Formula One: "Away we go" or "driving to survive"?

Formula One Group -- previously known as Liberty Media -- is the company that is responsible for the marketing and commercialisation of the Formula One motorsport competition.

The FIA, the motorsports regulatory body, is in charge of the rules and technical side of Formula One.

At a glance, Formula One has never been more popular.

Due to the Netflix series, Drive to Survive, the sport has undergone an enormous shift in its popularity, especially amongst female fans. This was further enhanced by the release of a successful movie, financed by Apple, and starring Brad Pitt.

However, I also believe that the sport is at a crossroads.

This year is the start of new regulations that have seen a significant increase in the amount of power generated electrically in its cars compared to previous years. Now, almost half of a car's power is generated by a battery versus the internal combustion engine where as in previous years, the vast bulk was generated by the V6 ICE engine.

This move actually led to interest from new teams such as Audi and Cadillac. To the point that a Formula One race now has 22 cars competing in a grand prix versus 20 cars the year before.

It also makes sense in a general context if you view Formula One as an innovation centre for the automotive industry. Cars are increasingly turning to hybrid or pure electricity for power generation.

But it has caused significant problems in terms of the "sport" of Formula One.

While still early in the season, the drivers have been highly critical of the new regulations and the performance of the cars. With Ferrari driver, Charles LeClerc, comparing driving a Formula One car to playing Mario Kart, while multiple world champion and Red Bull driver, Max Verstappen, has been highly critical of the cars and has openly discussed leaving the sport and is openly competing in other racing categories. This is on top of what has already been years of criticisms about the lessening excitement of races and the lack of overtaking. There are already real safety concerns that are unique to these new regulations and are being investigated, which could impact the interest of some teams continuing to stay in the sport.

This, I believe, puts Formula One at a crossroads, as at the exact time its popularity is arguably at its highest, there is considerable unhappiness from its drivers and many of its legacy fans about the quality and kind of racing that is taking place.

Now, Formula One Group would be hoping that the new "Drive to Survive" will make fans be more invested in the image and brand of Formula One rather than the technical side of the sport.

But there is a risk that if drivers continue to disparage the performance of the cars, highly marketable names leave the sport, such as Max Verstappen, and legacy fans start to follow other motorsports that show a lot more of the "traditional" racing they used to like about Formula One, then the brand will be damaged and be worth less.

And, in the case of Formula One Group, the brand is THE asset. It is what attracts the fans, the wealthy, the luxury, sponsors and the cities willing to pay a fortune for the chance to host a race.

And that is the core narrative: at the moment, Formula One is riding high and arguably the most popular it has ever been. But this popularity, the movies, the Netflix shows, are hiding real questions bubbling underneath the surface about what actually is Formula One, and the answers to that question can have a real impact on what Formula One looks like in the future, for better or worse.

In short, it is a much riskier proposition than many might consider it right now.