BERNIE BEING CANDID: Bernie Ecclestone shares some candid opinions on Formula 1's target market, social media and struggling F1 teams. Image: AP/ Darron Cummings
LONDON, England - Formula 1 would rather cater for an older, wealthier audience than chase a younger generation that cannot afford luxury watches and is more interested in social media, according to the sport's CEO Bernie Ecclestone.
In an interview with Campaign Asia-Pacific magazine, 84-year-old Ecclestone said teenagers were uninterested in the sort of high end global sponsors his series was promoting.
NEED FANS WITH 'PLENTY OF CASH'
Ecclestone said: "Young kids will see the Rolex (watch) brand but are they going to go and buy one? They can't afford it. Or our other sponsor UBS - these kids don't care about banking. They haven't got enough money to put in the bloody banks anyway. That's what I think."
"I don't know why people want to get to the so-called 'young generation'. Why do they want to do that? Is it to sell them something? Most of these kids haven't got any money. I'd rather get to the 70-year-old guy who's got plenty of cash.
"So, there's no point trying to reach these kids because they won't buy any of the products here and if marketers are aiming at this audience, they maybe they should advertise with Disney."
SOCIAL MEDIA 'NONSENSE'
Ecclestone was also dismissive of efforts to widen F1's demographic, with all the teams now employing social media specialists to raise their presence at a time when some television audiences are declining.
Many drivers, not just those who made their debuts as teenagers but also the older ones, are also avid users of Twitter and other social platforms.
Ecclestone said: "I'm not interested in tweeting, Facebook and whatever this nonsense is. I tried to find out but in any case I'm too old-fashioned. I couldn't see any value in it.
"And I don't know what the so-called 'young generation' of today really wants. What is it? You ask a 15 or 16-year-old kid 'what do you want' and they don't know. The challenge is getting the audience in the first place."
'LADIES AND CREDIT CARDS'
Ecclestone said nobody would miss the Marussia and Caterham teams who went into administration in October 2014. With typically controversial language, Ecclestone suggested other struggling teams should simply spend less.
He said: "These teams don't need to be in financial trouble. They need to think about what they have got to spend and do the best they can with that...it's the same problem with ladies and credit cards."