Formula 1 sets the bar high with a huge USD 200M jump in revenues
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Formula 1
Ever since the Covid-19 pandemic, Formula 1 has been on a quest to get back to the previous audience count since the sport suffered a huge blow to its viewership because of the various lockdown restrictions at the different Grand Prix venues. But now, it seems like F1 is back in better shape than ever before as the Liberty Media recorded a sky-high jump in recent F1 ticket sales with a 200M dollar jump in revenues.
The picture seems clear from Liberty Media‘s financial report that the fans who were restricted to their homes during the last two years have now made sure every Grand Prix on the calendar gets sold out as there has been significant increase in on-site attendances. The second-quarter financial report on the F1 sales were made public only a few days ago and it shows a 49 per cent increase in the revenues, from a previous amount of $501M to $743M.
Formula 1 records massive increase in revenues in Liberty Media’s latest financial report
The record-breaking revenues generated by Formula 1 testify to the fact that the sport is now getting more popular than ever before. In the recent years, word about F1 has also spread to the United States of America, thanks to a great coverage of the sport by hit Netflix series Drive to Survive. It must also be remembered that the previous seasons had suffered due to F1 paddock restrictions due to the pandemic and now that most of those rules have been lifted, the audience is once again crowding into the grandstands to watch their favorite racers.
Speaking of the favorable revenue records, F1 CEO Stefano Domenicali said, “The Formula 1 2022 season continues to set records, as we’ve seen exciting action and unpredictable outcomes on the track.”
He also continued, “We are attracting fans in person and across all our platforms. We are making meaningful progress working with all of our stakeholders including our teams, race promoters, the FIA and business partners towards our goal to hit net-zero carbon by 2030.”
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Riddhi Mondal
(1821 Articles Published)