MORE IN THE F1 COFFERS ALREADY IN 2022
Formula 1 bosses have confirmed that revenue for the sport this year is 49% up on the corresponding period in 2021.
For the period between April and June, both 2021 and 2022 featured seven F1 races. Twelve months ago, a number of races were being held in front of limited crowds as the effects of Covid were still being felt. Also, corporate hospitality was still limited.
In the 2022 second quarter, F1 revenue jumped from $501 million to $744 million. That revenue comes from promoters, broadcasters and sponsorship.
The was an operating loss of $43 million for Formula 1 in the early part of 2021 while this year, it was a profit of $49 million.
A statement from Liberty Media, the owner of F1, said: “Race promotion revenue increased due to higher fees generated from the different mix of events held and contractual increases in fees. Media rights increased due to growth in F1 TV subscription revenue and increased fees under new and renewed contractual agreements.
“Sponsorship increased due to the revenue from new sponsors and higher race-specific revenue generated from the different mix of events held.”