Formula 1 power to record-breaking revenues, Stefano Domenicali highlights unprecedented growth

This monumental figure represents a resounding $172 million surge, marking a remarkable 24% increase compared to the same period in 2022.

The backbone of this astonishing growth lies in the intricate orchestration of races within the Formula 1 calendar, and the substantial fees they bring along. During the July-September period, the year 2023 witnessed an impressive roster of eight Grand Prix events, a notable augmentation from the previous year's seven. 

Importantly, this year saw the return of the Singapore and Japanese races, both renowned for their substantial hosting fees. In 2022, these races were held in the final quarter, contributing to the noticeable surge in revenues for the third quarter of 2023.

However, the financial ascent was not without its challenges. A surge in expense from the preceding year was primarily fuelled by a combination of global inflation, the logistical complexities of races outside of Europe, and associated freight costs. Furthermore, the significant promotional efforts for the impending Las Vegas Grand Prix, coupled with the launch of the new F1 Academy series, played a role in these elevated costs.

Stefano Domenicali, President and CEO of Formula 1, aptly observed the incredible trajectory of the sport in light of these record-breaking numbers. 

He pointed out that Formula 1's growth has outpaced other major sports leagues, marked by sold-out crowds, record race attendance, and robust expansion across various social and digital platforms. As he noted, "Formula 1 continues to experience sell-out crowds, record race attendance and strong growth across our social and digital platforms, outpacing that of other major sports leagues." Additionally, this growth has attracted commercial partners, exemplified by the recent partnership with American Express, marking their first sponsorship in a sports vertical in over a decade.

Domenicali emphasized the sport's commitment to sustainability initiatives, including reducing corporate emissions, and the integration of the F1 Academy into the 2024 F1 calendar, with participation from all ten F1 teams. This commitment underscores Formula 1's dedication to broader global issues.

In a final thrilling note, the Las Vegas Grand Prix, Formula 1's upcoming event, promises to be a spectacle of epic proportions. 

Scheduled to take place from the 16th to the 18th of November, this 14-turn street circuit stretches over six kilometres and boasts top speeds of around 342 kilometres per hour on the iconic Las Vegas Strip. It's a race that not only embodies the spirit of Formula 1 but also sets the stage for an exhilarating showdown, rivalling Monza for average speeds.

 

Read More: Red Bull's triumph in Brazil: Christian Horner reveals secrets to success (planetsport.com)