P1racenews AI automatic summary:
Las Vegas GP helps to boost F1’s 2023 profits to $392 million
The 2022 and 2023 seasons had 22 rounds each, featuring a mix of races including the first F1-promoted event in Las Vegas and the Qatar GP, with France no longer on the schedule. Imola’s race in 2023 was canceled due to extreme weather. Year-on-year revenue increased by 25% to $3.222 billion, with operating profit up by 64% to $392 million. Total payments to teams rose from $1.157 billion to $1.215 billion, growing by 5%. The success of the Las Vegas GP significantly impacted F1’s revenue, with Liberty Media attributing the income growth to ticket sales and new sponsorships. F1 CEO Stefano Domenicali expressed satisfaction with the 2023 season, highlighting growth in engagement, attendance, and social media popularity, especially in the US market. The focus for 2024 is on enhancing fan relations, optimizing commercial partnerships, and continuing sustainability efforts.
