Liberty Media, owners of Formula One (F1), has revealed revenue increased to US$360 million in Q1 2022, compared to the US$180 million a year prior.

Liberty also revealed increases in income were due to growth in race promotion, media rights and sponsorship, with the championship also holding two races in the quarter, compared to the one race last year.

Additionally, growth in subscription numbers for F1 TV and sponsorships added to the increased revenue.

The company also revealed an increase in operating income of US$34 million, compared to a US$33 million loss in 2021.

Commenting on the financial results, F1 CEO Stefano Domenicali, said: “We’ve had a phenomenal start to the 2022 Formula 1 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.

“We were pleased to announce multiple new sponsors around the start of the season, especially in the technology space,” he said.

The second race also increased total costs to US$195 million from US$84 million, up 132% from Q1 2021.

Team payments increased by 127% to US$100 million, compared to the US$44 million last year, while all other costs totalled US$95 million, up 138% from US$40 million.

The financial results come after Netflix renewed their F1 documentary series, Drive to Survive, for the 2022 and 2023 seasons.