Formula One Group: a turnover of $3.2bn in 2023, up 25.2% compared to 2022

Formula One Group, the company that owns the rights to and organises the Formula 1 World Championship, has posted a turnover of $3.222bn (€2.9bn at 31/12/2023) for the 2023 financial year (from 01/01 to 31/12/2023), which includes 22 Grands Prix (as in 2022), a 25.2% increase in revenue compared with the previous season ($2.573bn/€2.4bn), announced its parent company Liberty Media upon publication of its annual results on 28/02/2024.

The main sources of revenue for the body in 2023:
• 32.2% from media rights (broadcasters + F1 TV subscriptions, OTT platform), at $1.037bn (€939m), up 10.7% on 2022 ($936.5m/€877.1m);
• 29.3% from commercial agreements with race promoters, at $944m (€855.2m), up 28.3% ($735.8m/€689.1m);
• 18% from sponsorship revenue, at $579m (€525.4m), up 33.1% on 2022 ($434.8m/€407.2m).

"Other F1 revenue  (20% of the total, i.e. $662m/€600m, +42% versus 2022) increased in the full year and fourth quarter primarily driven by higher hospitality revenue generated from the delivery of hospitality and experiences at the Las Vegas Grand Prix (Nevada, USA) as well as Paddock…