In the 19th century China dominated the manufacture of porcelain. Then European factories discovered a cheaper method of making pottery of equal quality, demolishing the Chinese industry the exact reverse of what is happening now. World economics have turned full circle.

Think through whom you are trying to reach. Tailor what you do and how you do it to appeal to those communities.

And there are some - Bernie [Ecclestone] and others - who are embracing new technologies. When Sky UK started to broadcast there was an argument that audience would come down because it is pay TV. But the actual quality of the production and the use of technology and the engagement of the viewer is much better than it ever was. The product is simply better.

Somebody who is unique - and this will get me into trouble - by definition cannot be replaced.

F1 is exciting, its values are attractive and it could be an even better family sport.

[Formula One racing] will be very different - as the technology will be very different and that will make fans consume it in a completely different way. I said before that I believe that Virtual Reality will hit it big time.

In an era of transparency, you can have innovation without branding, but you cannot have branding without innovation.