F1 sees revenue increase in Q2 2022. Formula One released its second quarter results report this week, showing a 49% increase in revenue based on the same period in 2021.
In the April to June period of this year, F1’s revenues reached $744m (£618m), up from $501m (£416m) last year. The increase was attributed to the lifting of health restrictions around the world, which in 2021 limited the ability of many circuits to host Formula One.
This year, Formula 1 has seen record attendance, particularly with the takeover of the Paddock Club, which has helped generate millions in additional revenue, while media rights have also increased due to the growth in F1TV subscriptions. This, along with sponsorship, is part of F1’s ‘primary revenue’, which has seen a 35% increase from $464m to $628m.
“The 2022 Formula 1 season continues to set records as we have seen exciting action and unpredictable results on track. We are attracting fans in person and across all of our platforms,” said Stefano Domenicali, Formula 1 President and CEO.
“We are making significant progress working with all our stakeholders, including our teams, race promoters, the FIA and our commercial partners towards our goal of achieving net zero carbon by 2030.”
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In late 2016, Liberty Media agreed to buy controlling interest in the Formula One Group for $4.4 billion (£3.3 billion). The deal was approved by regulators and completed on 23 January 2017. Chase Carey subsequently became chief executive of the Group. In September 2020, it was announced ex-Ferrari team boss Stefano Domenicali would become the new chief executive of the Formula One Group.
The Formula One Group is listed in the NASDAQ as a tracking stock under the ticker FWONK.
The Group was previously owned by Delta Topco, a Jersey-based company owned primarily by investment companies CVC Capital Partners, Waddell & Reed, and LBI Group, with the remaining ownership split between Bernie Ecclestone, other investment companies, and company directors. It was bought by Liberty Media in 2017.
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