Formula 1’s revenue shot up to £2.5 billion ($3.2bn) last year, boosted by a strong final quarter due in part to its new Las Vegas Grand Prix.
The series generated £950m ($1.2bn) in revenue over the final three months of 2023 alone. That is a 63% increase over the same period in the previous year.
As in 2022, six races were held during that time. However last year F1 held the first edition of its new Las Vegas Grand Prix, which it took the unusual step of promoting itself. As a result, F1 saw an increase in revenue from ticket sales for the Las Vegas race plus sponsorship sales at the new event.
Formula One Management also generated more income from broadcasting rights and race hosting fees. The 2024 F1 calendar boasts 24 races – the most allowed under its current agreement with the teams – and many of those are contracted for many years to come.
F1’s total revenue increased by 25% compared to the previous year, when it brought in £2bn ($2.5bn). It has rebounded rapidly from the pandemic-affected 2020 season, when its revenue was £1.5bn ($1.9bn), the same amount it made over the first three quarters of last year. It generated £310m ($392m) in revenue last year, after paying out £950m ($1.2bn) to its 10 teams.
CEO Stefano Domenicali said the series had enjoyed an “incredible” year.
“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,” Domenicali said.
“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.”
The upcoming 2024 Formula 1 season, which starts this weekend with the Bahrain Grand Prix, will be the longest ever season in the sport’s history, comprising of 24 rounds.
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