Formula 1 is "planning to develop its own online streaming platform as part of a wider evolution around the sport’s broadcast model," according to Tony Connelly of THE DRUM. F1 CEO Chase Carey revealed the company "intends to launch its own OTT streaming platform where fans can pay for a Netflix-style service with dedicated F1 content." Carey described OTT as a "tremendously important opportunity" and highlighted the need for the sport to better utilize digital platforms. He said, "We were really a non-player in the digital platforms, so whether it's free, pay or digital, we want to make sure we're engaging with them all." He said that the service "would cater to dedicated fans looking for a deeper insight into the sport and the on-track action as a means of making the offering attractive enough to convince fans to pay for the service." Such a service is "unlikely to appeal to less dedicated fans of the sport" and "could potentially impact on the value of F1’s current TV deals." However, new owner Liberty Media believes that "strengthening the performance of F1’s digital model will make it more appealing and ultimately help grow its commercial revenue" (THE DRUM, 6/7).
