“2023 marked one other unbelievable season for Formulation 1,” says F1 CEO, Stefano Domenicali as income surges by 25%.
“We had sturdy engagement throughout all platforms, with file race attendance and F1 holding its place because the quickest rising league on social media for the fourth consecutive yr,” he stated ultimately of yr monetary assertion.
“F1 noticed continued fan progress particularly within the US market, strengthened by the profitable Las Vegas Grand Prix, and throughout a youthful and extra feminine viewers,” he added.
“Our sustainability initiatives stay a precedence for F1 and our companions, and we stay up for operating all seven F1 Academy races this season alongside the F1 calendar.
“We’re excited for the 2024 season as we concentrate on deepening {our relationships} with followers and optimizing our business partnerships to convey incremental worth.”
Whereas income was up round 25% workforce funds rose by simply 5% from $1.157bn (£913m) in 2022 to $1.215bn (£959m) final yr.
As soon as the whole lot is taken under consideration F1 witnessed an working revenue of $392m (£309m) final yr, up 64% on 2022’s $239m (£188m).
Main F1 income was up 21% on 2022 whereas different F1 income was up 42%, major income representing the vast majority of F1’s income and being derived from race promotion income, media rights charges and sponsorship charges.
There have been 22 and 6 races held within the full years and fourth quarters of each 2023 and 2022. Within the fourth quarter of 2023, F1 instantly promoted the inaugural Las Vegas Grand Prix and acknowledged the income (ticketing, sponsorship, hospitality) and price associated to the occasion.
Main income grew within the full yr and fourth quarter with will increase throughout all income streams. Race promotion income grew primarily as a result of ticketing income from the inaugural Las Vegas Grand Prix and different contractual will increase in charges.
Race promotion income within the full yr and fourth quarter additionally benefited from the combination of races held in every interval in comparison with the comparable durations within the prior yr. Sponsorship income elevated as a result of recognition of income from the Las Vegas Grand Prix, revenue from new sponsors and progress in income from current sponsors.
Media rights income grew as a result of elevated charges below new and renewed contractual agreements and continued progress in F1 TV subscription income.
Different F1 income elevated within the full yr and fourth quarter primarily pushed by larger hospitality income generated from the supply of hospitality and experiences on the Las Vegas Grand Prix in addition to Paddock Membership progress at different occasions, with full yr progress partially offset by decrease freight revenue pushed by the easing of freight value inflation on billing charges.
