The share price of Tata Communications increased by more than 3% today after the Tata group company announced a multi-year strategic collaboration with Formula 1. Tata Communications is returning to sport as the Official Broadcast Connectivity Provider of Formula 1, delivering and improving a world-class, technologically advanced experience for fans around the world. When the announcement was made public, market bulls began to show interest in this Rakesh Jhunjhunwala stock.
Tata Communications will provide Formula 1 with global edge managed network services for video contribution, revolutionising the motorsports experience. For this, the company will facilitate the transfer of more than 100 video feeds and over 250 audio channels between the Grand Prix venue and F1’s Media & Technology Centre in the UK every race weekend in less than 200 milliseconds, allowing F1 to broadcast to over 500 million fans in 180+ territories worldwide.
Tata Communications’ industry-recognized and built-for-media connectivity solutions will enable Formula 1 to transform global broadcast content production while supporting the sport’s drive for agility and sustainability. Tata Communications has reduced the organization’s travelling freight by 34% since the launch of Formula 1’s remote broadcast operations in 2020.
According to Steffano Domenicalli, President and CEO of Formula 1,
“We are delighted to welcome Tata Communications back as a partner following previous successes in our partnerships. They have been an integral part of our growth journey over the last decade, and we completely trust their expertise and abilities to deliver what we need for our fans. This trust has been built over many years of working together, pushing forward advancements in technology in sport – on and off the track. Tata Communications’ connectivity continues to support F1’s drive for agility and sustainability with remote production introduced in 2020 – part of our aim to be Net-Zero Carbon by 2030. We are excited to grow together in the future and share the incredible journey Formula 1 is on.”
According to Amur S Lakshminarayanan, MD and CEO, Tata Communications,
“As businesses evolve to a digital-first model, I believe the sporting world also has a great opportunity to leverage technology for delivering innovative and exhilarating experiences to motorsports enthusiasts. And, Formula 1 is at the core of all things speed, action and thrill. We are delighted to renew our relationship and empower Formula 1’s tomorrow, today!”
