▶ 173:37 · $MBGAF · Formula 1: Fast cars, celebrities, and B2B software (Audio)

episode briefing

Formula 1: Fast cars, celebrities, and B2B software (Audio)

2026-03-05 · 8 company · 1 thematic

sentiment

7 bull0 bear1 neu

speakers

Co-host of Acquired, a podcast analyzing great companies' histories and playbooks. Leads research on sports business models, media rights, and technology investing. Involved in Acquired's LP program and early-stage investments.

david rosenthal

Co-host of Acquired, focusing on company histories and strategic analysis. Former investment banker with media/tech coverage. Co-leads Acquired's research on NFL, NBA, IPL and sports betting dynamics.

quote

“Mercedes does an estimated 200 million in operating income from Formula 1 now... Toto Wolf estimated in 2021 that Mercedes gets a billion dollars of advertising equivalent value.”

—ben gilbert

episode shorts · 2

F1 cars are unbelievably efficient.

The insane stats behind Formula 1

now playing · $MBGAF

$MBGAF···bullish· mediumben gilbert

Mercedes F1 team generates $200M operating income plus $1B advertising equivalent value

Under Toto Wolff, the Mercedes team turned a £1 purchase into a $6B valuation, earning ~$200M operating income on $800M revenue (25% margin) while delivering over $1B in advertisi…

$CRWD···bullish· lowben gilbert

CrowdStrike CEO invests in Toto Wolff's Mercedes F1 holding company

George Kurtz bought into Toto Wolff's personal holding company that owns ~33% of the Mercedes F1 team, signaling sophisticated tech executives view F1 team equity as a compelling…

$NFLX···bullish· mediumdavid rosenthal

Drive to Survive doubled US F1 viewership and shifted fan base to 40% female

Netflix's Drive to Survive series grew US race viewership from 500k to over 1M in three years (80% attributable) and expanded the female audience from 7% to ~40%. The show created…

$TEAM···bullish· lowben gilbert

Atlassian uses Williams F1 sponsorship as a mobile executive briefing center

CEO Mike Cannon-Brooks revealed Atlassian views its Williams title sponsorship not as brand advertising but as a global hospitality platform to host customers at 22 races per year…

$ORCL···bullish· lowben gilbert

Oracle cites Drive to Survive as catalyst for $100M/yr Red Bull title sponsorship

Oracle's CMO stated on an earnings call that watching Drive to Survive led directly to their $500M/5-year title sponsorship of Red Bull Racing, demonstrating the show's power to c…

$RACE···neutral· mediumdavid rosenthal

Ferrari commands 30% of global F1 fan affinity, valuing the team at $6.5B

Ferrari is the only team that has raced every season since 1950 and still captures 30% of all F1 fans as their favorite team. The team receives a historical premium in prize money…

$FWONK···bullish· highben gilbert

Liberty Media compounds F1 equity at 22% CAGR via cost cap and media rights growth

Liberty acquired F1 for $4.4B equity in 2017; nine years later the Formula 1 Group trades at a $22B market cap ($25B EV) EV) driven by the cost cap turning teams profitable, US ex…

$AAPL···bullish· mediumben gilbert

Apple secures F1 US rights at $150M/yr and can leverage Vision Pro to transform broadcast

Apple outbid ESPN for a five-year US media rights deal at ~$150M/year after the Brad Pitt F1 movie grossed $630M globally. The hosts see a bull case for Apple to integrate Vision…

←