Formula One, every mention
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every year anyone David Rosenthal 83Ben Gilbert 59Doug DeMuro 3Mark Canlis 1
Verbatim, from the transcripts: the passages where Formula One comes up
Formula 1: Fast cars, celebrities, and B2B software (Audio) · Acquired
- ▶ 3:07:13 Ben Gilbert F-One was also pitching Amazon on doing something, trying to get a little bit of a bidding war here.
- ▶ 3:07:26 Ben Gilbert But hilariously, F-One and Liberty control the actual track rights.
- ▶ 3:07:42 Ben Gilbert You do need F one to play ball, so Amazon ends up bidding the most for the league-wide thing, the thing that would become Drive to Survive.
- ▶ 3:07:59 David Rosenthal This is the rights payment that Netflix or Amazon would pay to F one for the right to go make this series.
- ▶ 3:09:35 Ben Gilbert F-One takes a big leap of faith and gives Netflix and box-to-box films complete creative control and Final Cut, which I also think is really important that, like, that this, this is a highly opinionated version with full access that is not…
- ▶ 3:12:11 Ben Gilbert And F-One actually did a pretty amazing job of reacting to the pandemic within a few months
- ▶ 3:12:41 David Rosenthal Remember when everyone was building an F-one simulator and playing the e-sport?
- ▶ 3:27:09 David Rosenthal Liberty says, will you please show all of the F-one races on the calendar on ESPN?
- ▶ 3:27:45 David Rosenthal Previously F one had bounced around for a while.
- ▶ 3:28:31 David Rosenthal Had their own F-One media success on their hands this past summer with the F-One movie with Brad Pitt.
- ▶ 3:30:47 David Rosenthal This is probably just the tip of the iceberg of what they can do with F-one.
- ▶ 3:30:50 Ben Gilbert Yeah, F, so if you think about a bull case for F-one here, 33% of F-one's revenue comes from media rights, and that hundred and forty million is only 13% of the total media rights worldwide, which is 1.1 billion total.
- ▶ 3:31:06 Ben Gilbert So this is, you know, important to F-one, but this is not, the bulk of their consumption
- ▶ 3:31:30 David Rosenthal To show them, you could imagine F-one on Apple TV someday.
- ▶ 3:31:34 Ben Gilbert And the, the real bull case for, I know we'll do Baron bull case later, but just to pull this one forward, for F-one here is, in a lot of those markets, like we were talking about earlier, they've got these vertically integrated, sort of…
- ▶ 3:43:09 David Rosenthal This is one of the really unique aspects of F-One as a sport that actually allow it to operate in this really weird way where the league is not owned by the teams because so much of the meteorites value
- ▶ 3:46:01 David Rosenthal Even today, 30% of all F-One fans, their favorite team is Ferrari.
- ▶ 3:48:22 Ben Gilbert All right, so back to Formula One itself by the numbers.
- ▶ 3:50:37 David Rosenthal And in defense of this, I can think of a million reasons why being an owner or part owner of an F-one team.
- ▶ 4:08:12 Ben Gilbert So there are eight hundred and thirty million global F one fans for a league that does 3.4 billion and teams that generate another two billion or so on top of what the league pays them.
- ▶ 4:08:52 Ben Gilbert The NFL monetizes a fan at 127 dollars per year, and Formula One monetizes a fan at seven dollars per year.
- ▶ 4:09:06 David Rosenthal That is an issue for F-One, similar to IPL on our IPL episode.
- ▶ 4:10:36 Ben Gilbert The thing we were talking about, they more fully realize the value where you have actual competition bidding for those rights, and since so many of the viewers are there, moving the needle a little bit actually is a giant amount of revenue…
- ▶ 4:11:39 Ben Gilbert And F one is this beautiful competition, but so much of it is strategy, engineering, stuff that happens in qualifying, conserving resources, pitting at the right time.
- ▶ 4:12:33 David Rosenthal I think F-One has proven enough staying power post-COVID.
