1 00:00:02,480 --> 00:00:13,640 Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News. Hey there, welcome back 2 00:00:13,640 --> 00:00:15,920 Speaker 1: to The Deal. I'm your host Jason Kelly, flying solo 3 00:00:16,000 --> 00:00:19,079 Speaker 1: this week and sharing a special interview with the CEO 4 00:00:19,200 --> 00:00:22,000 Speaker 1: of Formula One. It's something a bit different for The Deal. 5 00:00:22,640 --> 00:00:24,960 Speaker 1: His name is Stephano Domenicali, and I got to sit 6 00:00:25,000 --> 00:00:28,000 Speaker 1: down with Stephano back in September for a docu series 7 00:00:28,160 --> 00:00:31,560 Speaker 1: I did with Bloomberg Originals called Power Players, and this 8 00:00:31,640 --> 00:00:33,760 Speaker 1: season we dove into the business of F one and 9 00:00:33,880 --> 00:00:36,800 Speaker 1: motorsport racing overall, so of course I had to speak 10 00:00:36,800 --> 00:00:39,680 Speaker 1: with the big Boss. In this conversation, you'll hear us 11 00:00:39,720 --> 00:00:41,640 Speaker 1: talk about some of the biggest latest deals in the 12 00:00:41,640 --> 00:00:44,760 Speaker 1: world of racing, including the addition of Cadillac to the 13 00:00:44,880 --> 00:00:47,680 Speaker 1: F one grid, and also how Stephano teamed up with 14 00:00:47,680 --> 00:00:50,239 Speaker 1: the folks behind the Brad Pitt movie F One. You 15 00:00:50,280 --> 00:00:52,960 Speaker 1: probably saw that, and the push to bring more women 16 00:00:53,080 --> 00:00:56,120 Speaker 1: into racing through F one Academy. Speaking of which, if 17 00:00:56,120 --> 00:00:58,400 Speaker 1: you haven't listened to our interview with the managing director 18 00:00:58,400 --> 00:01:01,440 Speaker 1: of F one Academy, Susie Wolf, I highly recommend you 19 00:01:01,480 --> 00:01:03,840 Speaker 1: go listen to that episode of The Deal. It'll be 20 00:01:03,840 --> 00:01:06,520 Speaker 1: linked in the show notes. My conversation with Stephano is 21 00:01:06,520 --> 00:01:09,319 Speaker 1: featured in the third episode of My power Player's docu series, 22 00:01:09,560 --> 00:01:12,160 Speaker 1: which focused on how F one is bringing its booming 23 00:01:12,200 --> 00:01:15,119 Speaker 1: business to Miami. So we start off by diving into 24 00:01:15,160 --> 00:01:18,520 Speaker 1: the deal that Stefano made with Tom Garfinkel and Stephen Ross. 25 00:01:18,920 --> 00:01:21,000 Speaker 1: Ross is the owner of the Miami Dolphins and hard 26 00:01:21,080 --> 00:01:24,080 Speaker 1: Rock Stadium where the Miami Grand Prix is located. Tom 27 00:01:24,120 --> 00:01:27,080 Speaker 1: Garfinkel is the CEO, and we spoke to Tom actually 28 00:01:27,080 --> 00:01:30,240 Speaker 1: on the deal last spring. That conversation also linked in 29 00:01:30,280 --> 00:01:33,160 Speaker 1: our show notes. We love the deal. Cinematic universe here, 30 00:01:33,520 --> 00:01:36,839 Speaker 1: but without further ado, here's my conversation with Stefano DOMINICALI 31 00:01:37,000 --> 00:01:51,520 Speaker 1: enjoy so Stephano, great to spend some time with you. 32 00:01:52,120 --> 00:01:54,480 Speaker 1: Let's start here in the United States. I'm in the 33 00:01:54,560 --> 00:01:58,120 Speaker 1: United States. You're back over in London, fresh from another 34 00:01:58,280 --> 00:02:02,720 Speaker 1: weekend of racing. Take me back to the decision to 35 00:02:02,880 --> 00:02:07,520 Speaker 1: go with Miami as a new Grand Prix in the 36 00:02:07,600 --> 00:02:10,080 Speaker 1: United States. Why did you do it? What was the 37 00:02:10,120 --> 00:02:12,680 Speaker 1: pitch back and forth with you and Tom Garfink. 38 00:02:13,160 --> 00:02:15,440 Speaker 2: Well, first of all, it's great to connect Jason, thanks 39 00:02:15,480 --> 00:02:18,160 Speaker 2: for your time. I mean, the pitch is very very 40 00:02:18,200 --> 00:02:22,160 Speaker 2: simple to be solid in our growth in one of 41 00:02:22,200 --> 00:02:25,680 Speaker 2: the most important markets for US. It was important to 42 00:02:25,919 --> 00:02:29,200 Speaker 2: understand where we believe there was the need to create 43 00:02:29,240 --> 00:02:32,760 Speaker 2: the right foundation, and of course, when you're talking about entertainment, 44 00:02:33,080 --> 00:02:36,720 Speaker 2: when you're talking about sport, Miami is in the top list, 45 00:02:37,120 --> 00:02:40,480 Speaker 2: and that it came quite natural to keep hammering down 46 00:02:40,520 --> 00:02:44,120 Speaker 2: as fast as possible that possibility, and as soon as 47 00:02:44,160 --> 00:02:47,840 Speaker 2: came in in the position, I wanted to reconnect with 48 00:02:48,000 --> 00:02:50,720 Speaker 2: Tom and make sure we could be able to find 49 00:02:50,720 --> 00:02:54,160 Speaker 2: a solution that will enable on one side, on Miami 50 00:02:54,200 --> 00:02:57,520 Speaker 2: to build the right infrastructure and to build what I 51 00:02:57,600 --> 00:03:00,320 Speaker 2: believe will be a great legacy for our sport on 52 00:03:00,440 --> 00:03:04,720 Speaker 2: our side, to start really having Miami into the pillars 53 00:03:04,840 --> 00:03:08,239 Speaker 2: of our strategy in US. As you know, we had 54 00:03:08,360 --> 00:03:12,040 Speaker 2: one race since many years in Austin, and we had 55 00:03:12,080 --> 00:03:15,440 Speaker 2: a sort of abs and down in coming out in US, 56 00:03:15,480 --> 00:03:20,240 Speaker 2: having races basically almost everywhere, but without having any kind 57 00:03:20,280 --> 00:03:23,280 Speaker 2: of real strategy there, and of course, as you can imagine, 58 00:03:23,320 --> 00:03:25,600 Speaker 2: now is totally different. So we said, okay, let's go 59 00:03:25,639 --> 00:03:28,160 Speaker 2: to Miami. Let's make sure that we can find a 60 00:03:28,200 --> 00:03:30,680 Speaker 2: solution that could be very very interesting for both of 61 00:03:30,760 --> 00:03:34,600 Speaker 2: us and actually after just a couple of years, I mean, 62 00:03:34,800 --> 00:03:37,920 Speaker 2: Miami seems to be in the calendar since the decade. 63 00:03:38,200 --> 00:03:39,680 Speaker 3: That means that we are very effective. 