The Formula 1 revenue per year has doubled since its popularity has reached its peak. the owner of F1, Liberty Media reported that the revenue for the sport doubled since people have started showing interest in the pinnacle of motorsport. The Q1 income of Formula 1 has had its increment increase by 100% year over year to US $60 million for the three months that finished on 31st March 2022.
The operating income of F1 was US$34 million in this period, while there was a loss of US$33 million in Q1 of 2021.
Formula 1’s revenue doubles as popularity get to its peak
Race advancement, media privileges, and sponsorships played a major part in this revenue increment. The two races were held in the first quarter of 2022 but last year, only one race took place.
The president and CEO of Liberty Media, Greg Maffei stated that the survey crowd for the series sprint at last month’s Emila Romagna Grand Prix was 28 percent up versus the qualifying last year at Imola.
“We also see record demand in the US early in the season. On ESPN, viewers for the Sunday race in both Saudi Arabia and Bahrain were up 56 percent,” Maffei stated.
The report also claimed that the number of race attendances in 2021 was low because of the ongoing pandemic situation. F1’s paddock Club VIP accommodation didn’t work most of the time, last season. F1 expects that the outcomes will remain unaffected by aby such limits. The fan participation will however be evaluated by significant government experts on a race-by-race premise.
, “We’ve had a phenomenal start to the 2022 Formula One season, building on our momentum from a successful 2021.”
“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,” stated Domenicali.
Read more: Australia is now the No.1 Test team in the world, India slips at No.2
