Formula 1 results in 2023 up 25% from 2022 with 3 billion euros
The turnover of Formula 1, owned by the American group Liberty Media, is increasing in 2023 compared to 2022. Profits also increased to reach the sum of 273 million euros, which is 117 million euros more than in 2022.
In 2022, Formula 1 had recorded a record revenue and profit for the history of the sport, in 2023, things continue to go well. Liberty Media, the group that owns Formula 1, has announced its results for the fourth quarter of 2023 and therefore its annual balance sheet.
With $3.2 billion, or 2.97 billion euros, Formula 1 recorded a 25% increase in revenue in 2023 . The resulting profit is therefore significant, totaling $297 million (273 million euros) for the year 2023.
Formula 1 revenues improved significantly in the last quarter of 2023 with $122 million in profits by the end of the year (€112 million) compared to “only” $41 million in 2022, which is triple the amount.
If it is not detailed, the reason for this increase in profit in the fourth quarter is related to the holding of the Las Vegas Grand Prix, at the end of the year and of which Liberty Media is directly the promoter. This is the only event in the calendar and the first since Liberty Media acquired F1.
The statement explains, however, that total revenues increased in 2023. Race organization revenues represent 29.3% of the turnover, TV rights represent 32.2% of the turnover, sponsors brought in 18% of the turnover. 20% of the revenues are not specified here.
2023 marked another incredible season for Formula 1. We saw strong engagement across all platforms, with record attendance at races and F1 maintaining its position as the fastest-growing championship on social media for the fourth year in a row.
« F1 has experienced continuous growth in its fans, especially in the American market, strengthened by the success of the Las Vegas Grand Prix, and among a younger and more feminine audience », declared Stefano Domenicali, President and CEO of Formula 1.
« Our sustainable development initiatives remain a priority for F1 and our partners, and we are looking forward to the seven races of the F1 Academy this season, alongside the F1 calendar. We are excited about the 2024 season as we focus on deepening our relationships with fans and optimizing our commercial partnerships to bring additional value,” continued the Italian director.
