Paramount Global’s streaming service Paramount+ and Liberty Media’s Formula 1 Racetrack want to accelerate their quest to engage with existing fans and seek out new devotees with a promotional partnership for the 2023-2024 season, including racetrack branding, digital sponsorships and plans for Paramount+ series, movies, and characters “that are central to Fan Zone territories.”
With the deal, the first of its kind for Formula 1, Paramount+ becomes an official partner of the circuit. The collaboration started on Sunday with the Australian Grand Prix in Melbourne, which featured promotions for Paramount+ and the spy thriller Kiefer Sutherland. Rabbit hole.
The companies unveiled on Wednesday the agreement to jointly overhaul their marketing engines without disclosing financial details.
“Paramount+ continues to explore new, innovative ways to reach our global audience, and I am confident that this partnership with Formula 1 will continue to support our global growth,” said Marco Nobili, executive vp and international general manager of Paramount+. The team of the streamer and a world champion in auto racing would put both brands on the right track and help “bring the Paramount+ brand and all of our characters to life for hundreds of millions of fans worldwide,” he argued.
Paramount+ was in pole position for the pact after a brief partnership with Formula 1 in 2022, which gave the streamer strategic prominence at key races including Silverstone in the UK and Monza in Italy. Upcoming Formula 1 races are scheduled for those locations, as well as Miami, Montreal, Austria, Japan, Austin, Mexico, Brazil and Las Vegas.
“This partnership illustrates Formula 1’s continued commitment to exploring new avenues to promote the sport and appeal to new audiences,” said Formula 1 commercial director Brandon Snow.
Snow added in a victory lap: “Paramount+ and the content on its platform are hugely popular and like F1 have experienced rapid growth in recent years.”