The sport of Formula 1 continues to get bigger and better with each year that it takes place. There are years in which new races and locations are added to the calendar, with the 2023 season being one of those that continues to highlight the sport’s popularity as the Las Vegas GP was added to the schedule.
Millions worldwide continue to flock to the global destinations where a race is competed, with every continent – except Antarctica – boasting at least one Grand Prix. Many are petrolheads and love the high-octane action that continues to take place on the circuit. Still, there are others who are enthusiasts because of the technology and science that is involved in motorsport.
F1: Where it all began
When looking back at the history of the sport, we need to go back to the 1950s, as that is when it was first introduced. The concept of motor racing was not a new idea, as it had been commonplace across Europe in the 1920s and 1930s, but it was not until after the Second World War in 1946 that the FIA decided to introduce new rules and the creation of the World Championship of Drivers in 1950 started to create what is known as Formula One today.
The first race is often debated as there are cases in which numerous races can argue that they were the maiden one to take place. Many, though, believe it to be the race competed at the Silverstone race track on 13 May 1950, as it was the first under the guise of the World Championship of Drivers brand. Giuseppe Farina came out victorious for Alfa Romeo in the first season. However, his teammate Juan Manuel Fangio would go on to be one of the most successful race drivers of all time as he secured five World Championships during the 1950s. It was a record that was held for almost half a century before Michael Schumacher broke it in 2003 when the German won his sixth.
Technology has continued to play its role in making the F1 popular
Despite its humble beginnings, F1 has managed to continue to climb into the huge sport that it has through its use of technology. Constructors have been able to use
the latest innovations available to them to make alterations to their cars as they look to continue to try and create the best machine that can compete on the track.
They have had to stick within a detailed rulebook, which has benefited the sport through the years as it has ensured it remains competitive throughout history. Naturally, this has helped to keep the allure with viewers and continue to attract new fans, as the sport is as fair as possible. As a result, it has become a popular betting sport for enthusiasts, as they know each race can provide them with something different and unique.
From the 1960s and right through to the modern era, teams are continually working on using the latest tech to try and give themselves the biggest competitive advantage they can achieve while they remain within the rules. Rules can involve limitations and restrictions on certain materials or equipment. At the same time, there are also financial aspects that need to be considered, as the sustainability of the sport has been a huge concern throughout its history.
F1 has become a big business in the modern-day
Given the popularity of the sport in the 21st century, it is hardly a shock to learn that motorsport is one of the biggest in terms of business, too. The F1 continually generates huge revenues, with it said to have grown by 24% in Q3 of 2023 to $887 million. The 2022 season generated a total of $2.573 billion in revenues, with much of this earned through business sponsorships.
Bernie Ecclestone has been widely credited with taking the sport and turning it into the multibillion-dollar business that it is today, as he managed to agree deals with tracks to give up their trackside advertising in order to host a Grand Prix as part of a package deal.
Broadcasters have continued to pay huge sums of money to be able to exclusively have the licence and the rights to show them. At the same time, fans are spending big sums of money on tickets, team merchandise, and other revenue streams that have helped to increase the funds that are being generated.
Where will F1 go in the future?
As the sport continues to expand in various ways – through the addition of new races, new revenue streams, and greater audiences through new accessible
methods – there is no denying that Formula One should be able to go even further in the future.
It is a global phenomenon that continues to attract millions – if not billions – of people each season. With technological innovation playing as big a role as the sporting action itself, there really does not appear to be too many limits on where this particular motorsport can go, despite its humble beginnings in the 1950s.