Formula 1 reported annual revenue of $2.136 billion (£1.6bn) in 2021 after increasing the number of races on its calendar to 22.
The easing of restrictions arising from the Covid-19 pandemic last year meant five more races were held compared to the year before. Many were able to welcome spectators once more and the lucrative Paddock Club, which only operated a single event in 2020, resumed in July last year.
Therefore while F1 held seven races over the final quarter of 2021, as it did the year before, these brought in more money. They contributed $172m (£128m), an increase of 273% compared to the same period in 2020.
That helped F1’s revenues increase by 86% year-on-year. Its pay-outs to teams also rose, by 50%, to $1.068 billion (£800m). The relatively slower rate arose partly due to F1 making one-time payments to teams when they signed the Concorde Agreement in 2020.
Race promotion was F1’s largest revenue stream, accounting for 40% of its income. Media rights, including broadcasting, represented 31% of all revenue and sponsorship contributed 16%.
The 2021 season “was a remarkable year for Formula 1 in all respects,” said F1 CEO Stefano Domenicali. “The racing was spectacular and the business produced outstanding results.”
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