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[ Insight ]

[ July 26, 2023 ]

From Podiums to Partnerships: The Business of F1's Top Team, Red Bull Racing

From Podiums to Partnerships: The Business of F1's Top Team, Red Bull Racing

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As Formula 1 prepares for its summer break, which begins after this weekend's Belgian Grand Prix, Oracle Red Bull Racing has plenty to celebrate. The team has won all 11 races so far this season, breaking the world record for consecutive wins previously held by McLaren since 1988. Max Verstappen took the top spot in nine—an astonishing achievement—while his teammate Checo Pérez raced to victory in the other two.

Not surprisingly, the Austrian team's sponsorship stable is robust, featuring 45 deals with brands including Castore (jersey supplier) and Tequila Patron (official spirits partner). Oracle Red Bull's social media posts have engaged 6.7M users across 76 unique posts—including its top post, on Instagram featuring a photoshoot of Verstappen and Pérez before their home race in Austria, which scored a total engagement of 731K.

Superstar Verstappen, whose marketability soars with every new victory, has eight sponsorships, Red Bull and Heineken among them. His deal with Dutch grocery chain Jumbo Supermarkten is set to expire at this season's end–creating a prime open opportunity for another brand to partner with the red-hot driver, one of F1's most popular figures. His social posts have engaged 8.5M users in the last 12 months, led by an Instagram post following his Drivers' Championship win last season that racked up 1.6M engagements.  

While Red Bull has dominated F1 so far this year, the battle for second place is heating up. Aston Martin, Ferrari, and Mercedes are all in contention, with McLaren steadily climbing the leaderboard after its excellent results in the last three races.

Speaking of McLaren, one of the biggest surprises so far this season has been the return of Daniel Ricciardo to Formula 1, following his departure from the team last year. A longtime sensation on the grid, the Australian driver—who made his first race for AlphaTauri in Hungary last weekend—currently has 13 endorsement deals, garnering a total engagement of 7.1M on his social media accounts with just 14 posts during his short break from the circuit. With his high-profile return, expect to see enterprising brands vying to partner with him as his comeback continues.

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