Formula One‘s revenue doubled to $360 million in the first quarter of 2022, compared with that same period in 2021.
The rise was attributable to two events in the first quarter (January through March) of 2021, and also the reintroduction of fans and the paddock club following last year’s pandemic-affected events, according to Liberty Media, the championship’s owners.
“Throughout 2021 and particularly in the first half of the season, attendance at races was limited due to the pandemic, and the Paddock Club did not operate in the first half,” read a statement.
“F1 does not expect its results in 2022 to be impacted by such capacity limitations, though fan attendance continues to be assessed by relevant government authorities on a race-by-race basis.”
Primary F1 revenue climbed from $159 million to over $287 million in the first revenue of 2022 compared to 2021, thanks to the increase in racing promotions, broadcasting rights, and sponsorships. Also, Media rights have increased as a result of an increase in F1 TV subscription revenue and payments under new and renewed commercial agreements.
A one-time settlement believed to be linked to the postponement of Vietnam’s scheduled 2020 round contributed to the rise and growth of F1 in 2022.
Formula 1 CEO, Stefano Domenicali said the following: “We’ve had a phenomenal start to the 2022 Formula 1 season, building on our momentum from a successful 2021.
“The new cars and regulations are delivering as we had hoped, enabling closer racing, more overtaking, battles through the field and thrilling results.
“Our events are attracting growing audiences both in person and across all our platforms.”
Formula One is also considering alternatives to the cancelled Russian Grand Prix in order to retain a 23-race schedule.