Formula 1 (F1) has been a rising star in the global sports market for some time now, but its recent growth across digital channels and success of the series Drive to Survive on Netflix has made it a prime target for sponsors looking to gain global exposure. Our KORE market intel report dives deep into the state of Formula 1 and provides insights into how brands can take advantage of this opportunity and maximize their spend. Here, we take a look at some highlights from our recent F1 market intel workshops.
The Basics of the KORE F1 Evaluation Across Social Media
First, we need to cover how our valuation works. In February of 2022, we acquired Hookit, the leading AI-powered sponsorship analytics and valuation platform. Our teams worked together to integrate the Hookit data and analytics into the KORE suite of products to deliver the Portfolio Optimization Platform. Brands and rights holders now have a single source to manage, measure and most importantly optimize their partnerships.
How to understand the real value of social content with the Hookit valuation model.
Our social valuation tool helps brands learn where opportunities are to invest in sport sponsorship, with who and what assets to invest in. It helps sport teams understand how they stack up, and where to optimize their strategy and content for the best ROI for their brand sponsors.
Our Adjusted Ad Value (AAV) formula assigns a dollar value to a social post based on how clearly logos or brand mentions are displayed within text, image, or video and how much engagement the post generates.
- Text-only social listening tools miss significant visual attribution.
- Evaluate Social, designed by Hookit, can capture a brand’s social value through:
- Quality logo visibility
- Audience data and watch-through rates
- Built-in authentication
- These features create a robust data story. We can track the AAV of any content created on social media that displays clear logos, deliberate tags, and keyword mentions.
What Was Analyzed Across the F1 Social Scene?
Over 420K posts from F1, teams, drivers and any content that referenced (via @, # or keyword) them during the 2022 season. Date range includes March – Dec.
Social media data includes followers, posts, engagement, valuation & audience data.
Platforms include Facebook, Instagram, TikTok, Twitter, YouTube, Weibo and VK.
Growth: The General State of F1
Compared to the NFL which grew followers modestly, by 5% this past season, the clear trend for F1 across social is growth, specifically in the US, which accounted for 36% of the growth. In terms of audience, women and youth were a huge part of the growth.
FI viewership in the U.S. was up:
- 34% among females
- 49% among 12-17 year olds
- 43% among 18 – 34 year olds
FI race attendance grew by 27%, from 234k on average since the last full capacity season.
The General State of F1 Across Social
The drop in social engagement is a global impact across sport, speculatively attributed to general, post COVID ‘hangover’, a term recently coined to refer to the massive emphasis that was placed on social during lockdowns. Video viewership is up for mainly two reasons:
- Access and adoption of IG Reels
- Increased emphasis on video content amongst all social platforms
Content plays an integral role in creating deep connections between brands and audiences. It is essential to have strategies in place that capitalize on content type, its placement across channels, audience targeting metrics such as age/gender/location etc., including key influencers in the space. Additionally, understanding which specific topics resonate best with your target audience plays a critical role when formulating content strategies that drive maximum engagement rates.
Comparing F1’s Social Impact Across Other Sports Leagues
Formula 1 had a 23% increase in followers in the last 12 months quickly climbing to half of the amount of followers that the National Football League (NFL) has. When compared to other major sports leagues such as Major League Baseball (MLB), National Basketball Association (NBA) and NFL, Formula 1 comes out on top when it comes to its fans social media engagement. In fact, F1’s engagement per follower rate is the highest across all sports. This makes F1 a top choice for sponsors looking to reach a highly engaged fan base on social media platforms.
The Netflix Effect on F1: Drive to Survive
The launch of Netflix’s 10-episode docu-series Drive to Survive had an immediate impact on Formula 1 viewership numbers as well as fan engagement rates on social media platforms. Four season later, the series has provided unprecedented access into the inner workings of F1 teams and drivers which resulted in higher levels of fan interest and engagement compared with previous years. There is an excellent opportunity for brands looking to leverage this newfound interest by targeting viewers who are already engaged with the sport through their content marketing efforts.
How to Reach More F1 Fans
We found that 53% of fans who follow a Formula 1 Team account on Twitter also follow the Formula 1 account. Sponsorship opportunities could have a broader reach when you partner with both F1 & teams.
Moreover, we have even more data that drills down the overlap of fans following drivers. Contact us anytime, for a private viewing of the full data report.
A Few Key Findings
- In general, funny, unusual, heart-warming, behind the scenes content drives engagement
- The most viral F1 post garnered 52 million views
- Instagram is still #1 delivering 83% of all F1, team and driver engagement and 68% of all video views
- 71% of video views from Instagram by F1 Teams, Drivers & Owned accounts comes from IG reels (85% teams, 90% for drivers)
- F1 posts more videos than reels on IG, yet video views are down 35% this season
Reach out to our team for the full list of key takeaways.
Ultimately, Formula 1 presents an incredible opportunity for brands looking to leverage sponsorship investments and gain maximum exposure within the most engaged sports community around today—F1’s fanbase continues to grow every day as more people become aware of its unique appeal and entertainment value. With data-driven insights, such as the Instagram Reels engagement, into what resonates best with audiences along with creative approaches to content creation tailored for specific demographics, brands can maximize their return on investment through engaging activations built around F1 events, properties or drivers.
About KORE Market Intel Reports
Our goal is to deliver insights and thought leadership around the state, impact and potential of sport and the leagues, teams, athletes and events within them. The purpose is to fuel strategic and tactical actions for brands and rights holders on where to invest and how to more effectively drive partnership value.
If you’d like to schedule a time to review more insights from our privately held F1 workshops, please, don’t hesitate to schedule a demo, to hear the full story. Request a demo today.