Liberty Media Publishes Formula 1’s Financial Result: Details Inside
via Reuters
Formula One F1 – United States Grand Prix – Circuit of the Americas, Austin, Texas, U.S. – October 22, 2021 Aston Martin’s Sebastian Vettel and Red Bull’s Sergio Perez during practice REUTERS/Brian Snyder TPX IMAGES OF THE DAY
The world will remember the 2021 season in F1 for a long time, for its constantly swinging championship battles and unexpected results. Yet it’s not just the enthusiasts who are enjoying the current season, it’s also the ones with a financial interest in the sport.
Liberty Media recently published its financial results for the third quarter. According to them, F1 has turned a $100 million loss into a profit of more than $300 million, as reported in Motorsport Nextgen Auto.
“Formula 1 is firing on all cylinders and producing results on the track for our fans and partners and our investors,” said Formula 1 CEO Stefano Domenicali.
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via Reuters
Formula One F1 – United States Grand Prix – Circuit of the Americas, Austin, Texas, U.S. – October 24, 2021 Red Bull’s Max Verstappen celebrates on the podium after winning the race with second place Mercedes’ Lewis Hamilton REUTERS/Brian Snyder
In 2020, just like the rest of the world, F1 tracks were also shut down, and the races took place behind closed doors. Now it’s commendable that Formula 1, a truly global sport in all accounts, began and finished a year-long schedule under such circumstances.
But it also lost one of its biggest revenue-generating factors – the fans.
This year, though, the fans were back to witness the racing action unfold in front of their eyes, much to everyone’s relief.
This weekend F1 is back at Silverstone
The fans are back
And @LewisHamilton can't wait 👊#BritishGP 🇬🇧 #F1 pic.twitter.com/S1nvmEL4I3
— Formula 1 (@F1) July 16, 2021
But it wasn’t just the old fans that came back.
F1 entering previously closed doors
At the United States Grand Prix, F1 saw a record crowd. During the race weekend, the official number in attendance was reported to be around a massive 400,000.
Welcome back everyone! 🙌
It was fantastic to see over 400,000 fans join us across the weekend for some brilliant racing 🎉
We're blown away by the support, and we hope you all enjoyed the show 🤘#USGP 🇺🇸 #F1 pic.twitter.com/wqlBetMYQX
— Formula 1 (@F1) October 25, 2021
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This meant that Formula 1 has entered American hearts after years of trying and that it’s here to stay. There are now talks of as many as three US races in the coming years.
Moreover, Liberty Media also reported that it has signed “multiple broadcast deals” with broadcasters in Asia and a new deal with France’s CANAL+ until 2024.
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As F1 takes flight to spread the contagious passion for the pinnacle of motorsports to the rest of the world, everyone is more excited than ever. Perhaps, the profits are an early indicator of the sport’s global dominance in the future.
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