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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