Formula One is teaming up with the CAA-GBG brand management company in an attempt to grow its global audience and improve the overall fan experience.
The arrangement will see CAA-GBG - a joint venture between Creative Artists Agency and the Global Brands Group - focus specifically on licensed product opportunities that support the motorsport series’ brand strategy.
In addition, CAA-GBG will be tasked with ramping up Formula One’s fan engagement efforts across key verticals, with a particular emphasis on digital, which has become an increased area of focus for the series since it was acquired by Liberty Media in 2017.
Since then, Formula One has undergone a major rebrand, launched the F1 TV over-the-top (OTT) streaming service and run its first ever marketing campaign. Meanwhile, in January, it was revealed that the series recorded a growth in global audience figures across both digital and TV platforms in 2018.
“Formula One has developed a powerful strategy for reaching fans wherever they are, whether in the stands, in the Fanzone or online,” said Frank Arthofer, Formula One’s director of digital and licensing. “Our partnership with CAA-GBG will help us further engage with our audience as we grow through strategic consumer product, trademark licensing and experiences.”
“Formula One is one of the most exciting sports experiences in the world,” added Scott Harvey-Nicholls, executive vice president at CAA-GBG. “We are looking forward to partnering with this iconic brand to help expand its reach through strategic partnerships to ensure that fans across the world can enjoy new ways to engage with this singular racing experience.”
The new Formula One season gets underway with the Australian Grand Prix in Melbourne on 17th March.