Silverstone feared the disappearance of the GP before the arrival of Liberty Media
The takeover of F1 by Liberty Media allowed the Silverstone Circuit to see its customer retention rate increase exponentially. According to the circuit's boss, the organizers "lacked confidence in themselves" in the strength of the event before this.
After buying the Formula 1 World Championship in 2017 for nearly 8 billion dollars, the American group Liberty Media launched a satisfaction survey among the fans, open to all those who attended a race. The British round has consistently ranked first every year, except in 2020, when the COVID-19 pandemic forced the event to take place behind closed doors.
Between 2014 and 2021, the British Grand Prix recorded attendance figures ranging from 340,000 to 356,000 people per weekend. However, the 2022 edition exploded, reaching a total of 401,000 people over the three days. Previously, Silverstone was operating under the assumption that one-third of its ticket holders would repurchase for the following year, which allowed them to generate the majority of their audience annually.
Since then, the retention rate has reached 89%. The race organizers claim that they have reconsidered the importance of the GP for Great Britain, which has given them a new level of confidence. The General Manager of Silverstone, Stuart Pringle, stated: “The circuit has hosted major Grand Prix events for many years. Perhaps we lacked self-confidence some time ago.”
« We didn’t know how good we were, how loyal our fans were, how deeply rooted it was in the sporting culture of this country. But we objectively recognized it. Thanks to the survey conducted by Liberty among supporters, we feel competent when we are told that we are doing a good job and we see it in our re-enrollment numbers. »
With their regained self-confidence, the CEO of Silverstone acknowledges that with the Formula 1 Grand Prix, the organizers have an amazing product.
The dominance of Red Bull has not slowed ticket sales this year
Stuart Pringle added that these efforts meant that Red Bull’s dominance in the current campaign did not necessarily pose a major threat to the popularity of future British GPs. For him, the only part of the weekend’s content that we control is what happens on the main stage. Everything else, everything that happens on the track, comes as it comes from Formula 1 itself.
« If the championship is a siesta party because one team dominates and has been doing so for several years, then it’s a risk… but we were sold out before the start of the season. The fact that Red Bull won 100% of the races this season has had no impact. We want the season to come alive. But if the British Grand Prix is a full-fledged event, that should reassure us. »
On the occasion of this year’s Grand Prix, Silverstone has booked headliners Calvin Harris and the Black Eyed Peas to enhance the fans’ experience.
