General
Liberty Media sees increase in revenue as fans return to F1 races
- GPblog.com
Formula 1 is turning over more and more revenue. That is what Liberty Media announced. Compared to last year, they make a lot less loss. In 2020 they made a loss of 122 million dollars in the period from April to June, while in 2021 that is 'only' 36 million dollars.
"Seven races were held in the second quarter of 2021, while no races were held in the second quarter of 2020 due to the COVID-19 pandemic," Liberty Media revealed to Autosport. In 2020, the first race was in early July, while this year's season start was as early as March. This means a lot more revenue for the main shareholder of Formula 1.
Fan presence helps
F1's revenue came to just $24 million in 2020 between April and June. With seven races in the same period this year, revenue was $501 million. "Fan attendance is still judged on a race-by-race basis by the authorities. A very limited number of fans were in attendance in the opening stages. While the final decisions of the upcoming races are still awaited, fan capacity has increased from the third quarter."
It's not just the return of the fans that has created more revenue for Liberty Media. "Primary F1 revenues have also increased in the second quarter, with growth in race promotion, media rights and sponsorships. The growth of F1 TV is also well seen according to the company. "The growth in media rights also benefited from the growth in F1 TV subscription revenues," it said.