F1 continues to set records with $243million revenue increase
F1 continues to set records with $243million revenue increase
Liberty Media has reported a revenue increase of over $200million compared to last year for F1 in its latest financial report.
F1 has continued its emphatic bounce back from the difficulties of the Covid pandemic with week-on-week record on-site attendances resulting in a significant revenue increase.
In its second-quarter financial report, Liberty Media detailed that the revenue generated from F1 has increased from $501m to $743m, up 49 per cent.
Seven races took place in the quarter of each year but it must be remembered that events during this period last season were mostly subject to a cap on attendances, with the Paddock Club not active at all.
“The Formula 1 2022 season continues to set records, as we’ve seen exciting action and unpredictable outcomes on the track," said F1 CEO Stefano Domenicali.
"We are attracting fans in person and across all our platforms. We are making meaningful progress working with all of our stakeholders including our teams, race promoters, the FIA and business partners towards our goal to hit net-zero carbon by 2030.”
What drove F1's revenue increase?
The return of fans en masse has been behind the massive revenue increases that the sport is currently enjoying and the breakdown highlights this perfectly.
Primary revenue, items listed as race promotion revenue, media rights fees and sponsorship fees, increased by 35 per cent from $464m to $628m.
With regard to this number, Liberty Media explain: "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 revenue increased due to the recognition of revenue from new sponsors and higher race-specific revenue generated from the different mix of events held."
Explaining the 214 per cent growth of 'other F1 revenue' from $37m to $116m, Liberty Media adds: "Other F1 revenue increased in the second quarter primarily due to an increase in freight revenue driven by the increased number of events held outside of Europe and inflation in underlying costs, as well as higher hospitality revenue generated from the Paddock Club, which F1 operated at 5 races in the second quarter of 2022 but was unable to operate in the prior year period."
Related
Change your timezone:
Latest News
F1 News Today: Horner and Red Bull saga to reignite as F1 legend OFFENDED by official statement
- 49 minutes ago
EXCLUSIVE: Norris and Piastri 'just like what you see on social media'
- 1 hour ago
Hamilton form raises Ferrari F1 move fears
- 2 hours ago
F1 legend OFFENDED by F1's rejection of Andretti's bid
- 3 hours ago
F1 boss holds talks with Prime Minister about potential new race
- Today 10:57
Big name driver 'very angry internally' after controversial battle
- Today 09:57
Related news
F1 legend OFFENDED by F1's rejection of Andretti's bid
F1 boss holds talks with Prime Minister about potential new race
Big name driver 'very angry internally' after controversial battle
Horner Red Bull saga set to reignite with FIA 'evidence' hearing
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
About GPFans
GPFans is a multi-platform, multi-language brand dedicated to Formula One coverage. We bring you all the ins and outs of the sport, 24/7, everything from up-to-the-minute news and features to the latest viral stories and clips.We believe that a new generation of exciting, outspoken drivers will make F1 more popular than ever before, and we want to give our users access to as much of their heroes as possible, on and off the track. From Lewis Hamilton to Max Verstappen, Daniel Ricciardo to Sebastian Vettel, we provide in-depth analysis of every every Grand Prix in the season, from Australia to Abu Dhabi.
With Formula One under the new ownership of Liberty Media, how the sport is being covered is evolving, and GPFans will look to be at the heart of this progression into new media, as one of the fastest-growing sites covering the king of motorsports.
Follow us on your favorite social media channel
Corporate & Media
Innovatieweg 20C7007 CD, Doetinchem, Netherlands
+31645516860