed to against them, as I think it is compatible. I think this is a product targeted at your hardcore customers who will pay more for a richer experience than the basic linear one.
“I think it benefits everybody to find a way to tap into the demands that those customers have for the product.”