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[Formula One] is entertainment and it competes with other entertainments - and not with other racing formats. It competes with people's time on a weekend. So you have to deliver.

Martin Sorrell

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Martin Sorrell
Age: 79
Born: 1945
Born: February 14
Businessman
Businessperson
Merchant
Sir Martin Sorrell
Sir Martin Stuart Sorrell
Martin Stuart Sorrell
Entertainment
Competes
Time
Formats
People
Format
Formula
Deliver
Formulas
Weekend
Racing
Entertainments

More quotes by Martin Sorrell

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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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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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Think through whom you are trying to reach. Tailor what you do and how you do it to appeal to those communities.
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The web attacks traditional ways of doing things and elites, and this is very uncomfortable for traditional businesses to deal with.
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It is always easy to criticize, as Bernie Ecclestone is somebody with extreme opinions.
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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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When I think back to 2005, the fast growth markets - what we call the fast growth markets - were probably ten percent of our business. They are now 31 percent.
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If you pay 50 million for something, you probably pay another 50 to 100 million to activate it. And the more you spend, the better you do. There is no point in just buying rights.
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I believe that Virtual Reality will hit it big time. I know that some of my colleagues disagree, but I believe in it.
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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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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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In an era of transparency, you can have innovation without branding, but you cannot have branding without innovation.
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There is much romanticism about Formula One of the past. Today it has to be more of a family sport, not less. It is a fixture in the Sunday afternoon TV programmes, and probably flamboyance - those white silk suits and devil-may-care attitudes - would be outworn attributes today.
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If you look at the sponsorship yields, Formula One - because it happens every year - generates more sponsorship money for a four-year cycle than anybody else. So it is very powerful.
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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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F1 is exciting, its values are attractive and it could be an even better family sport.
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What still amuses me a bit is that in F1 people see the race basically on TV screens. But I am sure new tracks will be built.
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If I were to be super critical, I would say Formula One is too tactical and not strategic enough. And that brings us back to the digital issue: you may have to invest in order to gain - sacrifice some short-term effects in order to make high returns in the future.
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Despite streaming, despite the rise of tablets and smartphones - all the implications which in theory would make linear TV less important - live sporting events are extremely powerful. But it's not the event alone - it's also what's surrounding it.
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Monaco was my first race of the season and I spoke with a number of people and all seemed to be very optimistic.
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