Cultural Capital is Beating Ad Dollars, Formula E is Proof

Formula E was meant to be motorsport’s clean-energy future. Eleven seasons in—with a $3B valuation and four OEM exits (Audi, BMW, Mercedes, and soon McLaren)—is it still a growth league or just a sleek B2B showroom?

The 2025 season wrapped in London with record reach, top-tier tech, and Gen4 cars in development. But beneath the gloss lies a strategic dilemma: team exits, weak fan stickiness, and sponsors treating it more like an ESG billboard than a cultural platform.

Is Formula E still accelerating or just stalling in style?

And the viewership followed:

The global audience increased 35% year-over-year to 491 million. Like in the U.S., CBS pulled 10.5 million viewers. The UK, Germany, and France also posted record highs. Faster than F1. More efficient than anything on the road. But still struggling for hearts and eyeballs.

Despite solid backing from Jaguar and Porsche, the grid has shrunk to just 10 teams, following high-profile exits. So what’s it worth? Some peg Formula E’s valuation around $3 billion, but much of that is tied to Liberty Global’s broader sports-media play, not pure fan momentum.

Surprisingly? It still makes a strong case for the future. Want to know how?

Formula E started as a napkin sketch in 2011, literally. Over dinner in Paris, Alejandro Agag and then-FIA President Jean Todt imagined a fully electric race series set in global city centers, built to attract a new kind of motorsport fan. In 2012, the series was born. It launched in 2014 with an exclusive FIA electric license, now extended through at least 2048.

But can it still claim to be the future? Maybe. And here’s why.

The upcoming Gen4 cars could pack up to 600 kW of power, almost F1-fast, but fully electric and emissions-free.

But there still is a problem.

The sponsorship-fanbase gap 

Popularity up, participation down

Between 2021 and 2024, Formula E viewership jumped 55% (316M → 491M), and its global fanbase grew from 344M to 374M. But while audiences rose, teams dropped—from 12 to 10—as Audi, BMW, Mercedes, and now McLaren exited. The 2024 São Paulo opener drew 40M viewers, but overall, it’s a mixed picture: more eyeballs, fewer teams.

Formula E isn’t failing—but it is flattening. It’s nailed B2B: ESG optics, innovation, city access. What’s missing is fandom. Without rivalries, emotional equity, or strong media pull, cultural traction stays thin. Gen4 cars and Liberty Global’s media push over the next three seasons will decide if this is motorsport’s future—or just a carbon-neutral cul-de-sac.

Sponsorships used to be about airtime and eyeballs. Now, it’s all about trust. Caitlin Clark’s Nike deal grabbed headlines, but Angel Reese’s slower, story-led rise shows where real value lies. In women’s sports, cultural capital isn’t hype—it’s driving returns.

When Ian Schafer, President and Co-Founder of Ensemble, was asked by Chloe Mitchell in our Essentially Sports All-Star interview about what makes a creator-brand partnership truly shift sports culture, not just go viral, he said: “I think it's about trust… and it's something that is in very short supply.” And he’s right.

Today, it’s not just about brands choosing athletes—but athletes choosing brands. As Ian Schafer said, what works is a trust triangle: Brand ↔ Creator ↔ Audience. In women’s sports, it’s not about who gets seen, but who gets believed.

As Ian further added, “They know that is how creators make their money. So, I think they're totally cool if they feel like the creator chose the brand as much as the brand chose the creator. But that needs to come out.” Need proof?

Caitlin Clark: Big buzz, slower follow-through 

In April 2024, Nike signed Caitlin Clark to an 8-year, $28M deal, just as she came off a viral NCAA run.

Angel Reese: Authenticity wins attention

While Clark grabbed headlines, Angel Reese did her thing.

By mid-2025, Reese had surpassed Clark on Instagram (5M+ vs. 3.6M followers).

Why women’s sports thrive on cultural capital

Women’s sports bring two powerful things:

Look at what happened in 2024 with the WNBA:

They're proof that cultural capital is outperforming traditional ad value. As Ian Schafer said, it's time to: "Raise the floor, not just the roof." Want to know such women?

Azzi Fudd (UConn)

Cavinder Twins

How smart brands are playing the long game

Brands that win aren't chasing moments; they're embedding early with the right cultural voices.

Nike: move to zero

• A sustainability campaign that cut emissions by 75% in fleece production

• Paralleled by ads with Clark built around doubt

• As of 2023, 78% of Nike, Jordan, and Converse products include recycled materials

PUMA x Formula E

• Focused on sustainability, equality, and tech

• Partnered with Skepta and supported 5,000+ girls via the Women Win initiative.

What smart brands are doing differently

• Athletes = Broadcasters
  Naomi Osaka and Angel Reese drive more buzz than ESPN.
  Creator content earns 4x the engagement of brand posts.
  Nielsen and Whalar/Kantar: 62% of creator videos outperform 77% of ads.

• Multi-Platform Builders
  Coco Gauff's NB shoe had rapid sell-through, driven by influencer buzz.
  Women athletes don’t just endorse—they build stories, products, and movements.

• Trust = New ROI
  Impressions fade. Relationships don’t.
  Culturally aligned WNBA sponsors saw a +280% ROI.

Brands chasing attention are burning through budgets with little loyalty to show for it. In women’s sports, where storytelling and scarcity drive value, the real ROI lies in being early, authentic, and embedded. Cultural capital isn’t just what athletes carry—it’s what they transfer.

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