Formula One revenue has increased 24 percent year-over-year (YoY) to US$887 million in the third quarter of 2023.
This increase in revenue saw the series’ overall operating income increase from US$64 million to US$107 million.
Revenue increased due to eight races being held in the period this year compared to seven in 2022, so race promotion income increased. However, two additional races being held outside of Europe compared to 2022 saw logistics costs rise.
There were also further boosts thanks to DAZN landing exclusive broadcast rights for Formula One in Spain until 2026, while a regional partnership in the Americas was also agreed between the series and American Express.
In terms of planning for the Las Vegas Grand Prix, there were US$8 million worth of costs associated with the event in Q3, with additional costs also associated with the new all-female F1 Academy series.
“Formula One continues to experience sell-out crowds, record race attendance, and strong growth across our social and digital platforms, outpacing that of other major sports leagues,” said Formula One president and chief executive Stefano Domenicali.
“This growth is attracting commercial partners, including our recent agreement with American Express, which marks the first new sports vertical they have sponsored in over a decade.
“We are making material progress on our sustainability initiatives, including reducing F1’s corporate emissions and amplifying F1 Academy by fully integrating the series into the 2024 F1 calendar with participation from all ten F1 teams.”
Additional agreements in the period saw Formula One renew its tyre supply deal with Pirelli until 2027, plus the US$313 million acquisition of QuintEvents that was confirmed in early September.