Formula 1 Showed Record Growth: Revenue Increased by 24% to $887 Million in the Third Quarter

In the third quarter of 2023, Formula 1 revenue increased 24 percent year-on-year to US$887 million.

A 24 percent increase in Formula One revenues pushed the series’ overall operating profit from US$64 million to US$107 million.

The increase in Formula 1 revenue is due to eight races being held during the same period this year, compared to seven in 2022. This contributed to an increase in income from organizing races. However, with two additional races outside of Europe compared to last year, logistics costs have also increased.

Additional revenue growth was made possible by entering into an exclusive agreement with DAZN to broadcast Formula 1 in Spain until 2026. In addition, a regional partnership was established with American Express in the Americas, which also contributed to revenue growth.

In the third quarter, US$8 million was spent on the Las Vegas Grand Prix. Additional costs were associated with the launch of the Women’s Formula 1 Academy.

Additional agreements during this period saw Formula 1 extend its tire supply contract with Pirelli until 2027, as well as the US$313 million acquisition of QuintEvents, which was confirmed in early September.

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