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Friday, December 8, 2023

F1 revenue continues to get well as spectators return to races

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Nonetheless revenue was nonetheless considerably decrease than throughout the identical interval within the final “regular” season in 2019 as most races continued to be run with out spectators within the first a part of this 12 months.

Final 12 months no races have been held in April to June, and F1 claimed revenue of simply $24m. This 12 months the identical three month interval noticed seven Grands Prix happen, permitting revenue to rebound to $501m.

Nonetheless that was far under the $620m achieved in 2019, when seven races have been additionally run from April to June.

In 2020 F1 posted an working lack of $122m for a similar interval, and that was decreased to a lack of $36m this 12 months.

Final 12 months the ten F1 groups obtained no revenue from F1 within the second quarter, and for a lot of the interval they have been on shutdown.

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Nonetheless this 12 months they shared revenue of $308m between them, though that determine was nonetheless lower than the $335m logged in 2019.

Earnings is predicted to be additional boosted within the July-September interval by the elevated presence of followers and company hospitality because the season progresses.

Daniel Ricciardo, McLaren MCL35M, takes his grid place for the beginning

Photograph by: Andy Hone / Motorsport Images

“There have been seven races held within the second quarter of 2021, in comparison with no races held within the second quarter of 2020 as a result of COVID-19 pandemic,” stated Liberty Media.

“Fan attendance continues to be assessed by related authorities authorities on a race-by-race foundation.

“A really restricted variety of followers have been in attendance and there was no hospitality at races within the second quarter. Whereas closing selections are pending for many upcoming occasions, fan capability elevated starting within the third quarter and the hospitality resumed operations starting with the Austrian Grand Prix on July 4.

“Main F1 income elevated within the second quarter with progress in race promotion, media rights and sponsorship charges.

“This was as a result of recognition of race particular and season-based revenue with seven races held within the second quarter of 2021 in comparison with no races within the prior 12 months interval. Media rights charges additionally benefited from progress in F1 TV subscription income.”

Liberty Media CEO Greg Maffei made it clear that the corporate is happy with the progress of its F1 division.

“Components 1 is delivering throughout the board,” he stated. “On the monitor, for our followers, groups, companions and traders, and [it] has finished a powerful job steering by means of the 2021 calendar.”

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