Time for F1 to embrace alternative media

The fall in Formula 1's television viewing figures by 50 million in 2013 prompted many doom mongers to suggest the end was nigh for grand prix racing. Such a huge drop-off in interest, at a time when F1 is crying out for more fans and bigger sponsors, was viewed as a warning sign for the extent of the trouble it was in.

The move to pay-TV channels, in a bid to chase the only networks that could afford the huge rights fees F1 demands, has not unsurprisingly led to a dramatic cut in audiences - already weakened by Red Bull dominance and less-than-spectacular racing.

That the audience in France dropped by 17 million in 2013 when F1 moved to pay TV shows the dangers the sport faces in chasing the big-money deals.

Going forwards, there are fears of F1 being trapped in a vicious circle. For with audiences falling away, the money that stations are then willing to pay for broadcast rights reduces and the sport effectively earns less for smaller and smaller audiences. In the end, no station is going to pay for a sport that nobody is watching.

While some have been bigging up such a doomsday scenario, there is another school of thought that some within the paddock talk about. It is that F1 actually has a very bright future of mass-market coverage and incredible revenue. And it's not from television.

Instead, the answer is right in front of many of us already: Twitter and YouTube. For years now, it has appeared that the only relationship Bernie Ecclestone and Formula One Management have had with both platforms has been in shutting down unsanctioned video footage that has appeared online.

How we view F1 could be very different in a few years' time © XPB

The appearance of F1 clips has been viewed as an inconvenience to the old television business model, potentially robbing official broadcasters of viewers. That, though, is old-world thinking, for the media landscaping is changing fast.

And the reality is that soon F1's commercial chiefs will have to make the call: do they stick to the declining old model? Or do they embrace a new way forward that could open up untold possibilities for the sport - both in revenues and audience numbers?

Look what America's National Football League (NFL) has done with Twitter. It struck a deal last year for near-instant replays and highlights of matches to become available as promoted tweets on the social media site.

Instantly, content is being pushed to fans - be it through mobiles, work computers, laptops or entertainment systems. The potential is massive. Which F1 fan would not dive on to their mobile for a replay of a fantastic overtaking move, dramatic onboard highlights, or a short review package of a race available a few minutes after it had happened?

That Twitter path is not just about boosting audiences though, because there is revenue in it, too. The NFL/Twitter clips have embedded adverts, with mobile network Verizon and fast-food giant McDonald's instantly signing up to get their messages out there.

This deal hasn't stopped the rights of NFL matches still being sold to pay-TV channels. It maintains the audience and rights incomes, and works to boost profile by bringing the sport to more people, thus making life better for the traditional broadcasters rather than worse.

YouTube, with its huge reach, is also heading down the revenue-sharing path. Teams are hamstrung in what they are allowed to put up there right now, but even a short audio clip that Mercedes published earlier this year got 600,000 views - a figure higher than some live pay-TV races get. There is ad revenue off the back of it too.

F1's TV audience may be in decline, but that doesn't mean the end is nigh. If the sport's chiefs react, and view avenues like Twitter and YouTube as opportunities rather than threats, we'll all be watching F1 more than ever before - and they and the teams will earn more.

What is there to lose?