Formula 1 reported its fourth consecutive quarter of profit as the series’ revenues continue to recover following the pandemic.
Venues such as Melbourne in Australia and Circuit Gilles Villeneuve in Canada returned to the calendar for the first time since the outbreak of the Covid-19 pandemic in early 2020. F1 also held its long-awaited first Miami Grand Prix.
These helped to drive revenue up to $744 million (£617m) during this period, a 48.5% increase compared to the same three months in 2021. F1 reported a profit of $49m (£40.6m) for the quarter in which it lost $43m last year.
F1 also reported increased revenue from its sales of media right to broadcasters and income from its F1 TV live streaming service.
The series’ costs rose as well, partly arising from revenue-generating activities which were not possible at the same time last year due to the pandemic. The rising cost of freight has also had an inevitable impact on F1’s profits.
F1’s 10 teams were paid a total of $368m (£304.9m) in the second quarter compared to $308m the year before.
Advert | Become a RaceFans supporter and
2022 F1 season
- F1 planning year-round activities for Las Vegas race facility
- Exclusive: Albon on his successful return at Williams and learning to be “more selfish”
- ‘A shame’, ‘just about money’: F1 drivers fear Spa’s next grand prix will be its last
- Transcript: Why Ferrari told Leclerc ‘the hard is worse than expected’ but still used it
- “Guenther has a unique style…” Schumacher on points, pressure and his team principal