Whereas there was a full 22-race calendar in 2021 there have been nonetheless some restrictions on attendance in place. However final yr, with these lastly gone and F1 persevering with to learn worldwide from the Drive to Survive enhance, the numbers rose considerably.
The rising curiosity on this planet championship was mirrored in a claimed total fan attendance of 5.7 million, which represents an increase of 36% since 2019, the final season not impacted by COVID restrictions previous to 2022.
Final yr, total income was up 20% from $2.136 billion to $2.573bn, whereas the working earnings of the enterprise – the quantity left after the groups had been paid and different prices taken under consideration – rose from $92m to $239m.
The 10 groups shared complete funds of $1.157bn between them in 2022, in contrast with $1.068bn the earlier yr.
F1 famous that its key measure of main income rose 14% from $1.850bn to $2.107bn, cut up between race promotion charges (28.6%), media rights (36.four%) and sponsorship (16.9%).
Big crowd assist for Ferrari
Picture by: Andy Hone / Motorsport Images
Relating to the outcomes, Liberty Media famous: “Race promotion income grew attributable to greater charges generated from the combo of occasions held, with three further races held exterior of Europe in comparison with 2021 and the return of capability crowds, whereas limitations on fan attendance in 2021 led to one-time modifications within the contractual phrases of a restricted variety of races held.
“Media rights income elevated for the total yr attributable to progress in F1 TV subscription income and elevated charges underneath new and renewed contractual agreements, and sponsorship income elevated because of the recognition of income from new sponsors.”
There was additionally a rise within the streams that come underneath different income, “pushed by greater hospitality income generated from the Paddock Membership, which operated at 19 races, with report attendance all through 2022 in comparison with 11 occasions throughout 2021, in addition to greater freight income with extra races held exterior of Europe in comparison with the prior yr and the affect of freight value inflation on billing charges.
“Different F1 income for the total yr additionally benefited from the flexibility to undertake a larger scope of actions than was attainable within the pandemic-affected first half of 2021.”
Nonetheless, the rise in income got here in tandem with a rise in prices from $421m to $593m throughout numerous areas, together with a considerable sum already dedicated by F1 to this yr’s inaugural Las Vegas GP, which it’s selling.
Liberty added: “These prices elevated within the full yr primarily pushed by greater freight prices with three extra occasions held exterior of Europe and underlying inflation on freight prices, elevated Paddock Membership prices related to greater hospitality attendance and servicing eight further Paddock Membership occasions in comparison with the prior yr, in addition to greater commissions and accomplice servicing prices related to elevated Main F1 income streams and better F2 and F3 associated prices.
“Promoting, basic and administrative expense elevated within the full yr attributable to greater personnel and IT prices and elevated authorized and different advisory charges, in addition to roughly $19 million of prices related to the planning and launch of the Las Vegas Grand Prix.”
F1 CEO Stefano Domenicali highlighted grand prix racing’s rising presence on social media channels as a key indicator of its reputation.
“F1 noticed report attendance at its races in 2022 and we had been as soon as once more the quickest rising main sport on social media,” he famous.
“We’re persevering with to construct fan engagement by our high-quality broadcast, enhanced content material on F1 TV, social channels and new immersive experiences together with the F1 Arcade and F1 Exhibition merchandise.
“F1’s world relevance and sustainability efforts are attractive the entry of premier OEMs together with Audi and Ford in 2026, and we’re assured they’ll convey important worth to our sport.”