I interviewed Kim Kardashian recently and had a conversation with her mother. A lot of people have various thoughts about Kim Kardashian, her mother and her sisters, but it is an incredibly well thought through concept and branding. Each of the daughters appeals to a different segment of the market.

Marketing is an investment, not a cost.

I believe that Virtual Reality will hit it big time. I know that some of my colleagues disagree, but I believe in it.

If you pay 50 million for something, you probably pay another 50 to 100 million to activate it. And the more you spend, the better you do. There is no point in just buying rights.

That might be the old model: to get a fixed fee. You have to start to think about other models and how they can generate interest - what it can do for a brand in the future - and about the fact that revenue can also be generated in many other ways... Just look at the one and a half million people at the free Rolling Stones concert in Cuba. And Cuba is not Central Park! So just use your imagination as to what kind of revenue can be made.

The technology is already incredible and will improve massively in the next few years. Think about what you could do.

It is always easy to criticize, as Bernie Ecclestone is somebody with extreme opinions.