
F1 enjoys another revenue bump as recovery continues
F1 enjoys another revenue bump as recovery continues

Formula 1 has enjoyed another significant bump in revenue as the sport continues its ongoing recovery following the lean years of the Covid-19 period.
Owners Liberty Media has reported a $47million increase in total F1 revenue for the third quarter of this year, standing at $715m compared to $668m for the same period in 2021, with both staging seven races.
In comparison to 2021, the figure is not as high as in the previous two quarters of this year as midway through last year, F1 started to return to normality with fans attending events and the Paddock Club restarting.
Explaining the figures, a Liberty Media report on F1 stated: "Throughout 2021, and particularly in the first half of the season, attendance at races was limited due to the pandemic.
"Restrictions on fan attendance reduced as 2021 progressed, with all races in the second half of the year operating at either full capacity or with fewer restrictions.
"The Paddock Club resumed normal operations beginning with the Austrian Grand Prix on July 4, 2021.
“F1’s results in 2022 are not being impacted by capacity limitations, and throughout the first nine months of the 2022 season F1 has seen strong growth in attendance in the grandstands and the Paddock Club.
“Primary F1 revenue increased in the third quarter with growth across media rights and sponsorship, partially offset by a decline in race promotion revenue.
“Race promotion revenue decreased due to lower fees generated from the different mix of events held, with one additional race held outside of Europe in the prior year period."
That is with specific reference to the fact F1 staged the lucrative Russian Grand Prix in 2021. The French GP was effectively its replacement in the same quarter this year.
The statement added: “Media rights increased due to growth in F1 TV subscription revenue and increased fees under new and renewed contractual agreements, and sponsorship revenue increased due to the recognition of revenue from new sponsors.
“Other F1 revenue increased in the third quarter primarily due to higher hospitality revenue generated from the Paddock Club, which operated at one additional race in the third quarter of 2022 compared to the prior year period and has seen record attendance year-to-date.”
Overall, there were increases in operating expenses, with team payments rising from $338m to $370m, with other unattributed costs increasing from $111m to $124m.
F1 also reported a slight increase in operating income, up $2m from $80m to $82m
Explaining the rise in costs, F1's statement added: “These costs increased in the third quarter driven by the costs of higher hospitality attendance in the Paddock Club and one additional Paddock Club event operated compared to the prior year period.
“In addition, other costs of F1 revenue grew due to higher commissions and partner servicing costs associated with the primary F1 revenue streams and higher Formula 2 and Formula 3 related costs.
“Selling, general and administrative expenses increased in the third quarter due to higher personnel and IT costs and increased legal and other advisory fees.”
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F1 Standings

Drivers
- 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
- Nyck De Vries
- Liam Lawson
- Daniel Ricciardo
- Yuki Tsunoda
Races
-
Gulf Air Grand Prix of Bahrain 2023
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Saudi Arabian Grand Prix 2023
-
Grand Prix of Australia 2023
-
Grand Prix of China 2023
-
Grand Prix of Azerbaijan 2023
-
Miami Grand Prix 2023
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Qatar Airways Gran Premio Del Made In Italy E Dell'emilia Romagna 2023
-
Grand Prix of Monaco 2023
-
AWS Gran Premio de España 2023
-
Grand Prix du Canada 2023
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Grand Prix of Austria 2023
-
Aramco Grand Prix of Great Britain 2023
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Grand Prix of Hungary 2023
-
Grand Prix of Belgium 2023
-
Heineken Dutch Grand Prix 2023
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Grand Prix of Italy 2023
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Grand Prix of Singapore 2023
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Grand Prix of Japan 2023
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Qatar Grand Prix 2023
-
Grand Prix of the United States 2023
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Gran Premio de la Ciudad de Mexico 2023
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Rolex Grande Prêmio de São Paulo 2023
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Heineken Silver Las Vegas Grand Prix 2023
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Grand Prix of Abu Dhabi 2023
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