Formula 1 saw a 100% year over year (YoY) Q1 increase to US$360 million.
Operating income for the period was US$34 million compared to a loss of US$33 million for 2021.
The revenue growth came from race promotion, media rights, and sponsorship. Growth in subscription revenue from F1TV streaming service helped boost media rights, alongside broadcast extensions like Australia’s Foxtel Group and Singapore’s StarHub.
Notable deals with MSC Cruises, Lenovo, and Tata Communications contributed to the uptick in sponsorship revenue.
Of note, race attendance was limited at the start of 2021 and the Paddock Club VIP offering did not operate during the first half of last season. Additionally, in Q1 of 2021, we saw one GP compared to two in 2022.
Greg Maffei noted that on ESPN viewers for both the Saudi GP and Bahrain GP were up 56%.