Formula 1 is in a great place financially, with the sport recording massive growth in terms of revenue midway into the 2022 season.
There was a time when some people thought F1 was at a stagnant period. However, after Liberty media took over in 2017, the sport has seen a massive growth. The number of viewers has increased hugely over the last few years.
A big reason behind this was Netflix’s superhit Drive to Survive docuseries. It provided fans and new viewers with an insight into the workings of F1, and how drivers and team bosses spend time away from the track.
Viva Las Vegas! F1 is coming to The Strip in 2023 🎲#F1 @Vegas pic.twitter.com/QB1ZTry7cY
— Formula 1 (@F1) March 31, 2022
This was appealing to the newer audience, and interest in F1 caught on in several new markets. One of the biggest boosts for F1 was capturing the US Market. Americans had been involved in motorsports for a long time, but most of their focus was in series like NASCAR and IndyCar.
F1’s growth in US allowed organizers to introduce a new race in the country. In addition to visiting Austin, TX later this year, fans already got a taste of F1 in America after the inaugural Miami GP this April.
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Formula 1 rapidly expanding with new tracks to be added in 2023
F1’s revenue has increase tremendously in Q2 this year. It took a hit after the Covid 19 pandemic, but with normality returning to the economy, the revenue has consequently recovered and gotten better.
According to Sport Business, F1 has earned a revenue of $744 million in Q2 this year. This is a huge number, particularly considering the fact that the business end of the season is still to come.
Red Bull’s Max Verstappen is favorite to win the Word Championship, and if he keeps up his form, he will do it with some races to spare. However, the race where he does seal his second consecutive Title will be in the last quarter, which is when the maximum revenue comes in.
Liberty Media declared 2nd quarter results today. Summary of numbers for #F1:
(in millions, vs. 2Q21, %)Revenue: $744 ($501, 49%)
Team payments: $368 ($308, 19%)Number of races in the period: 7#InsideF1
— Kunal Shah (@kunalashah) August 5, 2022
This has also allowed them to get in more sponsorship money, and has allowed F1 to increase their operations income to $65 million.
These figures seem huge today, but F1 is growing at an even rapid pace. With the introduction of races like Las Vegas GP and return to South Africa, the sport will record even higher revenues in the years to come.
