Boardroom spoke to execs behind the Miami GP about how the 3-year-old race has grown into a billion-dollar force for economic development, cultural influence, and brand innovation.
When the Formula 1 Crypto.com Miami Grand Prix first hit the calendar in 2022, it wasn’t just another stop on the global motorsports tour.
For the city of Miami, it was a cultural and commercial opportunity — one that has since generated more than $1 billion in economic impact in just its first three years. This substantial economic impact underscores the event’s growing significance, not only for Formula 1’s burgeoning presence in the U.S. but also for the city of Miami and its surrounding communities.
“This isn’t just a race,” Pri Shumate, Chief Marketing Officer of the Miami Dolphins, F1 Miami GP, Miami Open of Tennis, and Hard Rock Stadium, told Boardroom. “It’s a brand. And it’s built to reflect Miami’s international flavor, creative energy, and luxurious spirit.”
Tyler Epp, President of the Miami Grand Prix, echoed this sentiment, emphasizing that Formula 1 has allowed each race promoter to breathe, live, and establish their value proposition in their own way.
With a deliberate business strategy, Shumate and Epp envision the Miami GP as both a marquee F1 event and an integral cultural touchpoint, fueling the sport’s expansion in the U.S. Boardroom spoke to the Miami GP executives about how the race has grown into a billion-dollar force for economic development, cultural influence, and brand innovation.
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The Economic Impact
The sheer scale of the Miami Grand Prix necessitates a significant investment in human capital. According to a spokesperson for the Miami Grand Prix, the construction and deconstruction of the temporary circuit is a massive undertaking, requiring more than 1,500 people to build the campus between January and May each year. Furthermore, during race weekend, over 18,000 individuals are credentialed to work the event, with the majority of these roles being filled by local community members. This highlights the direct contribution of the Grand Prix to job creation within Miami Gardens and the broader region.
The $1 billion economic impact figure encompasses both direct and indirect contributions. Direct contributions include the aforementioned job creation and contracts with local vendors for a wide range of services. Indirect impacts are primarily driven by tourism and hospitality revenue, as the event attracts visitors from across the United States and the globe, filling hotels, restaurants, and other local businesses.
“Miami is already a hotspot for Super Bowls, Art Basel, and global festivals,” Epp told Boardroom. “But we believe we’ve carved out our own place in that ecosystem. We’re now a staple in the city’s event calendar.”
This year, South Florida Motorsports (SFM), in partnership with Sodexo Live!, curated an even deeper culinary experience to match Miami’s diverse palette. Over 65 acclaimed local and international restaurants will be featured across the Miami International Autodrome Campus, a testament to the event’s commitment to offering a world-class experience that reflects Miami’s diverse food scene. New additions such as Bondi Sushi, American Social, Eataly, Fabel, and Zuma will join returning fan favorites like Ossobucco, Bodega Taqueria y Tequila, and Havana 1957. Premium hospitality spaces will also showcase dishes from Michelin-starred and James Beard Award-winning chefs.
“Our goal has always been to create more than a race — it’s about offering fans an experience that reflects everything Miami represents: vibrant culture, incredible food, and unforgettable entertainment,” Epp said.
As part of their strategy to maintain engagement beyond race weekend, the organizers have established year-round initiatives focused on community enrichment and providing lasting opportunities within the Miami Gardens area. The Miami GP emphasizes community engagement through three core pillars:
- Community-Owned Restaurants: In its fourth year, the Community Restaurant Program has expanded to feature 15 local vendors trackside, with 67% of them being women-owned businesses. This initiative provides these businesses with an international platform to showcase their cuisine, fostering economic growth within the community. In the previous year alone, this program generated over $1 million in pure profit for these businesses, according to Epp.
- MIA in Schools: This program invests in the education of local youth, partnering with over 30 students from Miami Gardens schools and the SEEK Foundation. It aims to inspire and promote careers in critical fields such as innovation, science, and technology.
- MIA Academy: Offering a comprehensive learning experience, the MIA Academy provides enrichment classes followed by a paid 18-week internship. In 2025, 20 students from the local area will be participating, working across various departments. Notably, several former interns have secured full-time positions within the Miami GP organization, underscoring the lasting impact of this initiative.
“Our vision extends far beyond the checkered flag,” Epp said. “We are building an event that not only delivers world-class motorsport but also leaves a lasting, positive imprint on Miami’s economy and its community, becoming an integral thread in the city’s vibrant tapestry.”
Building a Race That Feels Like Miami
From the outset, the vision behind the Miami Grand Prix was to build something bigger than a race. Organizers set out to fuse Formula 1’s global prestige with Miami’s unmistakable energy, pulling in the city’s diverse art, food, music, and cultural influences to create an experience that feels uniquely rooted in place.
“It’s all about authentically representing Miami,” Shumate said. “Not just the parts people already know — South Beach or Calle Ocho — but the full scope of what makes this city move.”
