Formula 1’s revenue fell slightly in the second quarter of 2023 compared to the same period one year earlier following the cancellation of the Emilia-Romagna Grand Prix.Imola race was supposed to take place on May 21st. However the event was cancelled two days before practice was due to begin following severe flooding in the region.
That meant F1 held six races in the second quarter of 2023. It originally planned to hold eight, but the Chinese Grand Prix was also cancelled, in December last year, due to the Covid-19 pandemic. Neither it nor the Imola round were replaced.
As F1 held seven races in the same period a year earlier, it received more income from promoters and also handed less out to the teams this year. Its revenue fell from $744 million (£584m) to $724m year-on-year. The 10 teams shared $344m (£270m) over the three months to June this year, down from $368m last year.
The reduction in the number of races also hit F1’s media rights revenue. However the series claims this was partly offset by rises in subscriptions to F1TV.
F1 also noted $7 million in expenses were paid during this period on costs related to the upcoming Las Vegas Grand Prix, which will take place in November.
The F1 group generated $141m (£110m) in income over the period, down $5m on the second quarter of 2022.
The series’ CEO Stefano Domenicali said it is “capitalising on our growth momentum and our fans are engaging with the sport across traditional, digital and social media platforms.
“We congratulate Red Bull on their record-breaking performance season-to-date, and are thrilled to see the gaps closing across the rest of the grid to produce exciting rivalries on track. Next year we will host 24 races around the globe, with back-to-back races in closer proximity which will benefit the efficiency of operations for both F1 and our teams.”
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