The report said chief executive Bernie Ecclestone has resisted embracing the internet to protect the huge revenue stream of exclusive television rights.
Race highlights are therefore limited to a less than three minute clip put to contemporary music, but Domenicali thinks formula one is being left in the pits.
"The young generation wants to see sport in a different way -- they don't want to see an entire race for one and a half hours", he said.
"This is a challenge we need to" address," the Italian added, revealing that similarly concerned teams are "almost close" to convincing Ecclestone to change tack.
"People have a more impulsive way of living" today, Domenicali continued. "We need to be able to connect with them."