Often regarded as one of the most famous and beloved sports, Formula 1 is well known worldwide. That popularity leads to multimillion contracts signed just before the race by competitors and deputies of the business sector. The adverts of different companies can be seen on the contestors' garments and we can recognise which sponsor each team represents.
The beginning was back in the 70s when the sport was promoted for the first time. The key figure, Burney Ekelstone, is the man who had introduced it to the big business and revealed its great potential for the audience. The racing sport quickly became popular and much beneficial for the advertisers. Its commercial success drew the attention ofvarious investors.
How this sport keeps attracting the general audiences? The rules are equally stringent for all of the contestors and their teams. Certain regulations, concerning aerodinamics, engine specifications, pilots' outfit, etc. must be followed to ensure equality. On the other hand, the general rules are changed annually, assuring the interest of the public.
Some teams, like McLaren and Ferrari for example have achieved better revenue than others. Using proven marketing methods to promote their brand, they managed to attain a higher profit. And the financial success makes them quite attractive and important for their teams.
The enormous global success of Formula 1 is ranked second after World Football Cup - the leader among sports by audience.
Statistics show that in 2005 the TV spectators of Formula 1 reached 680 million. By comparison, much more than Grand Prix Brazil in 2006 - 85 million.
It is a good example of the importance of well implemented marketing tools and strategies.
Every major team is followed by a large group of devoted fans in the their home country. Like BMW in Germany, Mclaren in UK, Ferrari in Italy. That massive audience is the primary target for the business and the big players use its great potential to the maximum.
Many recognize Formula 1 as a huge generator of finances and obviously it is true. But at the same time it is a structure of constant upgrade and improvement, aimed to increase the safety of the drivers. There are plans to run the race cars with bio fuel.
The list of the hosts of the race was enlarged by one of the most promising and quickly developed countries. India joined offering a fast growing market of great significance.
Despite the diversity of opinions, Formula 1 remains a great advertising platform which generates considerable revenue.
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