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F1 revenues up by 24% on 2022 in third quarter

Formula 1 continued to boost its revenues in the third quarter of 2023, with the headline number rising from $715m in 2022 to $887m, representing an increase of 24%.

The medical car at the back of the field for the restart

The medical car at the back of the field for the restart

Steven Tee / Motorsport Images

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Meanwhile, operating income was up by 61% from $82m last season to $132m for the same period this year.

The 10 F1 teams shared payments of $432m between them during the quarter, up from $370m in 2022.

However, direct comparisons across the seasons are difficult to make because of the different arrangements of races. Last year there were seven events in the July-September period, all in Europe.

This year there were eight, with the absent French GP replaced by the more lucrative Singapore and Japanese flyaway events, both of which pay higher hosting fees than the European races.

Also, some F1 income streams are distributed proportionately per quarter by the number of races, meaning this year's figure ensured that a larger amount was allocated to July-September.

The arrangement of races also meant that costs were also up for the period, with Liberty Media noting that they "increased due to higher hospitality costs driven by cost inflation and the mix of events held in the current period, as well as increased freight costs due to two additional races outside of Europe."

Lando Norris, McLaren MCL60, Charles Leclerc, Ferrari SF-23, Carlos Sainz, Ferrari SF-23, Lewis Hamilton, Mercedes F1 W14, Max Verstappen, Red Bull Racing RB19, the rest of the field at the start

Photo by: Steve Etherington / Motorsport Images

Lando Norris, McLaren MCL60, Charles Leclerc, Ferrari SF-23, Carlos Sainz, Ferrari SF-23, Lewis Hamilton, Mercedes F1 W14, Max Verstappen, Red Bull Racing RB19, the rest of the field at the start

In addition, the cost figure was affected by "increased technical, travel and other event-related costs due to one additional race, as well as increased commissions and partner servicing costs associated with higher Primary F1 revenue streams, certain early stage costs of promoting the Las Vegas GP, and costs incurred for the new F1 Academy series."

Expanding on the impact of the sport's newest event Liberty said: "There were $8 million of costs associated with the planning of the Las Vegas GP included in selling, general and administrative expense in the third quarter of 2023."

F1 CEO Stefano Domenicali remains bullish about the organisation's prospects.

"F1 continues to experience sell-out crowds, record race attendance and strong growth across our social and digital platforms, outpacing that of other major sports leagues," he said.

"This growth is attracting commercial partners, including our recent agreement with American Express that marks the first new sports vertical they have sponsored in over a decade.

"We are making material progress on our sustainability initiatives, including reducing F1's corporate emissions and amplifying F1 Academy by fully integrating the series into the 2024 F1 calendar with participation from all ten F1 teams."

Liberty Media CEO Greg Maffei highlighted the inaugural Las Vegas race as a key event for the company.

"The Las Vegas GP is two weeks away and will be the highest attended sporting event drawing the biggest viewing audience in Vegas history," he said.

"This event will deliver a spectacular fan experience and is accruing long-lasting commercial benefits for the broader F1 ecosystem."

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