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Snapchat Teams Up With Formula 1 for Grand Prix Stories

Variety logo Variety 7/13/2017 Janko Roettgers
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Snapchat maker Snap Inc. has teamed up with Formula 1 just in time for this coming weekend’s British Grand Prix. Snapchat will cover the event, as well as future races, through its Our Stories feature, meaning that it will editorially curate Snaps generated by attendees.

The partnership represents Formula 1’s first commercial partnership with a major digital platform of this kind. It’s part of the company’s digital expansion, which also includes its own Formula 1 app and website.

“This is the first step towards expanding our social media strategy,” said Formula 1 Head of Digital and New Business Frank Arthofer in a statement. “Snap’s platform is one of the most popular among ‘millennials,’ a sector we are particularly keen on attracting, as it represents the future of our sport.”

“We are honored to be partnering with Formula 1 and are excited to offer their teams, drivers, and sponsors an opportunity to reach millions of Snapchatters around the globe,” added Snap’s VP of Partnerships Ben Schwerin.

Snap has struck similar partnerships with a number of sports leagues and broadcasters. The company renewed its partnership with the NBA last October, and announced a deal with NBC to cover the 2018 Winter Olympics earlier this year.

These deals have helped Snapchat to grow its revenue, but the company is struggling with user growth, especially in light of increasing competition from Facebook’s Instagram. Investors have been wary of Snapchat’s fortunes as of late, driving Snap’s stock below its IPO price, and erasing some $15 billion from its market cap.

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