"2023 marked another incredible season for Formula 1," says F1 CEO, Stefano Domenicali as revenue surges by 25%.

"We had strong engagement across all platforms, with record race attendance and F1 holding its position as the fastest growing league on social media for the fourth consecutive year," he said in the end of year financial statement.

"F1 saw continued fan growth especially in the US market, strengthened by the successful Las Vegas Grand Prix, and across a younger and more female audience," he added.

"Our sustainability initiatives remain a priority for F1 and our partners, and we look forward to running all seven F1 Academy races this season alongside the F1 calendar.

"We are excited for the 2024 season as we focus on deepening our relationships with fans and optimizing our commercial partnerships to bring incremental value."

While revenue was up around 25% team payments rose by just 5% from $1.157bn (£913m) in 2022 to $1.215bn (£959m) last year.

Once everything is taken into account F1 witnessed an operating income of $392m (£309m) last year, up 64% on 2022's $239m (£188m).

Primary F1 revenue was up 21% on 2022 while other F1 revenue was up 42%, primary revenue representing the majority of F1's revenue and being derived from race promotion revenue, media rights fees and sponsorship fees.

There were 22 and 6 races held in the full years and fourth quarters of both 2023 and 2022. In the fourth quarter of 2023, F1 directly promoted the inaugural Las Vegas Grand Prix and recognized the revenue (ticketing, sponsorship, hospitality) and cost related to the event.

Primary revenue grew in the full year and fourth quarter with increases across all revenue streams. Race promotion revenue grew primarily due to ticketing revenue from the inaugural Las Vegas Grand Prix and other contractual increases in fees.

Race promotion revenue in the full year and fourth quarter also benefited from the mix of races held in each period compared to the comparable periods in the prior year. Sponsorship revenue increased due to the recognition of revenue from the Las Vegas Grand Prix, income from new sponsors and growth in revenue from existing sponsors.

Media rights revenue grew due to increased fees under new and renewed contractual agreements and continued growth in F1 TV subscription revenue.

Other F1 revenue increased in the full year and fourth quarter primarily driven by higher hospitality revenue generated from the delivery of hospitality and experiences at the Las Vegas Grand Prix as well as Paddock Club growth at other events, with full year growth partially offset by lower freight income driven by the easing of freight cost inflation on billing rates.

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READERS COMMENTS

1. Posted by ARL, 01/03/2024 13:36

"Oops, my bad, never had a good memory for names. Just ask SWMBO, or whoever that woman in the corner is."

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2. Posted by Editor, 01/03/2024 12:19

"@ ARL

It's Turk Thrust... he doesn't have any siblings or children though his parentage is shrouded in mystery."

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3. Posted by ARL, 01/03/2024 12:14

"Another press release from Dirk Thrust PR consultants on behalf of Liberty, full of the joys of surging revenues, "experiences at the Las Vegas Grand Prix", and recognized LV revenues (ticketing, sponsorship, hospitality). Does no-one just watch races or stick cash in the bank anymore?

Designed to divert attention from limp statements from Slightly Less Fizzy Drink Enterprises GmbH and following sad leaky embarrassments by any chance?

Still no room in that 25% surge for a pesky US team who may or may not challenge for podium places - just like 11 out of the 22 drivers last year. Has anyone pointed out to Liberty that has been the case since the days of the Gordon Bennet Cup of 1900?

Move along, nothing to see. With any luck that will continue to be the case from Tawdry Sideshow Enterprises."

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F1 revenue for 2023 up $650m (£513m) on previous year

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