From Marlboro to LVMH: How the business of F1 evolved into a $21 billion giant

When Albert Park opens its gates for the 2026 season opener in Melbourne this weekend, it signals a new era of Formula 1, with new engines, new teams, new drivers, new sponsors and billion-dollar revenue opportunities for a sport that has evolved into a US$21.2 billion entertainment giant.

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Long before the days of Netflix’s Drive to Survive, Louis Vuitton trophy cases and million-dollar trackside hospitality suites, the business of F1 was a very different operation from the one before you today. What’s changed and how did it become a calendar staple for some of the world’s richest and most influential powerbrokers?