64 00:03:39,680 --> 00:03:42,640 Speaker 2: I'm very, very happy they were the Tom and mister 65 00:03:42,760 --> 00:03:45,320 Speaker 2: Ross has invested with us and the way that we 66 00:03:45,360 --> 00:03:49,840 Speaker 2: are using their expert is in American sport to develop 67 00:03:49,920 --> 00:03:52,160 Speaker 2: the growth of our sport in US. 68 00:03:52,560 --> 00:03:55,160 Speaker 1: Right, And this was not an easy deal to get done, 69 00:03:55,320 --> 00:03:57,280 Speaker 1: is my understanding, right? I mean, you guys, you know, 70 00:03:57,360 --> 00:03:59,520 Speaker 1: went through a lot of iterations. Obviously there were a 71 00:03:59,560 --> 00:04:01,560 Speaker 1: lot of things going on in the world at the time. 72 00:04:01,840 --> 00:04:04,480 Speaker 1: Do you remember it being a pretty tough deal to 73 00:04:04,480 --> 00:04:05,680 Speaker 1: get over the lines that were. 74 00:04:06,480 --> 00:04:08,440 Speaker 2: Well, that's part of the game, you know, when we 75 00:04:08,480 --> 00:04:12,000 Speaker 2: have two important entity f one from one side, and 76 00:04:12,040 --> 00:04:16,080 Speaker 2: of course Tom and Steve Ross and Miami Miami Dolphins 77 00:04:16,120 --> 00:04:18,800 Speaker 2: Steve Ross group, you understand that the power is there 78 00:04:18,839 --> 00:04:21,320 Speaker 2: on both sides, and of course we both need to 79 00:04:21,320 --> 00:04:21,920 Speaker 2: make sure that. 80 00:04:21,920 --> 00:04:22,800 Speaker 3: That's my philosophy. 81 00:04:22,800 --> 00:04:24,800 Speaker 2: By the way, if you want to have a marriage, 82 00:04:24,880 --> 00:04:27,440 Speaker 2: both has to be happy. You cannot drain up one 83 00:04:27,520 --> 00:04:28,960 Speaker 2: of the others because at the end of the day 84 00:04:28,960 --> 00:04:31,640 Speaker 2: it will not last. And because for me it was 85 00:04:31,760 --> 00:04:35,000 Speaker 2: essential to have a long term vision on that. You know, 86 00:04:35,200 --> 00:04:38,640 Speaker 2: after a little bit of a tennis game, I would say, 87 00:04:38,680 --> 00:04:40,880 Speaker 2: we find the right deal and then now it's really 88 00:04:41,320 --> 00:04:44,159 Speaker 2: boost on and every year we are coming. I think 89 00:04:44,200 --> 00:04:46,880 Speaker 2: Miami is representing an incredible event on which we are 90 00:04:46,960 --> 00:04:47,479 Speaker 2: very proud of. 91 00:04:47,760 --> 00:04:49,760 Speaker 1: And to that point, I mean the long term you 92 00:04:49,839 --> 00:04:52,720 Speaker 1: extended twenty forty one. It's one of the longest extensions 93 00:04:52,720 --> 00:04:55,960 Speaker 1: you've ever had. Why do that? What did you see 94 00:04:56,000 --> 00:04:58,680 Speaker 1: that's different that gave you that level of confidence to 95 00:04:58,720 --> 00:04:59,960 Speaker 1: go that far into the future. 96 00:05:00,920 --> 00:05:03,920 Speaker 2: Very simple, because I go back to the first point 97 00:05:03,920 --> 00:05:06,720 Speaker 2: that you have mentioneding for us Miami is one of 98 00:05:06,800 --> 00:05:07,840 Speaker 2: the pillar of. 99 00:05:07,880 --> 00:05:08,960 Speaker 3: Our strategy in US. 100 00:05:09,400 --> 00:05:12,320 Speaker 2: And on the other side, being long term visionary, we 101 00:05:12,440 --> 00:05:16,760 Speaker 2: can allow also Miami to invest in US. And because 102 00:05:16,800 --> 00:05:18,920 Speaker 2: of the nature of the business we are having today 103 00:05:19,480 --> 00:05:23,000 Speaker 2: is really incredible and we are living and I would 104 00:05:23,040 --> 00:05:25,080 Speaker 2: say a very I would say a golden moment for 105 00:05:25,120 --> 00:05:28,520 Speaker 2: our sport. You know, we demand the things to grow 106 00:05:28,600 --> 00:05:31,560 Speaker 2: the business together. So having the vision such a long 107 00:05:31,640 --> 00:05:34,839 Speaker 2: term will enable both of us to exploit the maximum 108 00:05:34,839 --> 00:05:35,840 Speaker 2: out of our strategy. 109 00:05:36,160 --> 00:05:38,960 Speaker 1: And what is it do you think specific I just 110 00:05:39,000 --> 00:05:40,719 Speaker 1: want to push on this a little bit. What is 111 00:05:40,760 --> 00:05:44,520 Speaker 1: it specifically about Miami both in the US calendar of 112 00:05:44,560 --> 00:05:47,720 Speaker 1: events are called the North American Calendar of F one Events, 113 00:05:47,760 --> 00:05:49,919 Speaker 1: but also in the globe. What does it bring that 114 00:05:50,080 --> 00:05:53,039 Speaker 1: is distinct and what do you take from it that 115 00:05:53,120 --> 00:05:56,760 Speaker 1: you apply across other Grand prix, especially you know the 116 00:05:56,760 --> 00:05:57,880 Speaker 1: one you own in Vegas. 117 00:05:58,279 --> 00:06:01,640 Speaker 2: Well, Vegas has a different approach. We can go through 118 00:06:01,640 --> 00:06:05,360 Speaker 2: that after. But let's say Miami represent the everywhere entertainment, 119 00:06:05,720 --> 00:06:10,159 Speaker 2: also Latin culture, motorsport culture, world of music and fun, 120 00:06:10,240 --> 00:06:14,279 Speaker 2: and of course also place where the business developing dramatically 121 00:06:14,680 --> 00:06:17,520 Speaker 2: positively is there, So therefore we do believe is the 122 00:06:17,600 --> 00:06:19,400 Speaker 2: right place to be and with no question, and I 123 00:06:19,440 --> 00:06:23,679 Speaker 2: would say everyone, not only as as a sport league owner, 124 00:06:23,720 --> 00:06:27,560 Speaker 2: I would say, but also our partners, our teams, everyone, 125 00:06:27,680 --> 00:06:30,040 Speaker 2: all the stakeholders of whom want to recognize that. So 126 00:06:30,360 --> 00:06:33,080 Speaker 2: that's the reason why, as I said, everyone is so 127 00:06:33,200 --> 00:06:35,160 Speaker 2: happy to be there for such a long time. 128 00:06:35,920 --> 00:06:38,880 Speaker 1: And so talk to me about you know, going global 129 00:06:38,880 --> 00:06:41,320 Speaker 1: for a second. Talk to me about the overall mix, 130 00:06:41,400 --> 00:06:44,400 Speaker 1: how that's changed you you recently ahead of the conversation 131 00:06:44,440 --> 00:06:48,400 Speaker 1: we're having you react with Monaco for an extension, is 132 00:06:48,440 --> 00:06:51,239 Speaker 1: the mix basically where you want it at this point 133 00:06:51,520 --> 00:06:54,400 Speaker 1: or where could we see some changes on the margins, 134 00:06:54,480 --> 00:06:56,440 Speaker 1: you know, over the next three to five years. In 135 00:06:56,520 --> 00:06:58,120 Speaker 1: terms of the global calendar. 