Formula 1 has reported a revenue of £2.5bn ($3.2bn) in 2023 following a strong final quarter which generated £950m alone.
The impressive 25% revenue boost was buoyed by the sport’s return to Las Vegas after a four-decade absence from Sin City which contributed greatly to the 63% year-on-year growth for the same period.
In both 2022 and 2023, the final leg of the season saw six races from October onwards, however F1’s decision to promote the new Las Vegas Grand Prix contributed greatly to the periodic appreciation.
In promoting the race themselves, Formula One Management was able to increase revenue through sponsorship deals and ticket sales.
Media rights revenues grew due to increased fees under new and renewed contractual agreements and continued growth in F1TV subscriptions through broadcasting rights contributing to a total revenue increase of 25%.
In a press release issued by Liberty Media, it was reported that fan attendance was up 5% on 2022, rising to 6 million while the sport enjoyed 1.5 billion cumulative TV viewers and 16 billion global social media impressions during the inaugural Las Vegas Grand Prix race week.
Such figures show that the sport has rebounded impressively from the COVID-19 pandemic having generated revenues of £1.5bn across a heavily disrupted 17-race calendar in 2020. In 2023, the sport generated the same amount from the first three quarters alone.
“2023 marked another incredible season for Formula 1,” said F1 President and CEO Stefano Domenicali.
“We had strong engagement across all platforms, with record race attendance and F1 holding its position as the fastest-growing league on social media for the fourth consecutive year.
“F1 saw continued fan growth especially in the US market, strengthened by the successful Las Vegas Grand Prix, and across a younger and more female audience.
“Our sustainability initiatives remain a priority for F1 and our partners, and we look forward to running all seven F1 Academy races this season alongside the F1 calendar. We are excited for the 2024 season as we focus on deepening our relationships with fans and optimizing our commercial partnerships to bring incremental value.”
Liberty Media President and CEO Greg Maffei added: “Formula 1 had another fantastic year with double-digit growth across all revenue streams.
“The Las Vegas Grand Prix generated massive global buzz, and we look forward to delivering great racing, fan experiences and economic benefit to F1 and the local community for years to come.”
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