How much revenue was generated by F1 during the 2023 season?

Liberty Media, the commercial rights owners of Formula 1, reported an impressive 25% increase in the annual revenue generated by the popular motorsport event. The revenue jumped from $2.573 billion to $3.222 billion, marking an important achievement for the company. Additionally, the operating profit also witnessed a substantial rise of 64% from $239 million to $392 million, displaying the effectiveness of the company’s business strategies.

The revenue growth can be attributed to the increased global audience, which has helped attract new sponsors and partners. Besides, Formula 1 management’s efforts to explore new markets and expand the fan base have also played a crucial role in contributing to this success.

During the last season of Formula 1, ten teams shared a more considerable sum of money, a significant five percent increase compared to the previous amount. This brought the total amount from 1.157 billion to 1.215 billion dollars. The owner of the competition, American Liberty Media, quickly appreciated the positive impact of Las Vegas, which played an influential role in making the event successful. In particular, the last quarter of the year saw a remarkable improvement in the event’s performance.

In terms of revenue growth, the firm noted that the increase was mainly due to Las Vegas ticket revenue and contractual fee increases, as well as the revenue growth from existing sponsors. The firm’s revenue grew significantly, with racing promotion revenue being the primary contributor.

Moving on to the new season of Formula 1, which started on Saturday in Bahrain, it is set to be the longest season in the competition’s history. Fans and F1 media are excited about the new season’s changes and eagerly await the upcoming events, especially after the first outing in Bahrein was easily won by the three-time Dutch champion Max Verstappen.