Method 1 posts $92m revenue in 2021 after $386m loss in 2020 – Motorsport Week

Method 1 noticed its income get well in 2021 following a tough 2020 season, the place it posted a $386 million loss due to the coronavirus pandemic.

Final 12 months noticed the championship full a full season with eased restrictions, serving to it to submit a $92m revenue on the again of revenues of $2.13bn. 2020’s income was simply $1.1bn because the season comprised simply 17 rounds, lots of which have been much less worthwhile European rounds.

The dearth of spectators, paddock membership and monetary help for groups, have been additionally guilty for the drop in income in 2020.

However a bumper season of racing, which included 22 rounds, the easing of many restrictions and a number of other contract renewals noticed income get well, with 2021 surpassing even 2019’s revenue of $19m and revenues of $2bn.

Groups additionally shared one of many largest prize pots in historical past, with $1.06bn shared amongst the ten outfits. That compares to only $711m in 2020, which additionally included Concorde Settlement enroll bonuses.

The majority of F1’s income was pushed by race internet hosting revenue, broadcasting offers and sponsorship, which rose from $1.02bn to $1.85bn. Different income, reminiscent of freight and hospitality income, greater than doubled from $116m to $286m.

“2021 was a exceptional 12 months for Method 1 in all respects,” mentioned Method 1 president and CEO, Stefano Domenicali. “The racing was spectacular and the enterprise produced excellent outcomes.

“We proceed to construct off this sturdy basis and sit up for our report setting 23-race calendar for 2022 with new vehicles, laws, races and drivers.”

Liberty Media, which owns F1, additionally reported that the game’s cumulative TV viewership rose by 4% to 1.55 billion, averaging 70.3 million viewers per race.

The US, which has seen a increase in curiosity after Netflix’s Drive to Survive documentary, noticed a 58% rise in cumulative viewership.

The game’s social media platforms noticed substantial development too, with followers up 40% to 49 million with 1.5 billion mixture social engagements.

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