Paramount+ is now an official partner of Formula 1 for the 2023-24 season through a promotional partnership.
The full-season deal follows a short-term agreement between Paramount+ and F1 Ink in 2022. As the streaming service observed a viewership hike at key Formula 1 races.
With the agreement, the streaming service becomes an official partner of the racing league for the first time. The agreement involves using branding on racetracks, digital sponsorships. Also featuring Paramount+ series, movies, and characters prominently in Fan Zone areas. However, it does not involve media rights for Formula 1, which is owned by John Malone’s Liberty Media. ESPN renewed its contract with Formula 1 last year, ensuring that F1 races will continue to be broadcasted on ESPN in the US till 2025.
On Wednesday, the companies announced a partnership to enhance their marketing efforts. However, they did not reveal any information regarding the financial aspect of the deal.
“Paramount+ continues to seek new, innovative ways to reach our global audiences, and I am confident this partnership with Formula 1 will continue to support our growth globally,” said Marco Nobili, executive vp and international general manager of Paramount+.
According to Paramount Global, Paramount+ had approximately 56 million customers at the end of 2022, up from 32.8 million the previous year.
