F1 income continues to recover as spectators return to races

Formula 1’s income continued to bounce back in the second quarter of 2021 after the first part of last season was wiped out by the COVID pandemic.

F1 income continues to recover as spectators return to races

However income was still significantly lower than during the same period in the last "normal" season in 2019 as most races continued to be run without spectators in the first part of this year.

Last year no races were held in April to June, and F1 claimed income of just $24m. This year the same three month period saw seven Grands Prix take place, allowing income to rebound to $501m.

However that was far below the $620m achieved in 2019, when seven races were also run from April to June.

In 2020 F1 posted an operating loss of $122m for the same period, and that was reduced to a loss of $36m this year.

Last year the 10 F1 teams received no income from F1 in the second quarter, and for much of the period they were on shutdown.

However this year they shared income of $308m between them, although that figure was still less than the $335m logged in 2019.

Income is expected to be further boosted in the July-September period by the increased presence of fans and corporate hospitality as the season progresses.

Daniel Ricciardo, McLaren MCL35M, takes his grid position for the start

Daniel Ricciardo, McLaren MCL35M, takes his grid position for the start

Photo by: Andy Hone / Motorsport Images

“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,” said Liberty Media.

“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 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 hospitality resumed operations beginning with the Austrian Grand Prix on July 4.

“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 CEO Greg Maffei made it clear that the company is pleased with the progress of its F1 division.

“Formula 1 is delivering across the board,” he said. “On the track, for our fans, teams, partners and investors, and [it] has done an impressive job steering through the 2021 calendar.”

shares
comments

Related video

The trait displayed by F1’s newest winner to earn Alpine’s trust
Previous article

The trait displayed by F1’s newest winner to earn Alpine’s trust

Next article

Piastri proud to play minor role in Alpine Hungary F1 win

Piastri proud to play minor role in Alpine Hungary F1 win
How de Vries made himself impossible to ignore for a belated F1 chance Plus

How de Vries made himself impossible to ignore for a belated F1 chance

Nyck de Vries appeared to have missed his opportunity to break into Formula 1 as he was passed over for more exciting talents who have now become frontrunners and title fighters. But after catching the eye outside of the F1 sphere, before his stunning impromptu grand prix debut in Italy, will it lead to a delayed full-time race seat?

Can Hamilton produce another Singapore magic moment? Plus

Can Hamilton produce another Singapore magic moment?

The Singapore Grand Prix has, explains BEN EDWARDS, played an important role in Lewis Hamilton’s Formula 1 career. As the series returns to the Marina Bay Street Circuit for the first time in three years, he faces the latest challenge with an underperforming Mercedes car

Why Sainz is key to Ferrari achieving its chairman's F1 goals Plus

Why Sainz is key to Ferrari achieving its chairman's F1 goals

Although Ferrari's chances of title glory in 2022 have evaporated, chairman John Elkann expects the team to have chalked up both championships by 2026. Both require drivers to play the team game and, having now become more comfortable with the F1-75, Carlos Sainz may be Ferrari's key to title glory

Formula 1
Sep 27, 2022
How F1 has tried to avoid repeating its 2014 engine rules mistakes Plus

How F1 has tried to avoid repeating its 2014 engine rules mistakes

With Formula 1’s future engine regulations now agreed, MARK GALLAGHER wonders if they will provide a more competitive field than past attempts actually managed

Formula 1
Sep 26, 2022
How its faltering first turbo car advanced a Williams-Honda glory era Plus

How its faltering first turbo car advanced a Williams-Honda glory era

STUART CODLING charts the development of the Williams FW09, the ugly duckling that heralded the start of the title-winning Williams-Honda partnership

Formula 1
Sep 25, 2022
The Moss-Ferrari farce that current F1 drivers are thankfully spared Plus

The Moss-Ferrari farce that current F1 drivers are thankfully spared

Recent moves within the driver market have reminded MAURICE HAMILTON of a time when contracts weren’t worth the paper they weren’t written on…

Formula 1
Sep 24, 2022
Audi’s innovative first assault on grand prix racing Plus

Audi’s innovative first assault on grand prix racing

It has been a long time coming but Audi’s arrival in Formula 1 is finally on the horizon for 2026. But it won’t be its first foray into grand prix racing, as the German manufacturer giant has a history both long and enthralling

Formula 1
Sep 23, 2022
The seven factors powering Verstappen's 2022 F1 domination Plus

The seven factors powering Verstappen's 2022 F1 domination

After a tooth and nail and, at times, toxic Formula 1 world championship scrap last year, Max Verstappen's march to a second consecutive title has been the exact opposite. But has he really changed in 2022? Here's a dive into what factors have played a crucial role, both inside the Verstappen camp and elsewhere, in the Dutch driver's domination

Formula 1
Sep 23, 2022