SportF1F1 revenues increase by 49% after COVID-19

F1 revenues increase by 49% after COVID-19

In both seasons, seven Grands Prix were held during the period between the months of April and June, which allows the comparison to be useful.

The number of races to make this comparison after the effects of the COVID-19 pandemic disappear in the events is significant, since Formula 1 distributes the income throughout the year, depending on the number of races that are held in each quarter .

In the early part of 2021, events continued to be held in front of limited numbers of fans present on the tracks, while the lucrative Paddock Club division had not fully gotten off the ground.

Now the Paddock Club is not only back in full swing, it’s more popular than ever.

His return has contributed to total revenues going from 492 million euros in the second quarter of 2021 to 732 million in the same period of the current year.

Within that figure, primary income from race promotion, television broadcasting and sponsorship increased by 35%, from €456 million to € 667 million , while other income – mainly from the Paddock Club – increased by 214%, going from 36 to 114 million euros.

An operating loss of 43 million dollars in the second quarter of 2021 has turned into a profit of 49 million euros this year.

Between them, the 10 F1 teams shared payments worth 362 million euros, compared to 303 million in the second quarter of 2021.

Fans invade the circuit for the podium ceremony at the end of the race

Track invasion after a race to see the podium ceremony

Explaining the results, Liberty Media highlighted that all three main areas of revenue have been boosted in 2022: ” Racing promotion revenue increased due to higher commissions generated by the different mix of events held and fee increases.” .

Media rights increased due to growth in F1 TV subscription revenue and increased fees under both new and renewed contractual agreements.”

Sponsorship revenue increased due to recognition of new sponsor earnings, and higher race-specific revenue generated from the different mix of events held.”

However, the figures were slightly skewed by the late cancellation of the 2021 Japanese GP : “There is a slightly more proportional recognition of season-based media rights and sponsorship revenue recognized during the quarter, as that 7/22 of the revenue was recognized in the second quarter of 2022, compared to 7/23 of the revenue recognized in the second quarter of 2021, before the reduction of the 2021 race calendar to 22 races was confirmed. “

 

Liberty noted that COVID was still a major issue last year: “Throughout 2021, and particularly in the first half of the season, race attendance was limited due to the pandemic, and the Paddock Club was not operational at all. The first half”.

“F1 does not expect its results in 2022 to be affected by such capacity limitations, although fan attendance continues to be assessed by the relevant government authorities on a race-by-race basis.”

“Throughout the first half of the 2022 season, F1 has seen record attendance in both the grandstands and the Paddock Club.”


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