F1 pandemic recovery continues as revenue doubles
F1 pandemic recovery continues as revenue doubles
F1 has continued its recovery from the coronavirus pandemic with its first-quarter financial reports showing a 100 per cent rise in revenue from 2021.
The landscape this year is vastly different to that of 12 months ago when the sport was required to adhere to strict Covid protocols in each country and ticket sales were drastically reduced.
The difference of one year is clear in Liberty Media's quarterly results and the doubling of revenue from $180million to $360m.
Although items listed as 'primary' revenue have generated the largest increase, from $159m to $287m, this can be largely credited to the fact two races took place in the first quarter of this year compared to just one last season.
Primary listings include race promotion revenue, media rights fees and sponsorship fees whilst 'other' covers everything else.
It is in this latter category where the return to normality can be clearly seen, with revenue increasing by 248 per cent from $21m to $73m.
For the corresponding period, F1's income shifted from a $33m loss to a $34m profit.
“We’ve had a phenomenal start to the 2022 Formula 1 season, building on our momentum from a successful 2021," said F1 CEO Stefano Domenicali
"The new cars and regulations are delivering as we had hoped, enabling closer racing, more overtaking, battles through the field and thrilling results.
"Our events are attracting growing audiences both in person and across all our platforms.
"We were pleased to announce multiple new sponsors around the start of the season, especially in the technology space. We are thrilled to debut the Formula 1 Miami Grand Prix this weekend!"
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F1 Standings
Drivers
- Oliver Bearman
- Charles Leclerc
- Carlos Sainz
- Lando Norris
- Oscar Piastri
- Pierre Gasly
- Esteban Ocon
- Sergio Pérez
- Max Verstappen
- Alexander Albon
- Logan Sargeant
- Lewis Hamilton
- George Russell
- Nico Hülkenberg
- Kevin Magnussen
- Fernando Alonso
- Lance Stroll
- Valtteri Bottas
- Zhou Guanyu
- Daniel Ricciardo
- Yuki Tsunoda
Races
- Gulf Air Grand Prix of Bahrain 2024
- Saudi Arabian Grand Prix 2024
- Grand Prix of Australia 2024
- MSC Cruises Grand Prix of Japan 2024
- Grand Prix of China 2024
- Miami Grand Prix 2024
- Gran Premio dell'Emilia Romagna 2024
- Grand Prix of Monaco 2024
- Grand Prix du Canada 2024
- Gran Premio de España 2024
- Grand Prix of Austria 2024
- Grand Prix of Great Britain 2024
- Grand Prix of Hungary 2024
- Grand Prix of Belgium 2024
- Heineken Dutch Grand Prix 2024
- Grand Prix of Italy 2024
- Grand Prix of Azerbaijan 2024
- Grand Prix of Singapore 2024
- Grand Prix of the United States 2024
- Gran Premio de la Ciudad de Mexico 2024
- Grande Prêmio de São Paulo 2024
- Heineken Silver Las Vegas Grand Prix 2024
- Qatar Grand Prix 2024
- Grand Prix of Abu Dhabi 2024
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