P1racenews AI automatic summary:
Formula 1 has reported a revenue of £2.5bn ($3.2bn) in 2023 following a strong final quarter which generated £950m alone.
The impressive 25% revenue boost in Formula 1 was largely driven by the return of the sport to Las Vegas after a 40-year absence, contributing to a 63% year-on-year growth. The decision to include the new Las Vegas Grand Prix in the season’s final leg played a significant role in this financial success. Formula One Management’s efforts in promoting the race led to increased revenue from sponsorships and ticket sales, while media rights revenues also grew due to new contractual agreements. Fan attendance saw a 5% increase compared to 2022, totaling 6 million attendees, with 1.5 billion cumulative TV viewers and 16 billion social media impressions during the Las Vegas Grand Prix week. Despite the challenges of the COVID-19 pandemic, Formula 1 rebounded impressively, generating £1.5bn in revenue in 2020 and repeating the same success in the first three quarters of 2023. F1 President Stefano Domenicali highlighted the strong engagement and growth across platforms, especially in the US market, emphasizing sustainability initiatives and plans for the upcoming races. Liberty Media President Greg Maffei praised Formula 1’s double-digit growth, mentioning the successful impact of the Las Vegas Grand Prix and the promising future ahead for the sport and its global community.
