Formula 1 reported a $68 million (£50m) profit over the third quarter of 2021, a significant increase over the same period last year, despite holding fewer races in that time.
Over July to September, F1 generated $668m (£494m) in revenue, an increase from $597 (£441.5m) over the third quarter of 2020.The increase is despite seven races being held over the last three-month period compared to 10 during the extremely compressed 2020 season, the start of which was delayed by months due to the global Covid-19 pandemic.
F1’s revenue from broadcasting contracts and hosting fees increased from $558m (£412.7m) last year to $612m (£452.7m) – a rise of just under 11%. Greater gains were made in what F1 calls ‘other income’ – which includes revenue related to Formula 2 and Formula 3.
Although F2 and F3 ran fewer races over the period than in 2020, reducing their contribution, the return of the Paddock Club at all bar one of the seven F1 rounds contributed to a 44% increase in revenue from $39m (£28.8m) to $56m (£41.4m). The Paddock Club had been unable to operate during the same period last year.
“Formula 1 is firing on all cylinders and producing results on the track, for our fans and partners and our investors,” said F1 CEO and president Stefano Domenicali. “We already know that the 2021 season will be one for the ages, with a fierce battle up and down the grid and among the constructors. We have seen the results with fans at the track and with engagement across all platforms.”
“We look forward to the next races in Mexico and Brazil before concluding the season with three races in the Middle East, which will complete a record 22-race calendar in 2021, and we are already focused on setting a new record in 2022 with our 23-race calendar.”
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uzsjgb (@uzsjgb)
4th November 2021, 17:16
How did the return of crowds boost F1’s profit? Only the return of the Paddock Club? Although we don’t know how much of that increased revenue is actually profit.
Once could assume that the return of crowds increased the hosting fees, but the article makes no mention of that. Broadcasting contracts and hosting fees are lumped together, so we can’t even say if hosting fees increased from 2020.
I think this article either needs a better title or more information in the text.