Formula 1 turnover increased by 25% by the end of 2023

Liberty Media, Formula 1’s main shareholder, published financial results for 2023.

In 2023, the main source of Formula 1 revenue was payments from promoters, television companies and sponsors, which amounted to 29.3%, 32.2% and 18.0% of total championship revenue respectively.

Formula 1’s total revenue last year was $3.222 billion, a 25% increase over 2022 figures. Formula 1’s net profit rose by 64% – from $239 million in 2022 to $392 million in 2023 .

Thanks to the revenue growth, prize payments to teams have also increased. If in 2022 all ten participants received a total of $ 1.157 billion, then in 2023 payments to Formula 1 teams increased by 5% and amounted to $ 1.215 billion.

Stefano DomenicaliPresident and CEO of Formula 1: “The 2023 season was another excellent season for Formula 1. We saw strong engagement across all platforms: with record numbers of race participation, Formula 1 maintained its position as the fastest growing sports league on social media for the fourth year in a row.

Formula 1 continues to grow in fan base, especially in the US, helped by the successful Las Vegas Grand Prix. In addition, we saw growth among a younger and female audience.

Our sustainability initiatives remain a priority for Formula 1 and our partners. We look forward to hosting all seven F1 Academy races in Formula 1 this season.

We look forward to the 2024 season as we focus on deepening our fan engagement and optimizing our commercial partnerships, which will deliver additional benefits.”

Source: F1 News

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