After two hours, 13 minutes, and a few tenths over 23 seconds, Alfa Romeo’s Giuseppe ‘Nino’ Farina made history on 13th May 1950.
The Italian had won the fifth British Grand Prix but, more significantly, this was the first race under the newly formed ‘World Championship of Drivers’. Today, this competition has a far catchier title: Formula One.
Farina went on to become the first ever world champion that season, edging out Juan Manuel Fangio by just three points. And so, it had begun: each year, drivers with scant regard for their own safety would clamber into death machines for a chance at glory.
While it’s important to celebrate the successes of Formula One, it would be remiss to not pay tribute to those who lost their lives in the pursuit of racing, especially in the series’ formative, and most dangerous, years. Thankfully, advancements in safety technology have since made the sport significantly safer.
It was Fangio who proved to be the series’ early dominant force. The Argentine ended his career with five world championships from his seven full seasons. In an era plagued by reliability issues, he won 24 of the 41 races he finished – a true Formula One great.
Only Michael Schumacher and Lewis Hamilton have won more titles than Fangio, with seven each. The question now is: who will be the next driver to join the ranks of motorsport’s greatest icons?
The pursuit of perfection in the face of danger is what makes Formula One so captivating. It’s an easy sell for broadcasters, an enticing proposition for brands, and a property ripe for investment.
But, after an eventful 75 years, how has Formula One evolved? BlackBook Motorsport highlights the key commercial milestones as the global motorsport series celebrates three-quarters of a century.
1950 – The birth of F1
As already mentioned, Farina’s victory in the debut world championship event was actually the fifth British Grand Prix. In fact, many Formula One races had taken place before an official world championship was organised.
The name ‘Formula One’ is actually derived from the regulations under which the cars compete. There is much debate over what can be considered the undisputed first Formula One race, though.
The 1946 Turin Grand Prix was the first event held under the applicable technical regulations, but the 1947 Pau Grand Prix was the first to take place while the ‘Formula’ was officially in place.
However, it was the introduction of a Motorcycle World Championship (which would eventually become MotoGP) in 1949 that encouraged stakeholders to organise a similar competition on four wheels.
1968 – The sponsorship era begins
During the early years of Formula One, teams were assigned a specific colour for the country they were representing. This is how Ferrari became synonymous with red – the colour designated to Italy – having been in Formula One since that very first season in 1950.
Other Italian teams like Alfa Romeo and Maserati also raced in red because of this rule. British outfits used racing green, German teams raced in white or silver, and American manufacturers were decked out in blue.
This all changed when the International Automobile Federation (FIA) revised the rules around sponsorship. Early sponsors in Formula One were oil companies like BP and Shell but, when these brands dropped their support for the series, many teams began to struggle financially. T he FIA therefore decided to relax its rules.
As a result, at the 1967 Rhodesian Grand Prix, Team Gunston rocked up in the orange and brown colours of the eponymous cigarette brand. Although it was a non-championship race, it marked a turning point that changed the course of Formula One forever.
1970s – The tobacco revolution
Tobacco sponsorship began to dominate Formula One in the 1970s, with some of the series’ most iconic liveries of all time linked to the sector, as illustrated above with Lotus and John Player Special (left), Williams and Camel (centre), and McLaren and Marlboro (right): Getty Images.
1974 – Founding of the Formula One Constructors’ Association (FOCA)
Founded to represent the interests of constructors, this organisation – which is known as the Formula One Group today – would come to be dominated by Bernie Ecclestone and his chief lieutenant Max Mosley.
1981 – Bernie Ecclestone and the first Concorde Agreement
If the creation of FOCA enabled Bernie Ecclestone’s first step towards controlling Formula One, then signing the first Concorde Agreement was his first true grasp of power.
After escalating disagreements between FOCA and the International Motor Sport Federation (FISA), which oversaw Formula One at the time, led to race cancellations and sponsors threatening to pull out, stakeholders reached a compromise known as the Concorde Agreement.
In short, the agreement laid the foundations for the commercial growth that Formula One would later enjoy, as Ecclestone sought to capitalise on growing TV audiences.
Crucially, the Concorde Agreement gave control of the media rights to FOCA – and therefore, to Ecclestone.
1996 – The rise (and fall) of ‘Bernievision’
While Ecclestone wasn’t known for being the most tech-savvy individual, the creation of ‘F1 Digital+’ was a very forward-thinking idea that was arguably ahead of its time.
Dubbed ‘Bernievision’, this package for digital broadcasters offered features beyond the standard global feed used by analogue broadcasters. Among its most notable innovations was the introduction of the onboard car camera, which is now a staple of today’s broadcast offering.
