In the first quarter of 2022, Formula One’s income doubled to $360 million from the same period in 2021.
Liberty Media, the championship’s owners, attributed the increase to two events in Q1( from January through March) compared to 2021, as well as the return of fans and the paddock club after last year’s pandemic-affected events. In the same quarter, Formula One’s overall revenue increased from $33 million to $34 million.
“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.”
Formula 1 is also evaluating alternatives to the cancelled Russian Grand Prix in order to maintain a 23-race schedule, according to the statement.
Due to growth in race promotion, TV rights, and sponsorship, primary F1 revenue increased from $159 million to $287 million in Q1 2022 compared to Q1 2021. Also Due to a rise in F1 TV subscription revenue and payments under new and renewed contractual agreements, media rights have also increased.
Part of the growth in 2022 was attributed to a one-time settlement believed to be tied to the cancellation of Vietnam’s scheduled 2020 round, according to the report.
“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.”
