Formula 1 records US$500 million in revenue during last quarter

Formula One has revealed its financial records for the second quarter of 2021, showing that it amassed revenue of US$501 million.

The result is a significant turnaround from last year when the sport posted an operating loss of US$122 million for the same period, which has been reduced to a loss of US$36 million this year.

However, income was still significantly lower than during the same period in the last ‘normal’ F1 season in 2019 as most races continued to be run without spectators in the first part of this year.

Last year no races were held between April and June, resulting in F1 generating income of just US$24 million.

This year the same three month period saw seven Grands Prix take place, allowing income to rebound to US $501 million figure - an amount far below the US$620 millionm achieved in 2019, when seven races were also run from April to June.

Commenting on the results in a statement, Liberty Media, which owns controlling interest in the Formula One Group, advised “there were seven races held in the second quarter of 2021, compared to no races held in the second quarter of 2020 due to the COVID-19 pandemic.

“Fan attendance continues to be assessed by relevant government authorities on a race-by-race basis.

“A very limited number of fans were in attendance and there was no Paddock Club hospitality at races in the second quarter.

“While final decisions are pending for most upcoming events, fan capacity increased beginning in the third quarter and the Paddock Club hospitality resumed operations beginning with the Austrian Grand Prix on July 4th.

“Primary F1 revenue increased in the second quarter with growth in race promotion, media rights and sponsorship fees.

“This was due to the recognition of race specific and season-based income with seven races held in the second quarter of 2021 compared to no races in the prior year period.

“Media rights fees also benefited from growth in F1 TV subscription revenue,” Liberty Media said.

Liberty Media President and Chief Executive, Greg Maffei, added “Formula One is delivering across the board, on the track, for our fans, teams, partners, and investors, and has done an impressive job steering through the 2021 calendar.”

Formula One President and Chief Executive, Stefano Domenicali, said F1, in welcoming fans back depending on local event restrictions, is having a positive effect on the figures.

Domenicali wnt on to say “Formula One is having an incredible season and the drama on the track is resonating with fans worldwide.

“The battle for the Championship is intense and very close, evoking memories of some of the sport’s greatest rivalries of the past.

“We are seeing increasing numbers of fans tune in at home, and it is great to see the fans returning to the races, with a sellout crowd at Silverstone of 356,000 across the weekend marking one of the largest fan events in the world since COVID.”

Image: Concept for the Jeddah street circuit which will host the first Saudi Arabian F1 Grand Prix later this year.