F1 was acquired by Liberty Media for $4.4 Billion back in 2016. Today, it is currently one of the most rapidly growing sports in the US marketplace due to a combination of available opportunities and keen corporate decision-making.
The racing sport easily adapted to social media and its teams are enjoying the many benefits of maintaining their own channels.
This sport’s popularity was also enhanced by the Netflix documentary series Formula 1: Drive to Survive, with the fourth season just recently released.
Although Formula 1 racing has always been featured as a very big show, many such events have now evolved into a three-day weekend festival, including performances from world-renown artists.
Locally, in Miami this past weekend, we were treated to entertainers that included Tiësto, Maluma, and The Chainsmokers, performing on stage to an engaged and cheering audience. This main event, a very colorful Porsche Sprint Challenge, and the W Series race, included some impressive female talent.
Currently, the US market provides the most scheduled F-1 races, which included the 2022 local Miami debut this past weekend and the recently announced Las Vegas event for 2023. These types of local events, that attract fans from all over the country, are always meaningful for our business owners, creates jobs for our residents, while expanding our infrastructure and embracing a cultural exchange between our residents and our visitors. Overall, all positive effects on our local economy.
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