Formula One is recession-proof despite the current economic downturn. The race’s revenue and popularity continue growing and attracting millions of fans across the world.
The F1’s second quarter revenue has increased by 49% as compared to last year’s figures. This year has seen record attendances in both the grandstand and its VIP offering.
According to Liberty Media, the series owner: “The increase to US$744 million is largely attributed to 2021 being impacted by the pandemic and, therefore, attendances were limited. That uplift saw Formula One turn a profit of US$65 million, up from a loss of US$36 million in the same period last year.”
The company attributed their growth to race promotion, media rights extensions, contractual fees increase and sponsorships.
F1 and Netflix signed off on the fifth and sixth seasons of ‘Drive to Survive’.
Greg Maffei, president and chief executive of Liberty Media said: “Formula One is making the most of our growing worldwide popularity as evidenced by race attendance, TV viewership, and engagement across platforms,” said Greg Maffei, president and chief executive of Liberty Media.
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