Zoom Video Communications, Inc. ZM announced a new partnership Thursday, underlining the continuation of the momentum it experienced for much of last year as the result of the COVID-19 pandemic.
What Happened: Zoom, provider of a video conferencing platform, said Thursday it has entered into a new multi-year partnership with Formula 1 to become its official partner.
This partnership will cover multiple touchpoints across the upcoming 2021 FIA Formula One World Championship racing season and beyond, the company added.
Zoom and Formula 1 are working together to provide unique live-sport experiences during and beyond the ongoing pandemic. Guests can join the virtual paddock club through Zoom to take advantage of virtual hospitality offerings, including live updates and insight from legends of the sport across the 21 races scheduled for the season.
Formula 1 guests, global partners and teams can enjoy a seamless, exclusive experience, be it onsite or virtually, the company said.
Additionally, Zoom intends to help Formula 1 reduce its carbon emissions by using virtual meetings wherever possible.
Why It's Important: Zoom and Formula 1 initially collaborated in 2020 for the virtual paddock club experience.
"This new season provides an opportunity for a seamless hybrid model including virtual and on-site activations where the situation allows — offering the best of both worlds for enterprises and their VIPs," said Janine Pelosi, chief marketing officer of Zoom.
"We're proud to partner with F1 and use our brand and technology to shape the future of sports events while also supporting organizations on their mission to become more sustainable."
The new agreement will come into effect with the Formula 1 Gulf Air Bahrain Grand Prix 2021, which is March 26-28.
ZM Price Action: At last check Thursday, Zoom shares were up 0.35% at $315.90.
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(Photo: Formula 1)
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