Formula 1 Financials Continue to Explode

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%.

About Vincenzo Landino 43 Articles
Vincenzo is a media entrepreneur, speaker, and editor of The Qualifier. Vincenzo is the co-founder and CEO of Aftermarq, a creative studio that specializes in brand amplification, strategy, and storytelling through video and live streaming. With experience as a brand correspondent, Vincenzo’s portfolio includes a 1 billion impression campaign launch for Applebee’s as well as work for Adobe, Kia Motors, Mazda, Alfa Romeo, John Paul Mitchell Systems, Homes.com, Barilla Pasta, DC United, Tinder, Oracle, Intel, Cisco, and SAP.

Be the first to comment

Leave a Reply