The profits of the queen category of motorsport have increased notably compared to last year in each and every one of its sections, far from the very poor figures it suffered when COVID hit hard.
Since Liberty Medium acquired the rights to Formula 1 at the end of 2016, many things have changed: immediately leaving behind the model of Bernie Ecclestone, a man focused almost exclusively on making money, Chase Carey, Ross Brawn and Sean Bratches set out to do the same but taking care of the fan more.
Of all of them, only Brawn, after renewing his contract, remains in his position, that of sports director of the premier category of motorsport, accompanying a Stefano Domenicali who arrived to replace Carey at the head of F1.
“The 2022 season continues to break records”
The COVID-19 pandemic It was an impediment to its expansion plans, since the whole world stopped and Formula 1 was no exception, but with regard to the economy, everything is going in the right direction, as reflected in the latest report issued by the American entity.
Smooth sailing
Regarding the total income of the second quarter of the year, which covers the months of April to June, F1 has gone from entering 501 million dollars (491 million euros) in 2021 to pocketing 744 million dollars (730 million euros) in the same period of 2022, which has also incorporated 7 race weekends.
In the first trimesterthe year-over-year figure has doubled, resulting in 360 million dollars (353 million euros) in 2022. The sum between the two quarters is equal to 1,104 million dollars (1,084 million euros)an overwhelming figure, possible and unthinkable a few years ago, since this second quarter has exceeded the equivalent of 2019 by 171 million euros.
“Primary revenues increased in the second quarter with growth in race promotion, media rights and sponsorship,” the statement begins.
“Racing promotion revenue increased due to higher fees generated by the different mix of events held and contractual fee increases. Media rights increased due to the growth of F1 TV subscription revenue and increased fees under new and renewed contractual agreements,” he continues.
Payments to teams have increased by 19%while primary income, which represents the majority of Formula 1 income, has done the same in a 35%as operating income has gone from generating losses to offering profits.
“Other F1 revenue increased in the second quarter primarily due to an increase in charter revenue driven by the higher number of events held outside of Europe and inflation in underlying costs, as well as higher hospitality revenue generated by the paddock-clubthat F1 operated 5 races in the second quarter of 2022, but was unable to operate in the prior year period,” he concluded.
For its part, Stefano Domenicali has confirmed that “the 2022 season continues to break records” thanks to an exciting title fight and “unpredictable results”.
«We are engaging fans in person and across all of our platforms. We are making significant progress working with all our stakeholders, including our teams, race promoters, the FIA and commercial partners, towards our goal of achieving carbon neutrality by 2030.”
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