A more than positive first half of the season for Liberty Media, which announced an increase in earnings related to Formula 1 of more than 240 million dollars compared to the previous year. The latest quarterly financial report released a few days ago shows promising results from various points of view and it is clear that the sport is growing rapidly.
“The 2022 F1 championship continues to break records. We have seen exciting and unpredictable fights on the track. We are attracting fans both in person and across all our platforms.” – said former Ferrari boss Stefano Domenicali, currently the CEO of Formula 1.
Return of the fans to the tracks
With the relaxation of Covid-19 restrictions, hundreds of thousands of fans have returned to enjoying the Formula 1 action live from the stands of the circuits, increasing the sale of tickets. In 2021, the number of races had been the same as this year, but the lack of the paddock club and the stands at 50% or less capacity had significantly reduced profits.
The increase in fans attending race weekends isn’t the only explanation for the $ 744 million earned this quarter. The prices of television contracts and sponsors have also risen, while also becoming more and more numerous. On the other hand, at Silverstone, 401,000 people had passed the gates all weekend, a substantial and certainly attractive audience for companies that want to promote their products.
The television numbers
Since the Netflix revolution that began in 2018, Formula 1 seems to be going through an extremely positive moment even on the small screen. After several years of decline, TV viewers are growing again. In 2021, the last race of the season had 108 million people glued to the TV, 29% more than in 2020. Much of the credit certainly goes to the adrenaline-fueled battle to the last corner between Lewis Hamilton and Max Verstappen. Even in 2022, however, the races were often tight and one can be optimistic.
Until the twenty-second round of the championship this season there is still a lot of time left, but given the figures seen so far, other record numbers are expected. After the Monaco Grand Prix, for the UK alone, Sky Sport had announced more than 2 million viewers. The Miami GP was seen by 2.6 million people in the United States and the first race of the season had seen an increase of more than 50% compared to the previous year. This is certainly an important result for Liberty Media, which aims to conquer the American market, often little success in the past.
Social media boom
If the television figures seem excellent, it is on social networks that Formula 1 is truly enjoying a great boom. According to the annual fan survey by F1 and Motorsport Network, the average age of fans decreased to 32 in 2021, with 34% of participants under 24 years of age. With such young fans, the appeal of the teams’ social channels has of course increased. Official Formula 1 accounts have exceeded 50 million total followers and several drivers and teams have 5 million or more followers. Every weekend, the teams share exclusive content and cute memes that help create a unique experience for fans who feel closer than ever to their idols.
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Creators dedicated to the world of single-seaters are also becoming more and more involved, because they are very popular with the young fans and therefore play an important role in bringing kids closer to motorsport and are often more popular than traditional media. The English site WTF1.com has now exceeded one million followers on Instagram and is one of the most famous. In Italy, F1withCarolina, Rastro74 and Alberto Naska are among the best known. There are many available and diverse contents, ensuring everyone can find something to their liking. Influencers are therefore a rapidly growing sector that will be increasingly strategic in promoting Formula 1 among young people.
Towards a sustainable future
The numbers speak for themselves. The single-seater championship is recovering after the pandemic and is becoming more and more popular around the world. This year the new regulations have had the desired effects, bringing back some of that fight on the track that has not always been seen in recent years. The new challenge will be to continue to increase the number of fans, but also to promote important values such as respect, tolerance of diversity and above all sustainability.
“We are making good progress together with our partners, the teams and promoters of the individual events and the FIA to reach our goal of zero net emissions by 2030,” F1 CEO Stefano Domenicali concluded.
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