- ▶ 4:12:47 David Rosenthal You got your Peloton, you got your F-One simulator, you're watching Drive to Survive and Tiger King.
- ▶ 4:12:52 David Rosenthal But of that set of activities, F-One feels like one of the few that has persisted.
- ▶ 4:15:23 Ben Gilbert It's basically an iPhone and they'd rearrange the components to fit in the standard F one camera package.
- ▶ 4:15:31 David Rosenthal It's not that difficult to imagine some of the Vision Pro technology being really game changer on this front for F-One.
- ▶ 4:16:16 David Rosenthal Acquired doesn't need to do product development for Apple and F-One here, but like, uh, this is a bull case for Apple becoming a major partner of F-One.
- ▶ 4:24:27 Ben Gilbert And special thank you, as always, to Arvind Navaratnam at Worldly Partners for his awesome, awesome write-up on Formula One linked in the show notes.
- ▶ 4:24:48 David Rosenthal Similarly, on my end, thank you again to Joshua Robinson and Jonathan Clegg at The Wall Street Journal, authors of The Formula, truly the best business history book on F-One out there.
- ▶ 4:25:07 Ben Gilbert To Greg Maffei, the former CEO of Liberty Media, when they, of course, bought Formula One from CBC.
- ▶ 4:25:32 Ben Gilbert To Eddie Q at Apple, longtime Formula One fan, and of course, who recently bought the U.S. broadcast rights.
- ▶ 4:25:49 Ben Gilbert To Sid Trivedi, partner at Foundation Capital and lifelong F-One fan.
- ▶ 4:26:07 Ben Gilbert To Nathan Bechez, my good friend and longtime F-One fan, to our friends at Shopify, Toby Lutka and Mikhail Parakin, both total motorsports nuts, and, uh, Toby actually races in another racing series, so kind of fun to get his, uh, his…
- ▶ 4:26:57 Ben Gilbert And lastly, to our friends at Dilupa for providing us with some amazing financial models and spreadsheets of all the historical data on Formula One, just like they did for us on Coca-Cola and Google.
- ▶ 4:27:37 Ben Gilbert And, uh, now if you're fired up about F one, the first race is just a few days away.
The NFL: How small-town teams became America's most valuable sports empire (Audio) · Acquired
- ▶ 3:49:14 David Rosenthal You know, if you look at the NBA, if you look at MLB, if you look at Formula One, if you look at IPL, the fact that so many of the stars came from other countries and bring that fan base along with them is huge, and that has never happened…
Google Part III: The AI Company. Google is amazingly well-positioned... will they win in AI? (Audio) · Acquired
- ▶ 3:56:00 Ben Gilbert I highly recommend anyone go see it, whether you're an F-One fan or not.
Indian Premier League Cricket (Audio) · Acquired
- ▶ 41:16 Ben Gilbert The Formula One Crypto.com Miami Grand Prix was the first Formula One race to use JP Morgan's biometric payments technology.
Starbucks (with Howard Schultz) · Acquired
- ▶ 51:47 Ben Gilbert Yeah, if any of you were at the Formula One race in Miami last month, you may have even seen JP Morgan's biometric payments powering the fast lane checkouts in the merch store.
Porsche (with Doug DeMuro) · Acquired
- ▶ 2:03:34 Doug DeMuro And the coolest part was that the powertrain, which is a big V-Ten, was shared with, initially it was developed for Formula One racing, and then it was evolved to Le Mans racing.
- ▶ 2:03:48 Doug DeMuro They created a Formula One engine.
- ▶ 2:04:07 Doug DeMuro Like to get a Le Mans or Formula One engine homologated for road use is just like mind blowing.
Adapting (by Acquired) Episode 1: Canlis · Acquired
- ▶ 31:56 Mark Canlis Look, just because we're fine dining doesn't mean we're not thinking of, like, 99 other ideas to do, and to us, it's kind of like the Formula One version of putting out a sedan.
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