I don't think anything be it business or sport can survive these days without social media. Social media Branding and marketing has taken everything to dizzying heights.
It would have been suicidal for formula 1 to continue neglecting social media.
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Yes it would've been, hadn't liberty media bought formula 1. As I said earlier, the previous owner was very skeptical. Let alone understanding the potential of social media, he didn't even consider to think about it, if he stuck to it, formula 1 would've been a dying sport.
But here we are now, enjoying Max Verstappen going for another WDC. It's good for everyone that Liberty Media happened