136 00:06:58,640 --> 00:07:01,880 Speaker 2: I think the global calendar now is reaching out all 137 00:07:02,000 --> 00:07:04,440 Speaker 2: the world that we want. Of course, there are markets 138 00:07:04,480 --> 00:07:09,400 Speaker 2: that are relatively more important in inverting comer because of 139 00:07:09,440 --> 00:07:12,080 Speaker 2: the business wild and what is the oportuno we can 140 00:07:12,440 --> 00:07:15,720 Speaker 2: bring home, both for our stakeholders but also for us. 141 00:07:16,160 --> 00:07:18,400 Speaker 2: But in terms of counting, and you know, I think 142 00:07:18,440 --> 00:07:21,600 Speaker 2: we are a good balance and in term of number, 143 00:07:21,680 --> 00:07:24,560 Speaker 2: we should be around twenty four grand prix and we 144 00:07:24,600 --> 00:07:26,880 Speaker 2: do not to forget that just four years ago we 145 00:07:26,880 --> 00:07:30,520 Speaker 2: were twenty So almost one third of a growth is 146 00:07:30,560 --> 00:07:33,960 Speaker 2: something spectacular because that means that the business is solid. 147 00:07:34,240 --> 00:07:36,720 Speaker 2: We are very strong in Europe, we are very strong 148 00:07:36,760 --> 00:07:39,400 Speaker 2: in America. We are very strong in the Southeast Asia. 149 00:07:39,400 --> 00:07:42,160 Speaker 2: We're very very strong in Middle East. We are good 150 00:07:42,440 --> 00:07:45,520 Speaker 2: in Australia. We have one objective to work on still 151 00:07:45,560 --> 00:07:48,400 Speaker 2: working on is Africa because it's the only county that 152 00:07:48,560 --> 00:07:50,640 Speaker 2: is missing. But we are working very hard to make 153 00:07:50,720 --> 00:07:54,080 Speaker 2: this happening as soon as as we can, but also 154 00:07:54,200 --> 00:07:57,000 Speaker 2: as soon as all the conditions are right, because we 155 00:07:57,040 --> 00:07:59,960 Speaker 2: cannot be there just to let's say, tick the box, 156 00:08:00,080 --> 00:08:02,080 Speaker 2: because we really want to be there in the right 157 00:08:02,120 --> 00:08:04,600 Speaker 2: condition and we are working for that. And if I 158 00:08:04,680 --> 00:08:08,280 Speaker 2: go even to the discussion on you know, new circuit, 159 00:08:08,440 --> 00:08:11,400 Speaker 2: street circuit, traditional circuit, I think that the. 160 00:08:11,320 --> 00:08:12,880 Speaker 3: Beauty of what we're doing today is we have the 161 00:08:12,960 --> 00:08:13,440 Speaker 3: right mix. 162 00:08:13,920 --> 00:08:16,800 Speaker 2: We don't have to deny that we stop from traditional 163 00:08:16,840 --> 00:08:20,239 Speaker 2: track evolving a situation is different because we are now 164 00:08:20,680 --> 00:08:24,920 Speaker 2: you know, very effective in embracing a sort of social 165 00:08:25,640 --> 00:08:28,720 Speaker 2: movement around the city where the ground is hosted. And 166 00:08:28,800 --> 00:08:30,480 Speaker 2: the more we are growing, the more. 167 00:08:30,360 --> 00:08:31,080 Speaker 3: This will happen. 168 00:08:31,200 --> 00:08:34,359 Speaker 2: But it's up to us to maintain the right equilibrium. 169 00:08:34,440 --> 00:08:36,920 Speaker 2: We know that it is essential to be credible in 170 00:08:36,960 --> 00:08:38,959 Speaker 2: what we are doing, and so this is really what 171 00:08:39,040 --> 00:08:39,760 Speaker 2: we are doing today. 172 00:08:40,000 --> 00:08:42,680 Speaker 1: You know, one interesting thing about Miami is you have 173 00:08:42,800 --> 00:08:45,679 Speaker 1: done some interesting experimenting and you see a lot of 174 00:08:45,679 --> 00:08:47,920 Speaker 1: the newer you know, sort of formats and elements of 175 00:08:48,040 --> 00:08:50,880 Speaker 1: F one on display. Sprint races obviously, which you've been 176 00:08:50,920 --> 00:08:54,640 Speaker 1: investing in pretty heavily, and F one Academy is another 177 00:08:54,679 --> 00:08:56,960 Speaker 1: thing that that obviously has been a big investment. Let's 178 00:08:56,960 --> 00:08:59,319 Speaker 1: start with sprint races. You know, that has been a 179 00:08:59,400 --> 00:09:03,160 Speaker 1: very popular format. It extends the weekend. What have you 180 00:09:03,360 --> 00:09:06,800 Speaker 1: seen when it comes to sprints? Should we expect to 181 00:09:06,840 --> 00:09:09,760 Speaker 1: see more of them? How does that fit into sort 182 00:09:09,760 --> 00:09:11,600 Speaker 1: of the business case for F one right now? 183 00:09:11,840 --> 00:09:14,480 Speaker 2: Well, I start from the fact that the Sprint Councils 184 00:09:14,520 --> 00:09:17,520 Speaker 2: started from the fact that our duty is to listen 185 00:09:17,559 --> 00:09:21,240 Speaker 2: to our fans and the customers. Customers are promoters, and 186 00:09:21,400 --> 00:09:24,680 Speaker 2: media are people that are watching form on one. And 187 00:09:24,760 --> 00:09:27,120 Speaker 2: because now we have not only avid fans that are 188 00:09:27,160 --> 00:09:30,120 Speaker 2: falling from one, but also we have new generation of fans. 189 00:09:30,400 --> 00:09:33,600 Speaker 2: You know, my first things that I always said to 190 00:09:33,600 --> 00:09:36,839 Speaker 2: our people is to listen. And listen means that what 191 00:09:36,880 --> 00:09:39,559 Speaker 2: we can do to attract people to stay focused on 192 00:09:39,559 --> 00:09:43,880 Speaker 2: a racing weekend without having drop of attention because you know, 193 00:09:44,080 --> 00:09:47,199 Speaker 2: I know very well that free practice is very interesting 194 00:09:47,200 --> 00:09:51,400 Speaker 2: for drivers, for engineers, for mechanics because you are getting 195 00:09:51,440 --> 00:09:53,400 Speaker 2: ready more and more to prepare the rason the right 196 00:09:53,440 --> 00:09:55,959 Speaker 2: that we want. But this is not actually what people 197 00:09:56,000 --> 00:09:57,720 Speaker 2: would like to see when you're going to the track 198 00:09:57,840 --> 00:10:00,920 Speaker 2: or see television, because they want to see and you 199 00:10:00,960 --> 00:10:03,600 Speaker 2: are doing something to ech is some supporting things when 200 00:10:03,640 --> 00:10:06,800 Speaker 2: you're running. That's what's the starting point at the beginning 201 00:10:06,880 --> 00:10:09,640 Speaker 2: is always when we talk about these new format or 202 00:10:09,720 --> 00:10:12,679 Speaker 2: new ideas, the one that are more resistance to the 203 00:10:12,800 --> 00:10:15,960 Speaker 2: change are the actual people on the ecosystem that are 204 00:10:16,520 --> 00:10:20,000 Speaker 2: naturally very protective of what we are doing. Since many years, 205 00:10:20,160 --> 00:10:22,360 Speaker 2: and now I would say we have moved out from 206 00:10:22,360 --> 00:10:25,319 Speaker 2: this situation, and I see that the reaction to that 207 00:10:25,679 --> 00:10:28,360 Speaker 2: change has been very, very positive. And I think that 208 