Formula 1 needs to look beyond a budget cap to address its drop in viewership, Ferrari team principal Maurizio Arrivabene believes.
Arrivabene said he supports the idea of a budget cap but stressed his team is against regulations intended to “equalise” the competition between teams.
“I think from the financial point of view, of course reducing the cost is always more than welcome,” Arrivabene explained.
“[But] it’s not related to the ‘what’, it’s related to the ‘how’. If reducing costs means equalisation it’s not for us. Standardisation is one thing, equalisation is another. Equalisation is not in the DNA of car manufacturers.”
F1’s problems cannot be solved by a budget cap alone, he said. “The problem is a bit more than the simple question related to the budget cap that, as I said, is very important. The question is related to the overall F1.”
The Ferrari boss believes the sport needs to “analyse the mistakes of the past” and focus on why audiences are falling and why it is failing to attract younger viewers.
“We need to go back and to re-launch the sport. Launching the sport is kind of complicated and a complex equation but it’s something that we absolutely need to do and analysing also the audience that we have.
Peak F1: Is the pinnacle of motorsport facing irreversible decline?“If at a certain point you have an audience that is becoming older, older, older and you work to retain what you have and (Inaudible) to acquire – I’m talking about the past – and your attention is less focused on acquiring the young generation, this means that you have a problem.
“If you have a problem, you need to find a solution and the solution is not only related to the budget cap that I underline is important, it’s very, very important, but it’s not the only one solution.”
Formula 1 has failed to respond to how its audience has changed, said Arrivabene. “Our competitor today, in my opinion, they are the PlayStations.
“If you look at Gran Turismo, most probably we need to switch our minds and focus our attention on our competitors. Today we have a broad offer of entertainment and we need to look at everything, not only certain sports and try to equalise everything.
“Is PlayStation a competitor? In my opinion yes. What do you have to do to beat the PlayStation? You have to do something that is more interesting, most probably.”
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