On the other hand the Motorsport industry could also be limiting its potential. There is a huge and loyal fan base, but it is proving very difficult to tap into when there is not much to offer in exchange to those whose pockets aren't as deep.
Perhaps virtual reality (VR) can bridge the gap and increase engagement in a much more accessible way. And that's the way Pat Symons, CTO of Williams thinks Formula One will be headed.
The 'product'; the Formula One experience, is a good one, but there is little point having a good product if you have limited reach. Your customers need to be the focus and if you cut them off before they get close, you could be missing plenty of opportunities. It also reduces the room for growth and increases the likelihood of competition.
I think VR is a good route to try as it makes the industry more accessible whilst also maintaining the more exclusive side of the business.
"At the moment, we have the data… We’re the ones looking at it as the drivers go around the track. A lot of it is too sophisticated or complex to be easily understood, but as faster data transmission happens, I think it’ll be completely natural for fans to gain access - to log on to a car and see everything that’s going on."