Formula One Group is smiling to the bank as the fat cheque and the bag from sponsors continue coming nonstop.
The F1 says their revenue has increased 24 per cent year-over-year (YoY) to US$887 million in the third quarter of 2023.
This increase in revenue saw the series’ overall operating income increase from US$64 million to US$107 million.
“Formula 1 continues to experience sell-out crowds, record race attendance and strong growth across our social and digital platforms, outpacing that of other major sports leagues,” said Stefano Domenicali, Formula 1 President and CEO.
“This growth is attracting commercial partners, including our recent agreement with American Express that marks the first new sports vertical they have sponsored in over a decade.”
“We are making material progress on our sustainability initiatives, including reducing F1’s corporate emissions and amplifying F1 Academy by fully integrating the series into the 2024 F1 calendar with participation from all ten F1 teams.”
Revenue increased due to eight races being held in the period this year compared to seven in 2022, so race promotion income increased. However, two additional races being held outside of Europe compared to 2022 saw logistics costs rise.
