Culture

Formula 1 generates income as fans return to the races

MELBOURNE, AUSTRALIA - MARCH 25: Lewis Hamilton of Great Britain driving the (44) Mercedes AMG Petronas F1 Team Mercedes WO9 leads Kimi Raikkonen of Finland driving the (7) Scuderia Ferrari SF71H , Sebastian Vettel of Germany driving the (5) Scuderia Ferrari SF71H and the rest of the field at the start during the Australian Formula One Grand Prix at Albert Park on March 25, 2018 in Melbourne, Australia. (Photo by Mark Thompson/Getty Images)
Mark Thompson/Getty Images

Formula 1 continues with its recovery from financial losses caused by the coronavirus pandemic. Reportedly, the results show that F1 has seen a 12 percent increase in revenue in the third quarter this year compared to 2020.

Like all businesses, F1 suffered huge losses caused by the coronavirus pandemic. F1 reported $386 million in financial losses in 2020. Despite the disastrous 2020 season, F1 remained optimistic ahead of the 2021 season.

The statistics are up, even though F1 had three fewer races between July and September in 2021. For instance, F1 hosted ten races in the summer of 2020 after the season was delayed for more than three months. However, the difference-maker has been the fact that races are run at full capacity in 2021.

“Media rights and sponsorship revenue decreased during the third quarter due to the impact of lower proportionate recognition of season-based income, partially offset by growth in F1 TV subscription revenue and revenue from new sponsors”

Stefano Domenicali, F1 boss

Formula 1 will complete a record number of races in 2021

In comparison to the 2020 season, F1 will host five more races this year. Notably, F1 has visited different continents this season, like Northern and South America. On the contrary, F1 held all races in 2020 in Europe or the Middle East.

“Formula 1 is firing on all cylinders and producing results on the track, for our fans, partners and investors. We already know that the 2021 season will be one for the ages, with a fierce battle up and down the grid and among the constructors.”

“We have seen the results with fans at the track and with engagement across all platforms, and we look forward to the next races in Mexico and Brazil before concluding the season with three races in the Middle East, which will complete a record 22-race calendar in 2021.

Stefano Domenicali

Formula 1 will host a record 23 races in the 2022 season. Amongst many races, there’ll be a new Miami GP, hosted in May. As for the 2021 season, the finale will be in Abu Dhabi on December 12th.

Write a comment

One response to “Formula 1 generates income as fans return to the races”

  1. […] Formula 1 is undoubtedly happy that Zhou will expand the sport to the Chinese market. In addition to the good financial numbers this season, Formula 1 is increasingly growing globally. […]

Leave a Reply

Related posts

checkmark delete