COVID-19 pandemic has hit the global economy in every aspect. Sports are not out of it.
But recently, some is showing some signs of recovery globally. Formula 1 is one of the biggest examples of it. F1 had reported revenues of just $39Mn in the 1st Quarter of 2020. It has increased to $139Mn already this season.
This season has started smoothly with 3 F1 races already completed and 4th Spanish Grand Prix currently in progress. The smooth start to the season reflects in the Q1 commercial performance of F1. Moreover, the operating losses are also down by 76% on the figure reported 12 months ago. Liberty Media Corp., F1’s parent company, announced the first-quarter operating loss was $33m, down from $137m for the first three months of last year. They issued a statement in this regard.
The statement read, “Primary F1 revenue increased [to $159m] in the first quarter with growth in race promotion, media rights, and sponsorship fees. This was primarily due to the recognition of race-specific and season-based income with one race [the Bahrain Grand Prix] held in the first quarter of 2021 compared to no races in the prior-year period.”
“In addition, race promotion revenue in the first quarter of 2021 included proceeds from a one-time settlement related to the cancellation of a race originally scheduled to commence in 2020. Media rights fees also benefited from growth in F1 TV subscription revenue.”
