F1 has been rolling in the green after reporting an overall revenue haul of $744 million between Q2 of 2021 and Q2 of 2022, according to a report carried by Motorsport.
The sport was hit hard in 2020 when the season was curtailed mere days before that year’s Australian GP due to the onset of the COVID-19 pandemic. This led to a shortened season with minimal turnout at the venues and continued into the first half of 2021.
With fans thronging to the tracks and their Paddock Club operating at full tilt again, F1 has seen its revenue grow by as much as 49% midway through the current campaign. The sport’s earnings catapulted from $501 million in 2021 to $744 million in 2022.
According to the aforementioned report by Motorsport, revenue from race promotion, sponsorship rights, and broadcasting deals rose by as much as 35% from $464 million to $678 million.
Revenues from the Paddock Club and freights also jumped by 214% from $37 million to $116 million. The sport’s operating loss from Q2 in 2021 of $43 million has also been converted into a profit of $49 million for this year.
This, in turn, has also led to an increased windfall for all teams on the grid. in 2021, the share of revenue given to all teams was $308 million. This figure has gone up by $60 million in 2022.
Liberty Media has issued an elaborate statement to shed light on F1’s significant revenue gains in the ongoing 2022 season.
Liberty Media took over from Bernie Ecclestone in 2017 and since then has left no stone unturned in its efforts to make the sport grow. Since then, it has risen rapidly and is not one of the fastest growing on social media.
Their statement on revenue growth reads as follows:
The statement goes on to add:
With nine races still to go this season starting with the 2022 F1 Belgian GP, the sport’s revenue could go even higher despite the world battling the grip of unprecedented inflation.
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