Liberty Media CEO Greg Maffei has labeled as 'popcorn fart' Formula 1's current footprint in the US, but is intent on developing the country's audience.
Speaking at a Morgan Stanley technology and media conference last week in San Francisco, Maffei underlined the sport's weakness in America due to a lack of development in the past.
"The US is, you know, it’s a popcorn fart, it’s nothing," Maffei said.
"The opportunity is good, certainly in percentage terms, not in absolute Dollar terms. It is very low. It is with NBC, and it’s not on the main NBC, it’s on their sports channel."
Liberty is determined to grow the sport's interest however, globally but particularly in the US, with revenue streams derived from pay TV and web-based broadcasting.
"I think in the short-term we are unlikely to see margin expansion because even though there are some near-term wins around things like advertising, over the longer term, there’s going to be expense to achieve that."
"There is an enormous opportunity in areas like sponsorship, in the short-term, there are longer term opportunities around digital including gamification, virtual reality. There are opportunities in broadcasting."
As an example of Formula 1's all too discrete presence in the US, Maffei pointed to NBC's undersized $3 million fee to broadcast F1 in the country.
"We are going to do far better on those renewals to the degree a couple of things happen. First, we have passion, viewership etc and two, the extent there’s competition," added the executive.
"What drove the UK? You had BT and Sky and beIN all looking at it. That’s what you need. You need multiple guys finding it important to their business and then you’ll see a good result.
"So some of it is our ability to create a great product but some of it is also the competitive environment in those respective markets for who wants these rights."
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