Both seasons saw seven grands prix held during the April-June period, allowing for a useful comparison as the effects of the COVID-19 pandemic fell away. The number of races is significant as F1 divides up its revenue across the year depending on how many events are held in each quarter.
In the first part of 2021 races were still being held in front of limited crowds, while the lucrative Paddock Club hospitality division hadn’t yet got up to speed after the pandemic. The Paddock Club is not only back at full strength but is proving more popular than ever.
Its return helped overall revenues to jump from $501m in Q2 of 2021 to $744m over the same period this year.
Within that figure the primary revenue from race promotion, broadcasting and sponsorship rose 35% from $464 to $678m, while other revenues – mainly Paddock Club and freight – increased by 214% from $37m to $116m.
An operating loss of $43m in Q2 of 2021 was turned into a profit of $49m this year.
Between them the 10 F1 teams shared payments of $368m, up from $308m in Q2 of 2021.
Fans invade the circuit for the podium ceremony at the end of the race
Photo by: Zak Mauger / Motorsport Images
Explaining the results Liberty Media stressed that all three areas of primary revenue have been boosted in 2022: “Race promotion revenue increased due to higher fees generated from the different mix of events held and contractual increases in fees.
“Media rights increased due to growth in F1 TV subscription revenue and increased 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.”
However the numbers were skewed slightly by the late cancellation of the 2021 Japanese GP: “There is a slightly higher proportionate recognition of season-based media rights and sponsorship income recognised during the quarter as 7/22 of revenue was recognised in the second quarter of 2022 compared to 7/23 of revenue recognised in the second quarter of 2021 before the reduction of the 2021 race calendar to 22 races was confirmed.”
Liberty noted that COVID was still a major issue last year: “Throughout 2021 and particularly in the first half of the season, attendance at races was limited due to the pandemic, and the Paddock Club did not operate in the first half.
“F1 does not expect its results in 2022 to be impacted by such capacity limitations, though fan attendance continues to be assessed by relevant government authorities on a race-by-race basis.
“Throughout the first half of the 2022 season, F1 has experienced record attendance in both grandstands and the Paddock Club.”
Alonso: No need for talks with Ocon over “extreme” F1 defence
Wolff: Audi as new F1 entrant could deliver extra value for grid
Alpine has “absolutely no worries” of trouble with Alonso during 2022
Hamilton’s first experience of turning silver into gold
Gasly: AlphaTauri has the “right tools” to recover F1 form
Zhou impressed by unity between F1 drivers over big issues
Alfa Romeo rookie Zhou Guanyu has been impressed by the level of unity between Formula 1 drivers over big issues, adding that they “really stick together”.
Audi’s F1 plans take shape as Sauber announcement looms
The entry by Volkswagen brands Audi and Porsche into Formula 1 has been one of motorsport’s worst kept secrets, with both car companies still yet to officially announce their plans.
Gasly: Too early to think about F1 future options
AlphaTauri Formula 1 driver Pierre Gasly says it is still too early to think about his future as he’s set to take control of his own destiny after 2023.
Why Steiner prefers his Haas F1 drivers to have “nowhere to hide”
Haas Formula 1 boss Gunther Steiner has earned his fair share of fans after becoming well known, especially through Netflix’s Drive to Survive, for calling a spade a spade.
How Senna’s first F1 winner gave Lotus life after Chapman
Designed by Gérard Ducarouge, the 97T returned Lotus to the winners circle for the first time since the death of its founder but also, as STUART CODLING reveals, gave the team a problem holding onto its new star
Grading F1’s 2022 drivers at half-term
Over the first 13 races of Formula 1’s new ground effects era, Max Verstappen has surged into the lead in the world championship over Charles Leclerc. But as the 2022 season prepares to roar back into life, who stacks up as the top of the class, and who must do better? We graded every driver based on their performances so far
The 10 stories to watch out for across the rest of the 2022 F1 season
It’s 13 down, nine to go as the Formula 1 teams pause for breath in the summer break. But what can we expect to happen over the next three months from Belgium to Abu Dhabi? Here’s the key storylines to keep an eye out for the rest of the 2022 season
The inconvenient truth about F1’s ‘American driver’ dream
OPINION: The Formula 1 grid’s wait for a new American driver looks set to continue into 2023 as the few remaining places up for grabs – most notably at McLaren – look set to go elsewhere. This is despite the Woking outfit giving tests to IndyCar aces recently, showing that the Stateside single-seater series still has some way to go to being seen as a viable feeder option for F1
How a bad car creates the ultimate engineering challenge
While creating a car that is woefully off the pace is a nightmare scenario for any team, it inadvertently generates the test any engineering department would relish: to turn it into a winner. As Mercedes takes on that challenge in Formula 1 this season, McLaren’s former head of vehicle engineering reveals how the team pulled of the feat in 2009 with Lewis Hamilton
The under-fire F1 driver fighting for his future
Personable, articulate
and devoid of the usual
racing driver airs and graces,
Nicholas Latifi is the last Formula 1 driver you’d expect to receive death threats, but such was the toxic legacy of his part in last year’s explosive season finale. And now, as ALEX KALINAUCKAS explains, he faces a battle to keep his place on the F1 grid…
The strange tyre travails faced by F1’s past heroes
Modern grand prix drivers like to think the tyres they work with are unusually difficult and temperamental. But, says MAURICE HAMILTON, their predecessors faced many of the same challenges – and some even stranger…
The returning fan car revolution that could suit F1
Gordon Murray’s Brabham BT46B ‘fan car’ was Formula 1 engineering at perhaps its most outlandish. Now fan technology has been successfully utilised on the McMurtry Speirling at the Goodwood Festival of Speed, could it be adopted by grand prix racing once again?
