F1 global revenues were valued at more than $1.1bn (£808m) for the 2018 year
Monaco Grand Prix: Live text and radio commentary on the BBC Sport website and app
The Monaco Grand Prix will be cut from three days to two in 2022, says Formula 1’s chief executive Chase Carey.
The PrognosisMonaco 2025 project, part of a blueprint set out in August to rethink the sport’s future, is in the early stages of development.
Carey said the reduction in race date would reduce costs for teams while giving them fewer days to “prepare for the race”.
Speaking after the race, Carey said that while he was looking for the “biggest possible races”, it would include some alterations to the calendar.
“We will see an increase in scope as part of the racing model,” Carey said.
“There will be a slight change to the calendar, but I cannot give more detail than that. We will present more details of those changes.”
Carey, who also suggested that the 2021 start date for the next contract negotiations would be a mixture of “get-to-know-you” time, before a formal discussion with the stakeholders, and a period of real negotiation, said there had been “more momentum than I expected”.
He said: “It’s a global sport. The different business models of different nationalities working together is helping. We have agreement from all the countries and are working through details.”
Carey suggested that developing the sport’s digital and interactive products would be one of the key points of focus over the next five years.
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“It’s really an opportunity to look at how we can have a more digital, seamless and cultural experience,” he said.
“There is more technical work coming, and there is a bigger effort on content, digital live content, consumer and corporate sponsorship and a further refinement of the broadcasting platform.
“We need to look at how the TV experience can become a whole entertainment experience.”
That will involve a strategy to integrate telemetry data from the cars in a way that allows fans and teams to consume it in a more immediate and, on the companies’ terms, competitive way.
“There is a need to make the data more desirable,” Carey said. “There are ways of doing this that just shouldn’t be there, to make it a worldwide and national network. This is a challenge to motorsport.”
Carey also admitted that there is “no shortage of potential sponsors” interested in the sport, although he said the commercial side needed to do a “better job” of bringing new sponsors onboard.
He stressed that the commercial teams had received their allocation of the sport’s revenue for this year ahead of schedule, based on the 2018 race programme, and said his goal was to keep those teams viable over the five-year contract negotiations.
“Mercedes/Scuderia Red Bull Racing were the exception last year,” he said. “We have basically completed their allocation of shares. Most of the teams did everything that we wanted. Some of them had a slight delay but that is all dealt with.
“The commercial teams and the commercial rights holders both paid their money in advance so the situation was fixed and then all our activities started. It was necessary to have a strong commercial model because we need three strong commercial teams.”