The two seasons saw seven grand prix held in the April-June period, providing useful comparison as the effects of the COVID-19 pandemic waned. The number of races is important because F1 distributes its income over the year according to the number of events organized each quarter.
In the first part of 2021, races were still taking place in front of limited crowds, while the lucrative Paddock Club hospitality division had yet to catch up after the pandemic. The Paddock Club is not only back in full force, but it is proving more popular than ever.
His return helped overall revenue grow from $501 million in the second quarter of 2021 to $744 million in the same period this year.
Within that figure, core race promotion, broadcast and sponsorship revenue increased 35% from $464 million to $678 million, while other revenue – primarily Paddock Club and freight – increased. by 214%, from $37 million to $116 million.
An operating loss of $43 million in the second quarter of 2021 turned into a profit of $49 million this year.
Between them, the 10 F1 teams shared payments of $368m, up from $308m in the second quarter 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 pointed out that all three main revenue areas were increased in 2022: contractual fee increases.
“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 recognition of revenue from new sponsors and increased race-specific revenue generated from the different combinations of events held.”
However, the numbers were skewed slightly by the late cancellation of the 2021 Japanese GP: “There is a slightly higher proportional recognition of season-based media rights and sponsorship revenue recognized in the quarter, as 7/ 22 of the revenue was recognized in the second quarter of 2022 compared to 7/23 of the revenue recognized in the second quarter of 2021 before the confirmation of the reduction of the 2021 race schedule to 22 races.
Liberty noted that COVID was still a major issue last year: “Throughout 2021 and particularly in the first half of the season, race attendance has been limited due to the pandemic, and the Paddock Club n didn’t work out during the first half.
“F1 does not expect its results in 2022 to be affected by such capacity limitations, although fan attendance will continue to be assessed by the relevant government authorities on a race-by-race basis.
“Throughout the first half of the 2022 season, F1 saw record attendances in both stands and at the Paddock Club.”
The two seasons saw seven grand prix held in the April-June period, providing useful comparison as the effects of the COVID-19 pandemic waned. The number of races is important because F1 distributes its income over the year according to the number of events organized each quarter.
In the first part of 2021, races were still taking place in front of limited crowds, while the lucrative Paddock Club hospitality division had yet to catch up after the pandemic. The Paddock Club is not only back in full force, but it is proving more popular than ever.
His return helped overall revenue grow from $501 million in the second quarter of 2021 to $744 million in the same period this year.
Within that figure, core race promotion, broadcast and sponsorship revenue increased 35% from $464 million to $678 million, while other revenue – primarily Paddock Club and freight – increased. by 214%, from $37 million to $116 million.
An operating loss of $43 million in the second quarter of 2021 turned into a profit of $49 million this year.
Between them, the 10 F1 teams shared payments of $368m, up from $308m in the second quarter 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 pointed out that all three main revenue areas were increased in 2022: contractual fee increases.
“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 recognition of revenue from new sponsors and increased race-specific revenue generated from the different combinations of events held.”
However, the numbers were skewed slightly by the late cancellation of the 2021 Japanese GP: “There is a slightly higher proportional recognition of season-based media rights and sponsorship revenue recognized in the quarter, as 7/ 22 of the revenue was recognized in the second quarter of 2022 compared to 7/23 of the revenue recognized in the second quarter of 2021 before the confirmation of the reduction of the 2021 race schedule to 22 races.
Liberty noted that COVID was still a major issue last year: “Throughout 2021 and particularly in the first half of the season, race attendance has been limited due to the pandemic, and the Paddock Club n didn’t work out during the first half.
“F1 does not expect its results in 2022 to be affected by such capacity limitations, although fan attendance will continue to be assessed by the relevant government authorities on a race-by-race basis.
“Throughout the first half of the 2022 season, F1 saw record attendances in both stands and at the Paddock Club.”