That authenticity is evident in everything, from the curated culinary lineup to the creative brand activations and local partnerships. It’s not just about looking like Miami — it’s about feeling like it. The Miami GP has also leaned heavily into cultural relevance. Each year, the paddock draws a who’s who of athletes, musicians, creators, and Hollywood stars. However, the team behind the event is intentional about how they show up.
‘We don’t do pay-for-play,” Shumate said. “We want to host celebrities who genuinely want to be here. It’s not about using them for marketing. It’s about giving them a standout experience.”
Epp agreed, adding that many high-profile attendees are either influential business leaders entertaining clients or passionate, longtime fans of the sport who genuinely desire to experience the race weekend. This philosophy fosters genuine engagement, where the enthusiasm of celebrity attendees organically translates into social currency and broadens the event’s cultural appeal. But it’s not just about big names. Shumate discussed how the organization recognizes the influence of content creators and the audiences they engage. By giving creators meaningful access, the event extends beyond traditional media cycles and taps into fresh, highly engaged digital communities.
Shumate emphasized that one of her team’s biggest priorities is maintaining marketing momentum year-round through the use of digital storytelling, behind-the-scenes content, and community touchpoints, reminding fans why the Miami GP is always worth the trip. Whether it’s a recap of last year’s grid walk or a sneak peek at campus upgrades, the goal is to build anticipation well before engines fire up in May.
A unique advantage for the Miami Grand Prix lies in its synergy with other prominent properties under the same umbrella, including the Miami Dolphins, Miami Open of Tennis, and Hard Rock Stadium. This allows the Miami GP to cross-promote with other notable sporting brands, fostering a connected ecosystem that makes it easy to weave F1 marketing into the city’s cultural fabric.
“It’s a big advantage for us, both from a commercialization perspective and with our partners, that we can now bring them across platforms and properties,” Shumate said. “Everything happens here at Hard Rock Stadium. It’s becoming this Disney World of sports and entertainment. And we’re using that to our advantage.”
Another key pillar of the Miami GP’s marketing strategy involves fostering impactful brand activations that enhance the overall fan experience. From Crypto.com’s fan-favorite go-kart setup to Heineken’s immersive lounges and Verizon’s tech-driven integrations, partners are deeply embedded in how the event comes to life on-site and online.
Speaking of cross-collaborations, Verizon expanded its partnership with Hard Rock Stadium and SFM ahead of the 2025 Miami GP, deepening its presence across the venue with enhanced 5G connectivity, exclusive Paddock Club activations, and immersive fan experiences that align with its long-term support of significant events and community initiatives in South Florida.
“Some of the most special partnerships are the ones where brands offer their people an incredible hosting experience,” Shumate said. “And then the ones where they really showcase their product in a special way.”
That dual focus — elevating the fan journey while spotlighting what makes each brand stand out — is what keeps these partnerships feeling intentional, not just transactional.
Data-Driven Evolution
The Miami GP team has been proactive in gathering feedback from attendees to refine the event each year. Event organizers regularly survey fans, conduct focus groups, and employ other techniques to gain insight into the race’s audience. Unlike sports with numerous home games that provide consistent data, the single-race weekend in F1 necessitates a keen focus on the insights extracted from each event.
Feedback from the initial years revealed a desire for greater flexibility in ticket options. Previously, only three-day tickets were available. In response, the 2025 event introduced single-day grandstand tickets and Sunday-only campus passes. This change has been met with enthusiasm, with 81% of single-day grandstand buyers being first-time purchasers, demonstrating the effectiveness of this strategy in making the sport more accessible.
“Every year, we analyze what worked and what didn’t,” Epp said. “That’s how single-day tickets came to be. And we’re constantly thinking about fan experience, from walking paths to bathroom ratios.”
Another key insight was the desire among some fans to experience different parts of the track and its amenities across the race weekend. This led to the introduction of multi-day passes, such as the Club Pass, Luxe Pass, and Grandstand Pass, allowing attendees to enjoy varied perspectives and experiences each day.
Notably, 55% of campus pass buyers are from out of state, highlighting the event’s draw for tourists, a spokesperson for the Miami GP told Boardroom. Furthermore, approximately 40% of ticket purchasers are women, indicating a growing interest in Formula 1 among women, which aligns with global trends in the sport.
Staying Ahead of the Curve
As the Formula 1 landscape in the U.S. continues to expand rapidly, the Miami GP recognizes that resting on its early successes is not an option. Now in its fourth year, the Miami GP has carved out a lane of its own, one that stretches far beyond the racetrack. With a strategy rooted in cultural authenticity, year-round engagement, local investment, and fan-first innovation, the team behind the Miami GP has redefined what a Formula 1 race can look and feel like in the U.S. This forward-thinking mentality is crucial to solidifying the Miami GP’s place as a premier destination for motorsport and entertainment alike, which is precisely what the event organizers want to see.
“We want to be the race that people plan their year around,” said Shumate. “And we think we’re well on our way.”
