In income, formula 1 exceeds epidemic losses
The Formula 1 It generated massive profits in the first months of 2022. World Motorsports Championship revenue doubled to $360 million in the first quarter of the year compared to the same period in 2021.
Liberty Media, the owner of the championship, attributed the growth to two events that take place in the first quarter, from January to March, compared to 2021, along with the return of fans and the club to the track after the events affected by the epidemic last year.
general income of Formula 1 In the corresponding quarter, they went from a loss of $33 million to a profit of $34 million.
Throughout 2021 and especially in the first half of the season, race attendance was limited due to the pandemic and Paddock Club was not running in the first half. F1 does not expect its results in 2022 to be affected by such capacity limitations, although the relevant government authorities continue to assess fan attendance on a race-by-race basis.”
He also noted that Formula 1 is continuing to evaluate alternatives to the canceled Russian Grand Prix in order to maintain a 23-round schedule.
basic income from F1 From 159 million to 287 million in the first quarter of 2022 compared to the first quarter of 2021, due to growth in racing promotion, media rights and sponsorships.
Media rights also increased due to growth in F1 TV subscription revenue and fees under new and renewable contractual agreements. Growth in subscription revenue from TV broadcasting service F1 helped boost media rights along with broadcasting expansions with Australia’s Foxtel and Singapore’s StarHub. Notable deals with MSC Cruises, Lenovo and Tata Communications during the first quarter of 2022 contributed to increased sponsorship revenue.
Part of the growth in 2022 has been described as due to the impact of first-quarter 2021 results by a one-time deal believed to be related to the cancellation of the planned round of Vietnam for the year 2020.
“We’ve made an exceptional start to the 2022 Formula 1 season, building on the momentum we built from our successful 2021. The new cars and regulations are working as we had hoped, allowing for closer races, more overtaking, field battles and exciting results,” said Stefano Domenicali, chief executive of F1. :
About the TV performance of Formula 1 So far this season, Greg Maffei, president and CEO of Liberty Media, said last month’s Emilia-Romagna Grand Prix was “28% higher than last year’s qualifiers at Imola.” Sunday’s races in both Saudi Arabia and Bahrain are up 56%.” Ahead of next year’s Las Vegas Grand Prix, Maffei also confirmed that Liberty Media had agreed to acquire 15.7 hectares of land that would be used “to secure circuit layout and create pit and field capacity.” Maffei expects the deal to close in the second quarter at a cost of $240 million.
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