00:10:28,480 --> 00:10:30,640 Speaker 2: is that our weigh because we are listening to the 209 00:10:30,679 --> 00:10:33,040 Speaker 2: people and that's really the key of success that we're 210 00:10:33,080 --> 00:10:36,440 Speaker 2: having today. Listen to the fans, and that's on us 211 00:10:36,679 --> 00:10:39,320 Speaker 2: to try to make the right decision to apply to 212 00:10:39,360 --> 00:10:41,680 Speaker 2: the sport. I think that is a trend that will 213 00:10:41,720 --> 00:10:44,240 Speaker 2: evolve in the futures for sure, but we need to 214 00:10:44,280 --> 00:10:46,280 Speaker 2: be prudent because for example, next year we have a 215 00:10:46,320 --> 00:10:48,560 Speaker 2: new car that will be totally different. There will be 216 00:10:48,559 --> 00:10:51,880 Speaker 2: a focus on that, and therefore up to that we 217 00:10:51,960 --> 00:10:54,680 Speaker 2: don't know where exactly you're going to be. Therefore, the 218 00:10:54,720 --> 00:10:57,480 Speaker 2: next step of growth in terms of changing maybe in 219 00:10:57,559 --> 00:11:00,960 Speaker 2: terms of quantity that's printed the calendar or the format 220 00:11:01,160 --> 00:11:03,760 Speaker 2: has to be done through the right step of thinking, 221 00:11:03,840 --> 00:11:06,960 Speaker 2: decision making process and so on. But that's definitely a 222 00:11:07,000 --> 00:11:10,640 Speaker 2: trend that we can see people wants to see actional track. 223 00:11:10,880 --> 00:11:15,120 Speaker 2: Actional track means less of predictability, means less time to 224 00:11:15,280 --> 00:11:18,200 Speaker 2: prepare the car and the driver for the final moment. 225 00:11:18,280 --> 00:11:19,400 Speaker 3: That's the really thinking BEI. 226 00:11:31,080 --> 00:11:33,839 Speaker 1: Okay, so you went somewhere where I'm really interested to 227 00:11:33,880 --> 00:11:36,320 Speaker 1: hear more about. This is a massive year we're looking 228 00:11:36,400 --> 00:11:39,800 Speaker 1: ahead to twenty twenty six. The regulation changes. This is 229 00:11:39,800 --> 00:11:42,600 Speaker 1: obviously built into the business model of Formula one. It's 230 00:11:42,600 --> 00:11:45,520 Speaker 1: one of the most exciting things for fans, for all 231 00:11:45,559 --> 00:11:48,840 Speaker 1: the stakeholders that you mentioned. Help me understand something you 232 00:11:48,880 --> 00:11:51,480 Speaker 1: just said, which is, how does that sort of change 233 00:11:52,040 --> 00:11:55,040 Speaker 1: make you think about the frequency of races, the types 234 00:11:55,080 --> 00:11:57,280 Speaker 1: of formats. I want to make sure I understand. 235 00:11:56,920 --> 00:11:58,600 Speaker 3: That absolutely, Jesus. 236 00:11:58,679 --> 00:12:00,880 Speaker 2: I mean next year, as you know, there will be 237 00:12:00,920 --> 00:12:04,120 Speaker 2: a big change in term of technical regulation. Because we 238 00:12:04,200 --> 00:12:07,080 Speaker 2: put at the center of the sustainable feel that was 239 00:12:07,160 --> 00:12:09,880 Speaker 2: relevant in terms of being at the center of the 240 00:12:09,920 --> 00:12:11,120 Speaker 2: technological develop in. 241 00:12:11,040 --> 00:12:12,120 Speaker 3: The automotive industry. 242 00:12:12,520 --> 00:12:15,319 Speaker 2: That's why we have a major manufactur, come manufacturer that 243 00:12:15,400 --> 00:12:17,319 Speaker 2: live in a litt bit of difficult moment that are 244 00:12:17,360 --> 00:12:20,640 Speaker 2: coming back to the sport. So that means that job 245 00:12:20,679 --> 00:12:23,240 Speaker 2: done in terms of done the right decision but there 246 00:12:23,280 --> 00:12:25,160 Speaker 2: will be a totally new car, there will be a 247 00:12:25,160 --> 00:12:27,120 Speaker 2: totally new way of driving the cars. So we need 248 00:12:27,160 --> 00:12:30,360 Speaker 2: to understand how in the track that we are performing 249 00:12:30,559 --> 00:12:33,079 Speaker 2: this will have an effect on the possibility overtaking, the 250 00:12:33,120 --> 00:12:35,959 Speaker 2: possibility of having the right action on the track. So 251 00:12:36,000 --> 00:12:38,880 Speaker 2: that's the focus of next year. Therefore after that, after 252 00:12:38,920 --> 00:12:42,040 Speaker 2: we're going to see how this will develop. We will 253 00:12:42,120 --> 00:12:45,680 Speaker 2: understand if because this will happen in the case, how 254 00:12:46,080 --> 00:12:48,440 Speaker 2: let's say we're going to improve the quantity of the 255 00:12:48,480 --> 00:12:50,800 Speaker 2: typology of the sprint approach. We're going to discuss with 256 00:12:50,840 --> 00:12:53,280 Speaker 2: the FIA, with the teams in the next weeks, in 257 00:12:53,280 --> 00:12:55,640 Speaker 2: the next month, And it's a process that has to 258 00:12:55,679 --> 00:12:56,359 Speaker 2: be done. 259 00:12:56,400 --> 00:12:58,840 Speaker 3: Properly with no anxiety. 260 00:12:58,440 --> 00:13:01,959 Speaker 2: Because we can do mistakes, but we cannot be even 261 00:13:02,520 --> 00:13:05,840 Speaker 2: too shy to try something new. That's the secret. Try 262 00:13:05,880 --> 00:13:08,719 Speaker 2: to be always in front of the change. And that's 263 00:13:08,760 --> 00:13:11,360 Speaker 2: the reason why, for example, not only on that side, 264 00:13:11,400 --> 00:13:13,840 Speaker 2: you know, we were able to push the boundary in 265 00:13:13,960 --> 00:13:16,800 Speaker 2: places or things that have never been done before. I 266 00:13:16,840 --> 00:13:18,960 Speaker 2: go back to the way that we did Netflix program, 267 00:13:19,120 --> 00:13:21,640 Speaker 2: the way that we present for example, the movie this 268 00:13:21,880 --> 00:13:25,360 Speaker 2: kind of or the social media impacting our ecosystem before 269 00:13:25,679 --> 00:13:27,920 Speaker 2: it was not even possible to think something like that. 270 00:13:27,960 --> 00:13:30,720 Speaker 2: But this is the way that we want to, you know, 271 00:13:30,920 --> 00:13:34,240 Speaker 2: use our form of pushing and changing the boundary. I 272 00:13:34,280 --> 00:13:36,920 Speaker 2: was poor to try to be more effective and more 273 00:13:37,000 --> 00:13:40,480 Speaker 2: present with all the people, and that are our fuel 274 00:13:40,559 --> 00:13:41,240 Speaker 2: for the future. 275 00:13:41,600 --> 00:13:44,160 Speaker 1: So you gave me a great segue to F one Academy, 276 00:13:44,200 --> 00:13:47,920 Speaker 1: back to Afune Academy, which obviously is present in Miami, 277 00:13:48,120 --> 00:13:50,439 Speaker 1: and five other play there six total right. 