Ferrari has entered into a multi-year partnership agreement with Virtual Gaming Worlds (VGW). Reuters reports that the deal makes the online gaming company a premium partner of its Formula One racing team.
According to the company, the partnership will begin with this weekend's Formula One Grand Prix in Bahrain.
Ferrari Expands F1 Online Gaming Strategy
In a recent statement, Ferrari Chief Racing Revenue Officer Lorenzo Giorgetti stated that the partnership was signed because VGW shares Ferrari's "passion for innovation and thinking outside the box."
"We look forward to working with them in offering new assets and experiences to our loyal and passionate tifosi," Giorgetti added.
According to Reuters, Giorgetti, who joined the Italian group last month, has been in charge of enhancing long-term partnerships with sponsors across all racing activities. He is also in charge of covering the rapidly expanding esports field of video game sports competitions.
VGW is a leader in the gaming technology sector, which complements Ferrari's mission of pushing the boundaries of the racing industry.
The partnership between Ferrari and VGW is an exciting development for the racing and gaming industries.
What This Means for VGW
VGW says that the partnership, which begins with the first race of the season in Bahrain in March, will include VGW's branding on the Formula 1 team's cars, drivers, and crew team wear, and other benefits and potential collaborations.
VGW founder, chairman, and CEO Laurence Escalante described the partnership with Ferrari as a rare opportunity to support the growth of the company's online social games in its core North American market while expanding its global brand.
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The partnership comes at a time when the global gaming industry is expanding at an unprecedented rate, with revenue expected to reach $268.8 billion by 2025. It is also worth noting that North America is expected to remain the world's top-grossing gaming market.
"F1 is a truly global sport with a massive reach that has experienced amazing growth in recent years, particularly in the US, and there's no bigger brand than Ferrari," CEO Laurence Escalante highlights in a statement.
Ferrari and the Gaming Industry
Ferrari's collaboration with VGW is different from the company's first foray into the gaming industry. In 2019, the company revealed a partnership with video game publisher Codemasters that created the official Ferrari Hub in F1 Mobile Racing.
The collaboration with VGW is expected to solidify Ferrari's position in the gaming industry and help the company reach a larger audience.
As the gaming industry expands, it will be interesting to observe how Ferrari and VGW continue to tap into this market and create new growth and success opportunities.
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Stay posted here at Tech Times.
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