Formula 1’s revenue doubled to $360m during the first quarter of 2022 compared to the same period in 2021.
The championship’s owners, Liberty Media, attributed the growth to two events taking place in Q1 – January through March – compared to 2021, combined with the return of fans and the paddock club following last year’s pandemic-affected events.
Formula 1’s overall income in the corresponding quarter went from a loss of $33m to a profit of $34m.
‘Throughout 2021 and particularly in the first half of the season, attendance at races was limited due to the pandemic, and the Paddock Club did not operate in the first half’, read a statement.
‘F1 does not expect its results in 2022 to be impacted by such capacity limitations, though fan attendance continues to be assessed by relevant government authorities on a race-by-race basis.’
It also outlined that Formula 1 is continuing to evaluate alternatives to the cancelled Russian Grand Prix in order to sustain a 23-round schedule.
Primary F1 revenue grew from $159m to $287 in Q1 2022 versus Q1 2021, due to growth across race promotion, media rights and sponsorship.
Media rights also increased due to growth in F1 TV subscription revenue and fees under new and renewed contractual agreements.
It was outlined that part of the growth in 2022 was due to Q1 2021’s results being impacted by a one-time settlement believed to be related to the cancellation of Vietnam’s planned 2020 round.
“We’ve had a phenomenal start to the 2022 Formula 1 season, building on our momentum from a successful 2021,” said Formula 1 CEO Stefano Domenicali.
“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.”
