P1racenews AI automatic summary:
Revenues in the third-quarter of 2023 rose by nearly 25% on the same period compared to 2022 as F1 continues to enjoy growth.
In the third quarter of 2023, Formula 1 saw a significant increase in revenues, reaching $887 million, a rise of 24% compared to the same period in 2022. The prize pot distributed among the teams also grew to $432 million, up from $370 million, while operating income reached $132 million. The rise in revenues can be attributed to the addition of more races in the calendar, resulting in higher race fees. In 2023, there were eight Grands Prix held during the July-September period, compared to seven in 2022, including the Singapore and Japanese races held in October. Increased costs were driven by factors such as global inflation, the hosting of races outside Europe, the promotion of the upcoming Las Vegas Grand Prix, and the launch of the F1 Academy series. F1’s President and CEO, Stefano Domenicali, highlighted the rapid growth of F1 compared to other major sports leagues, with sold-out crowds, record race attendance, and strong growth in digital platforms. He also mentioned the progress made in sustainability initiatives, including reducing corporate emissions and integrating the F1 Academy series into the 2024 F1 calendar with participation from all ten teams.
Forrás: RacingNews 365
