2024 saw the release of Netflix’s sixth season of the popular docu-series, Drive to Survive, which offers behind-the-scenes access to Formula One fans across the course of a season. This has helped the series continue to boost its commercial revenue, as its 22 active sponsorship deals in 2024 are set to generate $513.75 million in yearly funds, according to GlobalData, a leading data and analytics company.

The Netflix series has seen the premier sport of motor racing reach new audiences and markets, which has helped it emerge as one of the fastest-growing sports in recent years. The sport’s popularity has spread across the racing series, as fans have been given greater access to the sport at all levels, from team strategy to driver personalities. Much of the sports popularity can be evidenced by the annual increases in social media figures, where Formula One followers have risen by 13.42%, compared to 10.14% at a Formula One team average, and 42.92% driver average over the past 12 months.

GlobalData’s latest report, “The Business of Formula One 2024,” explores all the major deals linked to the sport, including some big team name changes, that have seen Aramco become the sole title sponsor of Aston Martin and a double sponsor name change, as the junior Red Bull team becomes Visa Cash App RB.   

Jake Kemp, Sport Analyst at GlobalData, comments: “The sport has continued to grow and break into new global markets thanks to the success of its Netflix series. The series offers unprecedented access for sports fans and has become somewhat of an original trendsetter. Its initial release in 2019, following the action from the 2018 season, has since seen many other copycat behind-the-scenes series productions released across other global sports.”

The success of the series has almost certainly been the driver of its commercial success over the past few seasons, with new global brands eager to become aligned with the series.

Kemp continues: “Of the 22 active sponsorship deals in Formula One, some 81.82% of the portfolio was only originally signed after the release of the first season of Drive to Survive. Partnerships with DHL, Heineken, Pirelli, and Rolex are the only ones to outdate that of the initial series release.”

The popular growth of the sport has been fantastic news for the series organizers, who have targeted major new markets for commercial growth. The main area of focus in this regard has been the US, where Formula One is now seriously investing in for its future.

Kemp concludes: “The big push by Formula One into the US market can be seen through the heavy investment in US-based Grand Prix’s in recent years. The Miami circuit was added to the racing calendar in 2022 and was quickly followed by Las Vegas in 2023. This takes the number of American-based Grand Prix’s to three, making it the only nation to host more than one weekend on the Formula One calendar in 2024.”