[mkdf_dropcaps type=”normal” color=”#f55549″ background_color=””]F[/mkdf_dropcaps]
ormula One (F1) has revealed its financial records for the second quarter of 2021, totalling revenue of USD$500 million (AUD$681 million).
Compared to the same time period in 2020, the global motorsport competition has recorded a 1988% rise in revenue, recording USD$24 million (AUD$32.7 million) in 2020.
The figure has not returned to its pre-COVID-19 levels, however, which totalled USD$620 million (AUD$845 million) for the time period in 2019.
The total net result for F1 in the second quarter of 2021 ended as a USD$36 million (AUD$49 million) loss, compared to an operating loss of USD$122 million (AUD$166 million) in the same period of 2020.
Liberty Media, who owns controlling interest in the Formula One Group, said in a statement: “There were seven races held in the second quarter of 2021, compared to no races held in the second quarter of 2020 due to the COVID-19 pandemic.”
“Fan attendance continues to be assessed by relevant government authorities on a race-by-race basis.
“A very limited number of fans were in attendance and there was no Paddock Club hospitality at races in the second quarter.
“While final decisions are pending for most upcoming events, fan capacity increased beginning in the third quarter and the Paddock Club hospitality resumed operations beginning with the Austrian Grand Prix on July 4th.
“Primary F1 revenue increased in the second quarter with growth in race promotion, media rights and sponsorship fees.
“This was due to the recognition of race specific and season-based income with seven races held in the second quarter of 2021 compared to no races in the prior year period.
“Media rights fees also benefited from growth in F1 TV subscription revenue,” Liberty Media said.
Liberty Media CEO and president, Greg Maffei, said: “Formula One is delivering across the board, on the track, for our fans, teams, partners, and investors, and has done an impressive job steering through the 2021 calendar.”
Formula One president and CEO, Stefano Domenicali, said F1, in welcoming fans back depending on local event restrictions, is having a positive effect on the figures.
“Formula One is having an incredible season and the drama on the track is resonating with fans worldwide,” Domenicali said.
“The battle for the Championship is intense and very close, evoking memories of some of the sport’s greatest rivalries of the past.
“We are seeing increasing numbers of fans tune in at home, and it is great to see the fans returning to the races, with a sellout crowd at Silverstone of 356,000 across the weekend marking one of the largest fan events in the world since COVID.
“We were very pleased with the first sprint event and look forward to the next one in Monza, and we continue to prove, despite the challenges presented by the pandemic, that we can adapt and find solutions for the remainder of the season,” he said.