Although the service ultimately shut down in 2002, it laid the groundwork for the modern Formula One broadcast experience.
2001 – FIA hands over commercial rights to F1
The European Commission ruled that the FIA should no longer have commercial interests in Formula One, instead acting as an impartial regulator. In the process, Ecclestone and Mosley gained unprecedented control over the series.
2002 – FOM moves broadcast production in-house
Bernievision may not have lasted, but Formula One quickly learned the benefits of controlling its own world feed.
Previously, each race was produced by a host broadcaster, giving Formula One limited control over the final product. Switching to an in-house production model meant that the product going out to fans became far more consistent, rather than being subject to the varying approaches of different local broadcasters.
This transition began in 2002, but races in Japan and Monaco were slow to relinquish control. Fuji Television eventually ceded broadcast operations to Formula One in 2011, while it wasn’t until 2023 that the Monaco Grand Prix did the same.
2004 – F1 races in the Middle East for the first time
The Bahrain Grand Prix opened the doors for Formula One expansion in the Middle East, a region that is now incredibly lucrative for the series. The four races today (Bahrain, Saudi Arabia, Qatar, and Abu Dhabi) are among the highest-paying events on the calendar, while Saudi-owned Aramco and Qatar Airways are among the sport’s biggest sponsors.
2012 – F1 goes behind a paywall in the UK
It may be the norm now, but the concept of Formula One moving behind a paywall in the UK was highly controversial when Sky Sports began showing all races live in 2012.
While this initial deal wasn’t exclusive coverage (that came in 2019), it was the first step towards what we know today. There remain complaints about how pay-TV reduces the visibility of the sport, but Sky Sports has revolutionised Formula One broadcasting.
The broadcaster is generally regarded as the gold standard to which all other Formula One broadcasters are compared. With a deal currently in place until 2029, this fruitful relationship doesn’t appear to be ending any time soon.
2016 – Liberty Media acquires F1
Liberty Media acquired Formula One for US$8 billion in a deal that would change motorsport forever. Chase Carey (right) began as the series’ new chief executive alongside Greg Maffei (left), chief executive of Liberty.
2018 – F1 TV launch: The new way to watch?
The award-winning F1 TV is getting bigger with the launch of F1 TV Premium, a new premier service that invites fans to take a step into the heart of the action.
— F1 Media (@F1Media) March 10, 2025
With the ability to watch the race in 4K Ultra HD/HDR, along with a new personalised Multiview feature available on… pic.twitter.com/Igfm36mkUL
The launch of the F1 TV streaming platform was one of the first major projects under Liberty’s ownership. Despite experiencing teething issues in its early days, the service’s premium subscription tier is now available in several major markets around the world, offering the sport’s hardcore fans access to exclusive content and features not available on traditional broadcast.
2019 – Netflix releases Drive to Survive
In an era dominated by sports documentaries, Formula One’s Drive to Survive has arguably been the most successful. Now in its seventh season, the show has been widely credited with bringing new audiences into the sport and helping the motorsport series engage with a younger, more diverse fanbase.
2020 – The lasting impact of Covid-19
The Covid pandemic was devastating to sport, yet unintentionally pivotal to Formula One’s subsequent commercial explosion.
Netflix’s Drive to Survive was an ideal distraction for people looking to fill time while stuck at home. Formula One capitalised on this increased interest by being among the first major sports to return to action while restrictions were still in place, catapulting the series into the public zeitgeist.
However, running a season during the pandemic meant packing many races closely together, creating the ‘triple-header’. Introduced as a necessary evil at the time, continued commercial success has seen these logistically demanding and physically exhausting sequences of races remain, much to the chagrin of teams.
2022 – F1 switches focus to the US
With American ownership under Liberty Media, it was only a matter of time before Formula One placed more focus on the US. The United States Grand Prix moved to the Circuit of the Americas (COTA) in 2012, but it’s easy to forget that the race struggled in its early years.
Post-pandemic, global interest surged and even the typically indifferent American audience started paying more attention to Formula One. In 2022, the Miami Grand Prix joined the calendar, followed by the Las Vegas Grand Prix a year later.
Formula One’s previous efforts in the US had never been this wholehearted, and the series is now reaping the rewards. ESPN paid just US$5 million for the series’ US broadcast rights in 2020. Formula One is now reportedly seeking up to US$180 million a year for the next contract in 2026, underlining the success of the series’ expansion stateside.
2024 – F1 hits US$3.65bn in annual revenue
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