278 00:13:50,360 --> 00:13:51,120 Speaker 3: Seven, totally yeah. 279 00:13:51,360 --> 00:13:53,400 Speaker 1: Tell me about the importance of F one Academy in 280 00:13:53,480 --> 00:13:56,600 Speaker 1: terms of growing the fan base. I know that you 281 00:13:56,600 --> 00:13:58,440 Speaker 1: know Susie and her team have a stated goal of 282 00:13:58,480 --> 00:14:02,000 Speaker 1: getting a woman on the F one grid. There's also 283 00:14:02,320 --> 00:14:04,840 Speaker 1: an element of building the business and the fan base. 284 00:14:05,040 --> 00:14:07,280 Speaker 1: How is that going? How are you able to measure 285 00:14:07,320 --> 00:14:07,960 Speaker 1: that so far? 286 00:14:08,800 --> 00:14:11,200 Speaker 2: Well, it's going very very well, tremendously well. But I 287 00:14:11,280 --> 00:14:14,560 Speaker 2: do once again step back. I mean, you may argue, 288 00:14:14,679 --> 00:14:17,400 Speaker 2: people can argue, is it our role as F one 289 00:14:17,760 --> 00:14:21,320 Speaker 2: to invest in a grass roof project to develop the sport. 290 00:14:21,720 --> 00:14:22,920 Speaker 3: You may say yes, you may say no. 291 00:14:23,000 --> 00:14:26,400 Speaker 2: We say yes with facts investing and the only way 292 00:14:26,440 --> 00:14:28,880 Speaker 2: to attract the female word to our support is to 293 00:14:28,960 --> 00:14:33,000 Speaker 2: create at the beginning a possibility to be on the spotlight, 294 00:14:33,360 --> 00:14:35,920 Speaker 2: to be relevant. We know that it's also a matter 295 00:14:36,000 --> 00:14:38,640 Speaker 2: not only of talent, of matter of quantity. We need 296 00:14:38,680 --> 00:14:42,720 Speaker 2: to create the momentum to attract attention to make sure 297 00:14:42,760 --> 00:14:45,800 Speaker 2: that you know, in the girl's world they cant being 298 00:14:45,840 --> 00:14:48,440 Speaker 2: attracted by our sport and then starting the rooth of 299 00:14:48,680 --> 00:14:51,080 Speaker 2: karting and the other formula. And the only way to 300 00:14:51,120 --> 00:14:53,600 Speaker 2: do is really to do what we did with Susi. 301 00:14:53,640 --> 00:14:56,560 Speaker 2: We create a championship that is, you know, under our 302 00:14:56,600 --> 00:14:59,400 Speaker 2: responsibility where we want to have first of all, the 303 00:14:59,440 --> 00:15:02,320 Speaker 2: attention to is needed to create you know, the vibes 304 00:15:02,480 --> 00:15:05,480 Speaker 2: that is as always as a role model, we try 305 00:15:05,520 --> 00:15:08,480 Speaker 2: to attract the women world to our sport. And on 306 00:15:08,520 --> 00:15:10,920 Speaker 2: top of that, there is the need of the team 307 00:15:10,960 --> 00:15:13,080 Speaker 2: of want to invest with us. And this is what 308 00:15:13,200 --> 00:15:16,080 Speaker 2: has happened because they feel that it is also our 309 00:15:16,160 --> 00:15:19,440 Speaker 2: responsibility to the sport. We had to take away all 310 00:15:19,440 --> 00:15:22,280 Speaker 2: the physical barrier to allow you know, there will be 311 00:15:22,320 --> 00:15:25,600 Speaker 2: no differentiator factor for a man or woman to drive, 312 00:15:25,680 --> 00:15:27,840 Speaker 2: and this has been done. So it's just a matter 313 00:15:27,880 --> 00:15:30,480 Speaker 2: of believing and investing in this project. We know that 314 00:15:30,560 --> 00:15:33,800 Speaker 2: it's not possible unless there is a miracle that something 315 00:15:33,840 --> 00:15:36,120 Speaker 2: will happen in the very short term to have a 316 00:15:36,160 --> 00:15:38,640 Speaker 2: woman or a girl that is very young, you know, 317 00:15:38,760 --> 00:15:41,040 Speaker 2: to be in the F one. But this will happen 318 00:15:41,160 --> 00:15:43,720 Speaker 2: because we do believe. We're going to be very resilient 319 00:15:43,960 --> 00:15:46,240 Speaker 2: to believe in this project up to that moment, and 320 00:15:46,240 --> 00:15:49,600 Speaker 2: this will have also an incredible effect not only on 321 00:15:49,640 --> 00:15:52,560 Speaker 2: the racing side of it, but in the world of 322 00:15:52,640 --> 00:15:55,720 Speaker 2: the female being very very relevant in the world of 323 00:15:55,760 --> 00:15:59,200 Speaker 2: engineering and in the mechanics, in the technician world of 324 00:15:59,640 --> 00:16:00,360 Speaker 2: formal one. 325 00:16:00,400 --> 00:16:01,680 Speaker 3: That's really what we want to do. 326 00:16:02,120 --> 00:16:04,160 Speaker 2: We will not give up and we will keep pushing 327 00:16:04,200 --> 00:16:07,240 Speaker 2: even more to make sure that this relevancy will attract 328 00:16:07,480 --> 00:16:08,720 Speaker 2: more interest to our sport. 329 00:16:09,000 --> 00:16:11,640 Speaker 1: And do you think F one Academy will run in more? 330 00:16:11,960 --> 00:16:13,800 Speaker 1: Is the plan to run it during more weekends in 331 00:16:13,800 --> 00:16:14,800 Speaker 1: the coming seasons. 332 00:16:15,400 --> 00:16:17,760 Speaker 2: I think that is for sure and objective, but we 333 00:16:17,840 --> 00:16:20,600 Speaker 2: need to be prudent in terms of understanding how the 334 00:16:20,640 --> 00:16:24,480 Speaker 2: business is growing. Therefore, yes, but as I said, step 335 00:16:24,480 --> 00:16:26,560 Speaker 2: by step, that's really our strategy. 336 00:16:26,880 --> 00:16:29,560 Speaker 1: Going back to the US aspect of this, obviously a 337 00:16:29,680 --> 00:16:33,040 Speaker 1: huge moment in terms of growing the sport in America 338 00:16:33,200 --> 00:16:35,320 Speaker 1: is the addition of Cadillac to the grid and GM 339 00:16:35,400 --> 00:16:38,520 Speaker 1: sort of coming in. What does that mean? How do 340 00:16:38,560 --> 00:16:41,520 Speaker 1: you model that out in terms of the plan to 341 00:16:41,680 --> 00:16:46,040 Speaker 1: continue to grab the attention and grab some more American fans. 342 00:16:46,360 --> 00:16:49,800 Speaker 2: Well, for sure, Cadillac will play a massive role of 343 00:16:49,840 --> 00:16:53,760 Speaker 2: investing in our sport and invest in in their ecosystem 344 00:16:53,800 --> 00:16:56,120 Speaker 2: to attack people. And F one we don't have to 345 00:16:56,120 --> 00:16:58,720 Speaker 2: forget not only Cada but also forward with Red Bull 346 00:16:58,800 --> 00:17:01,760 Speaker 2: we'll invest be significant for us. So there will be 347 00:17:01,800 --> 00:17:07,120 Speaker 2: a very important key player that with their dimension, will be. 348 00:17:07,160 --> 00:17:10,480 Speaker 3: Able to help us to develop the attention on F one. 349 00:17:10,680 --> 00:17:13,119 Speaker 2: We're working already together to understand what could be the 350 00:17:13,160 --> 00:17:14,639 Speaker 2: synergy that we can play together. 