Formula 1: Great news for F1 as revenue doubles and popularity reaches all-time high: The owner of Formula 1, Liberty Media has reported that the revenue for the sport has doubled as more and more people are showing interest in the pinnacle of motorsport. Formula 1 saw its Q1 income increment by 100% year-over-year to US$360 million for the three months that finished on 31st March 2022. Follow Formula 1 Updates on InsideSport.IN.
The operating income was US$34 million in this period, while in comparison, there was a loss of US$33 million Q1 of 2021. Race advancement, media privileges, and sponsorships played a role in this revenue increase. Besides that, it also has to be taken into consideration that two races were held in the first quarter of 2022, compared to only one in a similar period last year.
Formula 1: GREAT NEWS for Formula 1, Revenue DOUBLES as popularity reaches all-time HIGH
Greg Maffei, the president and CEO of Liberty Media, revealed that the survey crowd for the series’ sprint race at last month’s Emilia Romagna Grand Prix was, “Up 28 percent versus the qualifying last year at Imola.”
“We also see record demand in the US early in the season. On ESPN, viewers for the Sunday race in both Saudi Arabia and Bahrain were up 56 percent,” Maffei concluded.
Liberty media’s report also claimed that the number of race attendances in 2021 was low because of the pandemic. Meanwhile, F1’s Paddock Club VIP accommodation offering also didn’t work in the principal half of last year’s season.
F1 doesn’t expect its outcomes in 2022 to be affected by such limits. However, fan participation keeps on being evaluated by important government experts on a race-by-race premise.
Formula 1: GREAT NEWS for Formula 1, Revenue DOUBLES as popularity reaches all-time HIGH
There’s been a growth in membership income from F1 TV, alongside broadcast expansions with the likes of Australia’s Foxtel and Singapore’s StarHub. Partnerships with MSC Cruises, Lenovo, and Tata Communications during Q1 2022 also played a role in the revenue increase.
Today, we start our journey to a new tomorrow. #TataCommunications is proud to be the Official Broadcast Connectivity Provider of @F1. Experience the world’s greatest racing spectacle, powered by our ultra-fast network. Read more: https://t.co/nKupcIoanx #EmpoweringTomorrow🏁 pic.twitter.com/HUP1rtyxJ3
— Tata Communications (@tata_comm) March 16, 2022
Stefano Domenicali, the president and chief executive of F1 added, “We’ve had a phenomenal start to the 2022 Formula One season, building on our momentum from a successful 2021.”
“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,” Domenicali further elaborated.
Formula 1: GREAT NEWS for Formula 1, Revenue DOUBLES as popularity reaches all-time HIGH
