Despite criticism of the current state of Formula 1, where the off-track spectacle sometimes seems to overshadow the on-track action, and the monotony of having only one winner (at least until a few weeks ago), Liberty Media maintains a firm grip on its golden goose. The American company has shared its mid-year financial reports, highlighting staggering revenues: profits from motorsport alone have increased by 20%, rising from $618 million to $739 million. This money comes from sponsorships, media rights, and races. A special mention goes to F1TV subscriptions, the acquisition of MotoGP (which will be finalized in November), and new financiers, including the Las Vegas Conventions and Visitors Authority (LVCVA), often seen on billboards at the circuits.
On the other side of the coin, however, expenses have also increased by 24%, nearing $645 million. In particular, it costs more to pay the teams, which now require $435 million per year. Balancing the budget, however, are the revenues related to the logistics of Formula 2, Formula 3, and F1 Academy, with their hospitality, travel, and technical services. Commenting on these figures, Stefano Domenicali said: “The F1 season is leading to great races, with seven different winners in fourteen events and close gaps across the grid. Social media followers have increased by 30%, and in the first 10 events, we had 3.7 million spectators on track. The F1 Academy is off to a flying start in its first year following the circus, and together with Sprint races, F2, and F3, they bring action and value for fans and sponsors.” – the former Ferrari team principal explained.
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