351 00:17:15,080 --> 00:17:18,120 Speaker 3: And this will have an effect for sure because. 352 00:17:17,840 --> 00:17:21,080 Speaker 2: They are very very you know, very important factor. You know, 353 00:17:21,160 --> 00:17:24,840 Speaker 2: they are big automotive companies which a lot of very 354 00:17:25,200 --> 00:17:28,480 Speaker 2: loyal clients and loyal customers that will help us, as 355 00:17:28,520 --> 00:17:30,359 Speaker 2: I said, to be even stronger in US. 356 00:17:30,400 --> 00:17:31,560 Speaker 3: I'm pretty sure about it. 357 00:17:32,200 --> 00:17:34,960 Speaker 1: And it was an interesting journey, to say the least, 358 00:17:35,000 --> 00:17:37,679 Speaker 1: to sort of get Cadillac onto the grid. There was resistance, 359 00:17:38,040 --> 00:17:40,720 Speaker 1: you know, when Michael Andrettie was involved. You finally got 360 00:17:40,720 --> 00:17:43,159 Speaker 1: it over the line. Do you feel like you know, 361 00:17:43,600 --> 00:17:46,600 Speaker 1: no one ever agrees on everything on especially in Formula One. 362 00:17:46,720 --> 00:17:49,280 Speaker 1: We've all watched the show. But do you feel like 363 00:17:49,480 --> 00:17:52,440 Speaker 1: there's a full embraceive Cadillac at this point coming under 364 00:17:52,440 --> 00:17:52,840 Speaker 1: the grid? 365 00:17:53,400 --> 00:17:57,520 Speaker 2: The answer is absolutely easy and simple, absolutely yes. Now, yes, 366 00:17:57,840 --> 00:18:00,720 Speaker 2: the condition has evolved in the way that we believe 367 00:18:00,800 --> 00:18:04,959 Speaker 2: both now are both the old ecosystem is absolutely happy 368 00:18:05,320 --> 00:18:07,160 Speaker 2: and there's no doubt about it. I mean, they will 369 00:18:07,200 --> 00:18:10,160 Speaker 2: be a very important pillar of the next push that 370 00:18:10,200 --> 00:18:11,960 Speaker 2: we're going to have as an effect in not only 371 00:18:12,119 --> 00:18:13,159 Speaker 2: us but in the world. 372 00:18:13,240 --> 00:18:15,359 Speaker 3: But of course this is for the bigger picture. 373 00:18:15,440 --> 00:18:18,159 Speaker 2: They're going to be, you know, focused on trying to 374 00:18:18,200 --> 00:18:20,199 Speaker 2: be very strong on the track, because we don't have 375 00:18:20,240 --> 00:18:22,000 Speaker 2: to forget that there is a sport with a lot 376 00:18:22,000 --> 00:18:24,800 Speaker 2: of competition. So this will have an effect in any 377 00:18:24,840 --> 00:18:36,399 Speaker 2: case on the global attractivity of who we are now today. 378 00:18:41,720 --> 00:18:45,159 Speaker 1: Speaking of competition, you know, there was in you know, 379 00:18:45,200 --> 00:18:47,320 Speaker 1: the past several years, in the twenty three and the 380 00:18:47,359 --> 00:18:53,120 Speaker 1: twenty four season, some concern that you know, maybe Formula 381 00:18:53,119 --> 00:18:55,560 Speaker 1: One had losses of its drama, no shortage of drama. 382 00:18:55,840 --> 00:18:58,960 Speaker 1: You know this season so far, you obviously can't ultimately 383 00:18:59,000 --> 00:19:01,199 Speaker 1: control that, but how how important is it to the 384 00:19:01,240 --> 00:19:04,919 Speaker 1: business that there is real competition, you know, up and 385 00:19:04,960 --> 00:19:08,600 Speaker 1: down the grid, across all the garages, new faces, new 386 00:19:08,640 --> 00:19:11,000 Speaker 1: players coming into it. How much do you sort of 387 00:19:11,040 --> 00:19:14,960 Speaker 1: rely on that to ensure that the business keeps growing well. 388 00:19:15,080 --> 00:19:17,960 Speaker 3: Definitely is a part of a bigger picture. 389 00:19:18,000 --> 00:19:21,239 Speaker 2: There's no doubt that if you have interesting racing, you know, 390 00:19:21,280 --> 00:19:23,720 Speaker 2: sporting things that are happening on the track out of 391 00:19:23,760 --> 00:19:28,679 Speaker 2: the track, or some polemics, or you know, something that 392 00:19:28,800 --> 00:19:30,479 Speaker 2: is related to the fact that we are always at 393 00:19:30,480 --> 00:19:33,880 Speaker 2: the center of the attention is definitely relevant. The element 394 00:19:34,000 --> 00:19:36,840 Speaker 2: for us is to make sure that this has to be, 395 00:19:37,240 --> 00:19:39,280 Speaker 2: you know, at the center of our attention. If you 396 00:19:39,320 --> 00:19:41,240 Speaker 2: look at what is happening today, you know, the gaps 397 00:19:41,280 --> 00:19:43,359 Speaker 2: within the car is very very small. I mean we 398 00:19:43,400 --> 00:19:46,359 Speaker 2: have in qualifying twenty cars in less than one second. 399 00:19:46,640 --> 00:19:50,320 Speaker 2: I mean for the new fans, it's something that is unbelievable, 400 00:19:50,359 --> 00:19:51,439 Speaker 2: the level of competit we have. 401 00:19:51,680 --> 00:19:52,680 Speaker 3: And even in the future. 402 00:19:53,000 --> 00:19:55,000 Speaker 2: What we have done in terms of trying to keep 403 00:19:55,040 --> 00:19:57,639 Speaker 2: that as a very relevant part of the equation is 404 00:19:57,680 --> 00:20:00,600 Speaker 2: that if there will be a new, changeable relation that 405 00:20:00,640 --> 00:20:03,760 Speaker 2: will allow to the field to be less compacted, we 406 00:20:03,840 --> 00:20:06,000 Speaker 2: know how to address the fact that we're going to 407 00:20:06,400 --> 00:20:08,440 Speaker 2: have less time to make sure that the field will 408 00:20:08,480 --> 00:20:09,359 Speaker 2: be compacted again. 409 00:20:09,560 --> 00:20:11,240 Speaker 3: And then, of course the other element that. 410 00:20:11,240 --> 00:20:13,960 Speaker 2: Is relevant is to keep the focus on the personalities, 411 00:20:14,240 --> 00:20:16,960 Speaker 2: on the people that are really, you know, I said, 412 00:20:17,000 --> 00:20:19,800 Speaker 2: the jewel of our sport. The fact that we need 413 00:20:19,840 --> 00:20:23,360 Speaker 2: to keep embracing them at the center of our attention, 414 00:20:23,760 --> 00:20:27,680 Speaker 2: preparing you know, content to develop and to create stories 415 00:20:27,960 --> 00:20:28,760 Speaker 2: is very relevant. 