Martin Sorrell Quotes
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The world is changing. And a lot of people in Formula One are starting to understand this.
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Formula One does very well. It is a very interesting asset. Could it be run in a different way? Sure it could be. Could it be improved? I'm sure it could. But all I can say is, it seems to do pretty well.
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I was carrying Jackie Stewart's bag! Formula One was pretty much the same back then.
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In our business, except in media buying, there are few economies of scale. Client perception of creative agencies is that the bigger they are, the worse they are.
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Virtual Reality for Formula One could be fantastic - driving the car!
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Bernie [Ecclestone] has not been shy to say one or two controversial things. The last person in the UK who described his product as being crap in public was one Gerald Ratner - and he was gone immediately. But not Bernie! What it tells you is that the demand for live sporting rights, the demand for global or regional events, is so powerful that you brush aside some things because there aren't so many of these events.
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In that - and that is my personal view - Singapore delivers the most value, as they think about Formula One as a complete entertainment event, on and off track.
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That might be the old model: to get a fixed fee. You have to start to think about other models and how they can generate interest - what it can do for a brand in the future - and about the fact that revenue can also be generated in many other ways... Just look at the one and a half million people at the free Rolling Stones concert in Cuba. And Cuba is not Central Park! So just use your imagination as to what kind of revenue can be made.
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In an era of transparency, you can have innovation without branding, but you cannot have branding without innovation.
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That is again a romantic notion: the hero. I think people enjoy a much more levelled playing field where you have the ability for many people to become heroes.
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Just take the lack of presence of F1 in the United States. In theory - and logically - you would have an East Coast Grand Prix, a West Coast Grand Prix, and I think you should have a street race in Detroit - it is still the motor capital of the US. You stay in the US for four weeks and could have two to three races, certainly two.
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You must not only focus on the consumer, but also on what it does to you internally - getting people aligned to the strategic mission of the company - what it does to the suppliers, governments, all your stakeholders.
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When you go back to the above names it was a very much narrower situation - the alternatives were far fewer. Today there is much more competition for the 'hero stakes'! And if you think about all the alternatives you have today to spend your time on, the pool of heroes is much broader. It was very much less back then.
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In the old days, you could segment happily. You could put out one message to one segment of the audience, and one to another. That has now gone. You say something to one community and instantly, literally at a click, it's available to everybody. What it means is that if you're trying to craft a message, it's very difficult.
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Technology will have moved on to an unimaginable level in ten years.
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If you ask what keeps me up at night, it's the pressure in the system forcing us to do all sorts of things. Content, data and technology are forcing us to think about business in a very different way.
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The arguments of waste are heavily overdone, because what you do is to accelerate the infrastructure that you have to build anyway, like airports and roads, and in this case it happens much faster. So speaking of a roadmap, without being specific, I would still go for Asia, Latin America, Africa and the Middle East - that's what our clients are really interested in.
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The last person in the UK who described his product as being crap in public was one Gerald Ratner - and he was gone immediately.
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One of the reasons why they are optimistic is that there is more competition. Red Bull has become more competitive, the races have become more attractive - and that is what fans want!
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The fast growing markets - the BRICS and Next Eleven - are the key. The next billion consumers are not going to come from the US or Western Europe - they are coming from Asia, Latin America and Africa. Formula One follows our strategy: fast growing markets, data, and digital. All those three things Formula One has. And it involves a stunning array of companies. Now that doesn't mean there can't be more.
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You have to see it on a broader level. But you also have to activate it properly.
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In fact, if you were interested in a global platform there are only three sporting events: probably the most powerful - or equally powerful [to F1] - are the World Cup and the Olympics, and then Formula One. And there it gets interesting.
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F1 is a fight for people's time. There are millions of options today for how to spend it. That is probably the biggest difference from 1968 to now.
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In the Ridley Scott film 'The Martian' you can do that [virtually driving car]. I have lifted off in the space craft from the surface of Mars, walked in space and looked down into deep space and got terrified, with the headphones and the goggles.
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I recently interviewed Bernie Ecclestone in London. He had a go at women, said [Vladimir] Putin should be running Europe and so on. He enjoys it - he's been doing it for such a long time. He has an entrenched position. The truth be known, he is unique, right?
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The challenges some European economies have are such that it makes it very difficult for them. You have to go where the growth is.
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The technology is already incredible and will improve massively in the next few years. Think about what you could do.
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If you run a country and want to put it on the global map you don't have so many choices. You can get the Olympics, the World Cup or a Formula One race. And the first two are only every four years - and you have them only once.
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Donald Trumps' senior advisor said on CNN that the US Presidential election was the ultimate reality TV show! Appeal to those you want to reach!
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What you want to see [in Formula One] is a highly competitive sport - and the more equal it is the more exciting it is... the more volatile in the sense of results. If you have just one winner continuously it dulls the enthusiasm.
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