Formula 1 reported its fourth consecutive quarter of profit as the series’ revenues continue to recover following the pandemic.
It held seven races in the second quarter of 2022, the same number as it did over the same period 12 months earlier, albeit with reduced restrictions on attendance at many venues. That meant greater numbers of spectators and lucrative Paddock Club guests could be accommodated. F1 reported record numbers of both over the first half of 2022.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.
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bernasaurus (@bernasaurus)
5th August 2022, 17:43
So we can still have Spa then?
Coventry Climax
5th August 2022, 20:05
And ditch these silly sprint thingies?
Pretty Please?
Sam
5th August 2022, 20:18
This.
Jimmi Cynic (@jimmi-cynic)
5th August 2022, 21:28
Yes, @bernasaurus, you can have Spa. But just this one time.
You have eat your porridge street races for three seasons before indulging in high speed, low profit Belgian racing chocolate again. ;-)
AlanD
5th August 2022, 22:18
I’m honestly surprised it is only 40 million. Bernie would have been appalled at so little profit. I presume this is the 40 million of sheer profit after bonuses etc that they couldn’t manage to hide from the taxman. Out of interest, what is the US equivalent of the Inland Revenue?
Lancer033 (@lancer033)
6th August 2022, 14:35
Assuming Inland Revenue is the tax collector in the UK? If so, it’s the Internal Revenue Service (IRS) in the states. Any further opinions of them can’t be shared in polite company 🤬
AlanD
6th August 2022, 22:14
Lancer, IRS, thank you, yes, that’s the term I was thinking of. It’s a term we often hear in TV shows from the US but I don’t think I ever knew what it stood for. The equivalent official abbreviation for the taxman in the UK is HMRC, standing for Her Majesty’s Revenue and Customs, where customs refers to customs charges at the borders, not the customs of sending cards at Christmas, etc.