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Paramount Plus Signs Formula 1 Global Sponsorship Deal

Paramount+ signed a promotional partnership for Formula 1’s 2023-24 season, making the streamer an official partner of Formula 1.

The full-season partnership comes on the heels of a short-term deal between Paramount+ and Formula 1 in 2022, which saw the streamer gain exposure at key Formula 1 races including Silverstone in the U.K. and Monza in Italy.

Under the sponsorship pact, Paramount+’s original series, movies and characters will take “center stage” inside Formula 1 Fan Zone areas “with the biggest stars coming together on and off the grid,” the companies said. Additionally, the partnership includes Paramount+ branding on track and physical trackside signage, digital sponsorships and promotional opportunities, which started in Melbourne, and will be followed by activity in Miami, Montréal, Austria, Silverstone, Monza, Suzuka, Austin, Mexico City, São Paulo and Las Vegas.

The deal does not encompass media rights for Formula 1, which is a subsidiary of John Malone’s Liberty Media. Disney’s ESPN last year renewed its deal with the motorsports outfit to keep F1 races on ESPN networks in the United States through the 2025 season.

“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,” Marco Nobili, EVP and international general manager of Paramount+, said in a statement. “Through this global deal the worlds of motorsport and entertainment will come together, resulting in powerful storytelling opportunities on and off the grid.”

Formula 1 managing director of commercial Brandon Snow added, “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.”

Paramount Global reported that Paramount+ had nearly 56 million customers at the end of 2022, up from 32.8 million a year earlier.

Source: variety.com

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