The elusive young audience. The often sought, difficult to corral demographic that Formula 1 said they were very interested in attracting. New hybrid engines, top technology and a racing series that’s on the cutting edge of tech evolution with sim racing or “eSports” leagues and more.
There was a time when the former owner said that 25-year-old’s don’t buy Rolex watches so he wasn’t too keen on Twitter, Facebook or social media because it didn’t speak to the demographic that fuels F1 and its sponsors.
Poppycock says F1, the future isn’t the Boomers or Generation X, it’s Gen Y (Millennials) and hopefully Gen Z. They’ve made nodding head gestures to Gen X but that’s really not where their focus is. Unfortunately for them, Gen X may be the last large, discretionary income generation that supports them as new data shows that just 14% of their viewers are under 25.
According to F1’s global research director, Matt Roberts, the average age for a global F1 viewer is 40. Just 14% are under 25, 305 Are between 25-34, 20% between 35-44, 20% between 45-54 and 17% over 55. How’s those numbers hit ya?
F1 ramped up its emoticon-fueled social media presence, streamed its races online using a dodgy first-year streaming service, launched their own eSports series and even started a marketing campaign with faces being subjected to wind and water. Still, demographic that is critical is 40-year-olds who have money to support the series. Yet very little of these efforts are tailored to retain this demographic.
The new marketing campaign directed to a new demo wasn’t seen by too many folks and that’s something F1 is hoping to improve on. They had big plans for that campaign according to Forbes but it didn’t bear fruit during 2018.
The reality is that F1 hasn’t been the same from a sponsor standpoint since the tobacco money left due to EU laws and Roberts reckons the sport has to lure them back.
“We hope with all the investment and the change in management, this will help encourage advertisers back to the sport,”
It’s a tough call. I thought perhaps tech companies might dabble more in F1 than they have but this hasn’t been the case. I’ve said this from day one, You can’t take F1 to America, you have to take America to F1 and the series needs a multi-pronged marketing strategy that targets different demographics for different reasons and with different content.
Apart from the odd survey, they don’t ask me so more power to them but here’s a clue, I’m not under 25 and I’ve carried water for their series for decades now. They might think that one through.
Hat Tip: Forbes