Nonetheless, the change was not as dramatic as in earlier quarters as a result of earnings within the latter a part of 2021 was not impacted as dramatically by the pandemic, as final yr race attendances started to return to regular ranges and the profitable Paddock Membership received again on top of things.
Total F1 income rose from $668m in 2021 to $715m in 2022 for July-September, though working earnings was solely up from $80m to $82m due to elevated prices. The ten F1 groups shared funds of $370m, up from $338m in 2021.
The July-September durations of 2021 and 2022 present for a reasonably correct comparability as each featured seven races.
Six occasions have been the identical throughout each seasons, whereas the most important distinction was that the primary yr featured the extra profitable Russian GP, whereas France fell into the identical interval in 2022.
Due to that change race promotion earnings was really barely down, however that was offset by will increase in broadcast and sponsorship income.
Explaining the figures, F1 famous: “F1’s leads to 2022 should not being impacted by capability limitations, and all through the primary 9 months of the 2022 season F1 has seen robust progress in attendance within the grandstands and the Paddock Membership.
“Main F1 income elevated within the third quarter with progress throughout media rights and sponsorship, partially offset by a decline in race promotion income.
“Race promotion income decreased attributable to decrease charges generated from the totally different mixture of occasions held, with one further race held exterior of Europe within the prior yr interval.
“Media rights elevated attributable to progress in F1 TV subscription income and elevated charges underneath new and renewed contractual agreements, and sponsorship income elevated as a result of recognition of income from new sponsors.
“Different F1 income elevated within the third quarter primarily attributable to larger hospitality income generated from the Paddock Membership, which operated at one further race within the third quarter of 2022 in comparison with the prior yr interval and has seen document attendance year-to-date.”
Explaining the general rise in prices relative to 2021, F1 stated: “These prices elevated within the third quarter pushed by the prices of upper hospitality attendance within the Paddock Membership and one further Paddock Membership occasion operated in comparison with the prior yr interval.
“As well as, different value of F1 income grew attributable to larger commissions and companion servicing prices related to the Main F1 income streams and better Method 2 and Method 3 associated prices.
“Promoting, basic and administrative expense elevated within the third quarter attributable to larger personnel and IT prices and elevated authorized and different advisory charges.”
The F1 brand
Photograph by: Drew Gibson / Motorsport Photographs