In their quest to connect with existing fans and scout for new followers, Paramount Global’s streaming service Paramount+ and Liberty Media’s Formula 1 Circuit are looking to step on the gas with a promotional partnership for the 2023-2024 season, inclusive Circuit branding, digital sponsorships and plans for Paramount+ series, films and characters to “take center stage in the fan zones”.
With the deal, the first of its kind for Formula 1, Paramount+ will become an official partner of the circuit. The partnership kicked off with the Australian Grand Prix in Melbourne on Sunday, which featured promotions for Paramount+ and its spy thriller Kiefer Sutherland rabbit hole.
The companies announced an agreement on Wednesday to jointly rev up their marketing engines without disclosing financial details.
“Paramount+ continues to seek 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 vice president and international general manager of Paramount+ . The streamer and world champion motorsport champion’s team would put both brands on the fast 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 short-term partnership with Formula 1 in 2022, giving the streamer a strategic presence at key races including Silverstone in the UK and Monza in Italy. Upcoming Formula 1 races are scheduled for these venues as well as the likes of Miami, Montréal, Austria, Japan, Austin, Mexico, Brazil and Las Vegas.
“This partnership exemplifies Formula 1’s continued commitment to finding new ways to promote the sport and reach new audiences,” said Brandon Snow, Formula 1’s Managing Director of Commercial.
Snow added in a lap of honor, “Paramount+ and the content on its platform is hugely popular and, like F1, has experienced rapid growth over the past few years.”