Formula One Revenue Rises 49% During Q2 2022

Liberty Media has announced a 49% growth in total revenue for Formula One (F1) to US$744 (AUD$1 billion) in Q2 2022 compared to the US$501 (AUD$718 million) in 2021.

The rise is revenue has been attributed to:

The first half of the 2021 season being impacted by the COVID-19 pandemic.
Race promotion: Due to a rise of contractual fees and a different mix of events held.
Media rights: F1 saw growth in F1TV subscriptions, as well as an increase in fees under new and renewed contractual agreements.
Sponsorship revenue: Increased due to the recognition of revenue from new sponsors and higher race-specific revenue generated from the different mix of events held.

Operating income increased to US$65 million (AUD$93 million) during the quarter, due to team payments, and administrative and freight costs, with last year’s costs being lower due to the impact of the pandemic.

Commenting on F1’s growth, Liberty Media president and chief executive, Greg Maffei, said: “Formula One is making the most of our growing worldwide popularity as evidenced by race attendance, TV viewership, and engagement across platforms,” Maffei said.

Formula One president and CEO, Stefano Domenicali, added: “The Formula 1 2022 season continues to set records as we have seen exciting action and unpredictable outcomes on track.”

“We are attracting fans in person and across all our platforms we are making meaningful progress working with all of our stakeholders including our teams, race promoters, the FIA and business partners towards our goal to hit net-zero carbon by 2030,” Domenicali said.

The cost of of total F1 revenue saw a 34% rise to US$534 million (AUD$765 million), with team payments totaling US$368 million (AUD$527 million), and other expenses increasing by 84% to US$166million (AUD$237 million).

The announcement comes after the new US broadcasting deal was revealed to be worth up US$90 million (AUD$128 million).

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