F1's popularity was exploding in the US, but its all-but-assured gold mine is suddenly under threat

• With Netflix and "Drive to Survive," F1 was making waves in the highly coveted American market.
• But despite all the hype, there are now problems that threaten that growth.
• The races are boring this year, and the American driver is not good.

Formula One seemingly did the impossible over the past few years: the racing series broke into the American pop culture consciousness. But the racing series' march to US dominance is starting to hit some serious roadblocks that threaten its once-assured gold mine.

The Netflix hit docuseries "Drive to Survive" introduced many Americans to the glitz, glamour, and drama of F1 for the first time. The series also turned the sport into a hot property among US advertisers and networks, who rushed to get in on the popularity boom.

F1 also capitalized on the sudden attention, tripling the number of races held in the US and adding Logan Sargeant, the first full-time American racer in 15 years. Even Haas, the only American entry in the 10-team field, started embracing their red-white-and-blue roots, adding a US flag to their cars after dumping their Russian sponsor.

The newfound love may prove to be short-lived, however, as many Americans will have a hard time sticking with the sport given some recent shifts.

For one thing, the American team sucks (Haas is in 8th place through 10 races), and the American driver is not very good (Sargeant is tied for last place and is consistently outperformed by his teammate Alex Albon despite driving similar cars). Christian Horner, the boss of the dominant Red Bull racing team, was asked about the sport's growth in the US on Bloomberg's "Power Players" and noted that just having an American driver is not enough.

"I think it is a matter of keeping them engaged," Horner said, referring to how to keep Americans interested beyond "Drive to Survive." "I think we ultimately also need a home hero. We need an American driver that's not just there for the sake of it, but that is there competing at the front for world championships and race victories."

But many fans jumped on the F1 bandwagon before there was a stars-and-stripes-clad star, so it's clear that the series faces an even bigger issue: this season has been dull. Many Americans hopped on during a run of spectacularly competitive seasons. But nowadays, Horner's Red Bull team wins every race, and their lead driver, two-time defending champion Max Verstappen, is running away with the drivers' championship.

This dynastic run is starting to wear on American audiences, and that shows in the TV ratings. In 2022, the average US audience size on ESPN and ABC grew 28%, from 949,000 viewers in 2021 to 1.21 million. That included a record for the inaugural Miami Grand Prix of 2.60 million. Through the first half of this season, the numbers are up a more modest 5.8% to 1.26 million. The Miami Grand Prix audience fell 24% in its second year to 1.96 million. And those numbers still pale compared to the less-hyped NASCAR racing series, which averaged 3.03 million viewers in 2022. 

The upcoming F1 movie starring Brad Pitt could help bring more interest. But like, "Drive to Survive," it is one thing to get Americans to tune into drama with a tub of popcorn on a Saturday night. It is something else to get them to wake up in the middle of the night for a race on the other side of the globe where the winner might be decided in the first 15 minutes.