The start of the season is developing very successfully for Formula 1, also economically. According to Liberty Media’s quarterly report, championship revenue doubled in the first three months of 2022 compared to the same period in 2021, to $360 million.
The three main components of the Formula 1 economy are sponsorship contracts, the sale of race broadcasting rights and race revenues.
“The start of the season was incredibly successful, we were able to build on the success achieved in 2021,” said Stefano Domenicali, President and CEO of Formula 1. “The transition to the new technical regulations and the new generation of cars has precisely the effect we hoped for.
The battle on the circuits has intensified, there are more overtaking and we are seeing very interesting results. Racing is attracting a wider audience and the number of spectators in the stands is increasing, as is the number of fans following Formula 1 through all our digital platforms.
We are also excited to announce contracts with new sponsors, mainly companies active in the technology sector, and of course it’s great that the Miami Grand Prix is being held for the first time this weekend. †
Major sponsors announced in the first quarter include Lenovo, Salesforce and MSC Cruises. Major achievements also include the extension of Imola’s contract to host the Emilia-Romagna Grand Prix until 2025, as well as Liberty’s repurchase of 348,000 Formula 1 shares for a total of $20 million.
Source: F1 News
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