Streaming service Paramount+ became an official partner of Formula 1
Formula 1 and Paramount+ have announced a long-term agreement, as a result of which the streaming service will become an official partner of the racing series. The two companies already had a sports-entertainment partnership last year, and this week they began working together on a longer-term basis.
Paramount+ is a U.S. subscription service owned by Paramount Global and based on video-on-demand. Those who follow other sports such as the NFL, UEFA Champions League soccer, Masters golf and PGA may have noticed the partnership with this company. This partnership will allow Paramount+ to continue to promote its products at stages in Miami, Montreal, Spielberg, Silverstone, Monza, Suzuka, Austin, Mexico, Sao Paulo and Las Vegas. Popular TV series, movies, in particular blockbusters and their characters will take center stage at these Formula 1 stages in the Fan Zone. The main essence of such a campaign will be to unite movie characters and racers from the track.
“This partnership exemplifies Formula 1's ongoing commitment to exploring new avenues to help promote the sport and appeal to new audiences. Paramount+ and the content on its platform are hugely popular and like F1 has experienced rapid growth in recent years. Together, we will use our global platforms and collective expertise in entertainment to further enhance the fan experience and take both Formula 1 and Paramount+ to new levels.”- Brandon Snow, Managing Director of Commercial at Formula 1.
Of course, that's not the only thing the agreement includes. It also allows Paramount signage to appear at the track, in the paddock and beyond, and on top of that includes digital sponsorship and expanded advertising opportunities. The first appearance of the advertising campaign has already taken place, at the Australian Grand Prix, where a separate place was taken by Kiefer Sutherland's "Rabbit's Hole" series. The logos of this series were visible on the pit lane and in other places placed in the paddock.
"Paramount+ continues to seek new, innovative ways to reach our global audiences, and I am confident this partnership with Formula 1 will continue to support our growth globally. Becoming an official partner of Formula 1 means bringing the Paramount+ brand and all our characters to life for hundreds of millions of fans worldwide. Through this global deal the worlds of motorsport and entertainment will come together, resulting in powerful storytelling opportunities on and off the grid. - Marco Nobili, Executive Vice President and International General Manager Paramount+
The new collaboration certainly reflects Formula 1's desire to expand its fan base, as well as attract new fans through Paramount+'s popular content on the stages. Looking at the list of stages, there are six on the American continent and three in Europe. To some extent, this shows the desire of Formula 1 to partially "move" to America, which confirms the presence of three stages in the U.S. in the season 2023.