416 00:20:28,760 --> 00:20:29,600 Speaker 3: Because from one. 417 00:20:29,440 --> 00:20:33,000 Speaker 2: Side you may hear from the ecosystem of fur one 418 00:20:33,040 --> 00:20:36,359 Speaker 2: oh maybe twenty four races are too many. I don't agree, 419 00:20:36,400 --> 00:20:39,359 Speaker 2: because you know, our competition is not only in the 420 00:20:39,359 --> 00:20:42,199 Speaker 2: sport field where I don't know, in US, NBA have 421 00:20:42,359 --> 00:20:45,120 Speaker 2: more than eighty games baseball, you know, we don't even 422 00:20:45,160 --> 00:20:47,639 Speaker 2: count even more than one hundred and fifteen hundred and sixty. 423 00:20:47,840 --> 00:20:50,320 Speaker 2: You know, NFL is as a seasonally show, but it's very, 424 00:20:50,359 --> 00:20:52,840 Speaker 2: very long. But we are not competing only with them. 425 00:20:53,000 --> 00:20:56,280 Speaker 2: We're competing with movies, with theater, with events, with attraction. 426 00:20:56,840 --> 00:21:00,400 Speaker 2: That's the dimension which we are now today. Thinking means 427 00:21:00,440 --> 00:21:03,440 Speaker 2: that our field of competition is not any more relevant 428 00:21:03,440 --> 00:21:05,600 Speaker 2: to the sport itself. That means that we need to 429 00:21:05,800 --> 00:21:09,280 Speaker 2: make sure that all the elements of our actor activity 430 00:21:09,600 --> 00:21:10,920 Speaker 2: are pushing that way. 431 00:21:10,960 --> 00:21:14,320 Speaker 1: And to that end, you know, getting involved in storytelling. 432 00:21:14,400 --> 00:21:16,840 Speaker 1: You know, obviously drive to survive with its own phenomenon. 433 00:21:16,920 --> 00:21:18,680 Speaker 1: You and I have talked about that. You've talked about 434 00:21:18,720 --> 00:21:22,000 Speaker 1: it a lot the movie. However, f when the movie 435 00:21:22,560 --> 00:21:24,439 Speaker 1: was a huge bet for you guys, I mean to 436 00:21:24,640 --> 00:21:27,520 Speaker 1: really go in and to you know, open access in 437 00:21:27,520 --> 00:21:30,720 Speaker 1: a way you had never done before. How have you 438 00:21:30,800 --> 00:21:33,000 Speaker 1: been able to measure the payoff for that. Has it 439 00:21:33,119 --> 00:21:37,600 Speaker 1: been noticeable and measurable in terms of new fans coming in? 440 00:21:38,000 --> 00:21:39,480 Speaker 1: How do you assess that so far? 441 00:21:40,560 --> 00:21:40,800 Speaker 3: Well? 442 00:21:40,840 --> 00:21:43,760 Speaker 2: First of all, I remember because exactly I was in 443 00:21:43,800 --> 00:21:48,080 Speaker 2: this office in February twenty one when at the first 444 00:21:48,160 --> 00:21:51,200 Speaker 2: meeting with Jerry Bruckhaiman and Joe Kosiski. They were coming 445 00:21:51,240 --> 00:21:53,720 Speaker 2: here with the Apple people to explain to me this project, 446 00:21:54,200 --> 00:21:56,920 Speaker 2: and I was immediately touched by the fact that could 447 00:21:56,920 --> 00:21:59,359 Speaker 2: be seen a great opportune for us to get into 448 00:21:59,359 --> 00:22:02,159 Speaker 2: a dimension we were not there, and the beauty of this. 449 00:22:02,320 --> 00:22:05,520 Speaker 2: When I presented that to the teams, everyone understood and 450 00:22:05,560 --> 00:22:07,840 Speaker 2: for me it was very important to make sure that 451 00:22:07,960 --> 00:22:11,119 Speaker 2: the product was authentic as much as of course it's 452 00:22:11,160 --> 00:22:14,879 Speaker 2: a movie, but authentic and the beautiful journey that we 453 00:22:14,920 --> 00:22:17,600 Speaker 2: did in the last years to produce it was we 454 00:22:17,640 --> 00:22:20,520 Speaker 2: couldn't touch you know, what has been live sport? What 455 00:22:20,680 --> 00:22:23,960 Speaker 2: is live sport? That's raising that sport? It has to 456 00:22:23,960 --> 00:22:26,639 Speaker 2: be pure. But it was phenomenal the way that we 457 00:22:26,640 --> 00:22:30,840 Speaker 2: were able to with different cuttings, with different production people, 458 00:22:31,280 --> 00:22:33,600 Speaker 2: having the chance to do the movie. And now you 459 00:22:33,640 --> 00:22:36,040 Speaker 2: can see that as finished, you understand or people were 460 00:22:36,080 --> 00:22:39,200 Speaker 2: there understood exactly what was happening. But it was really 461 00:22:39,240 --> 00:22:42,159 Speaker 2: fascinating what we did and that's been an incredible journey. 462 00:22:42,440 --> 00:22:45,959 Speaker 2: The effect not yet measurable in terms of what is 463 00:22:46,000 --> 00:22:49,840 Speaker 2: the real if I may say, dollar effect, but honestly, 464 00:22:50,040 --> 00:22:51,960 Speaker 2: that is not the most relevant thing. I know that 465 00:22:52,000 --> 00:22:54,760 Speaker 2: the movie is really going very very well in terms 466 00:22:54,760 --> 00:22:57,600 Speaker 2: of return on that investment is huge and this is 467 00:22:57,720 --> 00:23:00,760 Speaker 2: fantastic and we have to be proud, But what will 468 00:23:00,800 --> 00:23:03,320 Speaker 2: be the effect. The major effect is in terms of awareness. 469 00:23:03,560 --> 00:23:06,159 Speaker 2: We're going to talk of four one in places and 470 00:23:06,200 --> 00:23:09,000 Speaker 2: with people that no one would have expected to be, 471 00:23:09,480 --> 00:23:12,679 Speaker 2: you know, in touch with I remember I went together 472 00:23:12,720 --> 00:23:16,520 Speaker 2: with Jerry and Joe to a sort of I don't 473 00:23:16,520 --> 00:23:18,399 Speaker 2: know you calling us, but let's say a sort of 474 00:23:18,960 --> 00:23:21,960 Speaker 2: blind session with people that didn't have a clue on 475 00:23:22,040 --> 00:23:23,240 Speaker 2: what we were watching. 476 00:23:23,720 --> 00:23:27,280 Speaker 3: And we went in California and we saw the movie 477 00:23:27,640 --> 00:23:30,800 Speaker 3: and it was an incredible wow effect. And at the 478 00:23:30,880 --> 00:23:31,320 Speaker 3: end of the. 479 00:23:31,280 --> 00:23:33,680 Speaker 2: Movie there was a time of question and answer to 480 00:23:33,760 --> 00:23:37,480 Speaker 2: understand and there were two hundred people and the one 481 00:23:37,560 --> 00:23:41,080 Speaker 2: question was how many people knew about form one before 482 00:23:41,119 --> 00:23:44,840 Speaker 2: this movie. There were two people raising them and one 483 00:23:45,040 --> 00:23:45,520 Speaker 2: was mine. 484 00:23:45,640 --> 00:23:47,200 Speaker 3: After for we said okay. 485 00:23:47,480 --> 00:23:50,320 Speaker 2: And the other question was how many people want to 486 00:23:50,480 --> 00:23:53,560 Speaker 2: follow form on one now from now on? Everyone raised 487 00:23:53,640 --> 00:23:56,160 Speaker 2: up their hands. That means that the effect will arrive. 