Formula 1's revenues climbed to $887 million in the third quarter of 2023, a rise of $172 million, or 24% over the same three-month period in 2022.
As part of owner Liberty Media's third-quarter financial results, it was revealed that the prize pot shared out between the 10 teams rose to $432 million up from $370 million, with operating income also enjoying a steady rise up to $132 million.
A major contributing factor behind the rise in revenues has been the allocation of races in the calendar, and the resulting race fees banked.
Encompassing the July-September period, there were eight Grands Prix held in 2023, up from seven in the corresponding timeframe of 2022.
Moreover, 2023 included the Singapore and Japanese races, both of which pay hefty hosting fees and were held in October, or the fourth quarter, in 2022.
A rise in costs from 2022 was incurred was driven by global inflation, the two races outside of Europe and associated freight costs, the promotion of the upcoming Las Vegas Grand Prix and getting the new F1 Academy series off the ground.
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Stefano Domenicali confident
Responding to the latest numbers, F1 President and CEO Stefano Domenicali pointed out that F1 was growing faster than other major sports leagues.
"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," he said.
"This growth is attracting commercial partners, including our recent agreement with American Express that marks the first new sports vertical they have sponsored in over a decade.
"We are making material progress on our sustainability initiatives, including reducing F1’s corporate emissions and amplifying F1 Academy by fully integrating the series into the 2024 F1 calendar with participation from all ten F1 teams."