F1 nets £40.6m profit in second quarter 2022 RaceFans

0

Formula 1 recorded its fourth consecutive quarter of profits as series revenue continues to recover from the pandemic.

It held seven races in the second quarter of 2022, the same number as in the same period 12 months earlier, but with reduced attendance restrictions at many venues. This meant that more spectators and lucrative Paddock Club guests could be accommodated. F1 reported record numbers of both in the first half of 2022.

Venues such as Melbourne in Australia and Circuit Gilles Villeneuve in Canada returned to the calendar for the first time since the outbreak of the Covid-19 pandemic in early 2020. F1 also staged its long-awaited first Miami Grand Prix .

These helped push revenue up to $744m (£617m) in this period, a 48.5% increase on the same three months in 2021. F1 recorded a profit of $49m (£40.6m) for the quarter in which it lost $43. m last year.

F1 also reported increased revenue from its media rights sales to broadcasters and revenue from its live streaming service F1 TV.

Series costs have also increased, in part due to revenue-generating activities that were not possible this time last year due to the pandemic. Rising freight costs have also had an inevitable impact on F1 profits.

The 10 F1 teams received a total of $368m (£304.9m) in the second quarter, up from $308m the previous year.

Announcement | Become a RaceFans supporter and go ad-free

2022 F1 season

Browse all articles from the F1 2022 season

Share.

Comments are closed.