488 00:23:56,359 --> 00:23:59,080 Speaker 2: We see already after the first two months of the 489 00:23:59,119 --> 00:24:02,439 Speaker 2: movie out that we are having much more content with 490 00:24:02,480 --> 00:24:05,560 Speaker 2: the younger generation. We are asking to these people what 491 00:24:05,640 --> 00:24:07,560 Speaker 2: they are attractive for, so that we are creating a 492 00:24:07,600 --> 00:24:11,200 Speaker 2: sort of data base and understanding. And the incredible thing 493 00:24:11,280 --> 00:24:14,280 Speaker 2: that I take home as something on which need to work. 494 00:24:14,320 --> 00:24:17,880 Speaker 2: We need to be very basic in explaining who we are. 495 00:24:18,640 --> 00:24:22,359 Speaker 2: The question I'm receiving that is fascinating remind us that 496 00:24:22,440 --> 00:24:25,919 Speaker 2: we need to think globally in a different way. We 497 00:24:26,000 --> 00:24:29,080 Speaker 2: are sometimes too technical what we're talking about with sport. 498 00:24:29,480 --> 00:24:31,720 Speaker 2: This is an alert to us. We say, come on, 499 00:24:31,800 --> 00:24:33,760 Speaker 2: we need to talk with new fans, and we need 500 00:24:33,800 --> 00:24:36,240 Speaker 2: to make sure that we can explain ourselves in the 501 00:24:36,359 --> 00:24:38,640 Speaker 2: right way. So that's the beauty of what I can 502 00:24:38,640 --> 00:24:40,760 Speaker 2: see already as an effect of the movie, that has 503 00:24:40,760 --> 00:24:41,440 Speaker 2: been phenomenal. 504 00:24:41,760 --> 00:24:44,480 Speaker 1: All right, last question for you, because we are Bloomberg 505 00:24:44,520 --> 00:24:46,720 Speaker 1: after all, got to ask you about, you know, the 506 00:24:46,760 --> 00:24:50,600 Speaker 1: money coming into the sport. And interestingly, Miami has definitely 507 00:24:50,600 --> 00:24:53,640 Speaker 1: become a race where big money shows up. Big money 508 00:24:53,640 --> 00:24:57,679 Speaker 1: shows up from New York, from overseas, institutional capitalists everywhere 509 00:24:57,720 --> 00:25:00,000 Speaker 1: in sports. What are you seeing in your sport interns 510 00:25:00,040 --> 00:25:03,800 Speaker 1: terms of big money coming in either to buy teams, 511 00:25:04,040 --> 00:25:07,200 Speaker 1: to you know, invest in races. How has the role 512 00:25:07,280 --> 00:25:10,560 Speaker 1: of sort of institutional capital continued to shape the sport? 513 00:25:11,000 --> 00:25:13,720 Speaker 2: Is massive, It's massive, and I can see with facts 514 00:25:13,720 --> 00:25:16,240 Speaker 2: that is not only you know, the fact that we 515 00:25:16,280 --> 00:25:18,080 Speaker 2: can see the value of the frenchis of a team 516 00:25:18,440 --> 00:25:20,960 Speaker 2: is getting higher and higher. The fact that the number 517 00:25:21,040 --> 00:25:23,439 Speaker 2: of team is limited is given to the team that 518 00:25:23,960 --> 00:25:26,680 Speaker 2: investing from one a great value. I mean, we don't 519 00:25:26,680 --> 00:25:29,640 Speaker 2: have to forget that just ten years ago the teams 520 00:25:29,920 --> 00:25:32,199 Speaker 2: had a very low value because of the fact that 521 00:25:32,440 --> 00:25:35,720 Speaker 2: was a lot of financial constraints. Now we're talking about 522 00:25:35,720 --> 00:25:38,359 Speaker 2: billions of evaluation is team and that's something that we 523 00:25:38,400 --> 00:25:40,760 Speaker 2: should be proud of. And this is something that I 524 00:25:40,840 --> 00:25:43,199 Speaker 2: see because we received not only us, but also the 525 00:25:43,240 --> 00:25:45,840 Speaker 2: teams a lot of requests of being part of our 526 00:25:45,880 --> 00:25:49,000 Speaker 2: ecosystem to invest real money. And we see that also 527 00:25:49,040 --> 00:25:51,359 Speaker 2: because we have big partners that investing on us. That 528 00:25:51,440 --> 00:25:55,440 Speaker 2: means that you know, also from that point of view, our. 529 00:25:55,320 --> 00:25:56,879 Speaker 3: World is very attractive. You know. 530 00:25:56,960 --> 00:25:58,879 Speaker 2: I have to say that this is an incredible boost 531 00:25:58,920 --> 00:26:01,520 Speaker 2: for us to be even more responsible to make sure 532 00:26:01,560 --> 00:26:03,720 Speaker 2: that we think the decision for the future because we 533 00:26:03,800 --> 00:26:07,080 Speaker 2: have a nico system of investors that are coming even 534 00:26:07,160 --> 00:26:10,520 Speaker 2: more with the relevant money because they do believe on 535 00:26:10,600 --> 00:26:13,320 Speaker 2: what we're doing. There four great stuff for us to 536 00:26:13,359 --> 00:26:15,960 Speaker 2: look forward because as always said that we need to 537 00:26:16,000 --> 00:26:18,000 Speaker 2: think bigger and that this is not enough. We always 538 00:26:18,080 --> 00:26:21,199 Speaker 2: think that our sports can develop even bigger because we 539 00:26:21,280 --> 00:26:23,560 Speaker 2: have the foundation for these two happen. 540 00:26:23,800 --> 00:26:25,800 Speaker 1: Very good. Well, thank you so much for your time. 541 00:26:25,960 --> 00:26:34,840 Speaker 3: Thanks Jason, Thanks Buying, Thanks. 542 00:26:34,640 --> 00:26:37,040 Speaker 1: So much for listening to this interview from my Bloomberg 543 00:26:37,080 --> 00:26:40,760 Speaker 1: Originals documentary mini series Power Players. You watch the full 544 00:26:40,800 --> 00:26:44,320 Speaker 1: series on the Bloomberg Originals YouTube page. Power Players is 545 00:26:44,320 --> 00:26:47,080 Speaker 1: a production of Bloomberg Originals and this interview was produced 546 00:26:47,080 --> 00:26:50,800 Speaker 1: by Baldwin Tang and Sophia Chalmer. James Nightingale was the 547 00:26:50,880 --> 00:26:54,040 Speaker 1: sound recorded. The Deal is a production from Bloemberg Podcast 548 00:26:54,119 --> 00:26:58,240 Speaker 1: in Bloomberg Originals. This episode was produced by Annamazakis, Stacy 549 00:26:58,320 --> 00:27:01,880 Speaker 1: Wong and Lizzie Phillip. Theme music was made by Blake Maples. 550 00:27:02,200 --> 00:27:06,359 Speaker 1: Our executive producers are Kelly Leferrier, Ashley Hoenig, and Amy Keen. 551 00:27:06,640 --> 00:27:09,000 Speaker 1: Sage Bauman is our head of podcast. If you have 552 00:27:09,000 --> 00:27:11,760 Speaker 1: a minute, subscribe, rate and review our show. It'll help 553 00:27:11,800 --> 00:27:14,879 Speaker 1: other listeners find us. I'm Jason Kelly. Thanks so much 554 00:27:14,920 --> 00:27:15,399 Speaker 1: for listening.