F1 earned $744 million in revenue in 2022 season so far

F1 has been rolling in the green after reporting an overall revenue haul of $744 million between Q2 of 2021 and Q2 of 2022, according to a report carried by Motorsport.

The sport was hit hard in 2020 when the season was curtailed mere days before that year's Australian GP due to the onset of the COVID-19 pandemic. This led to a shortened season with minimal turnout at the venues and continued into the first half of 2021.

With fans thronging to the tracks and their Paddock Club operating at full tilt again, F1 has seen its revenue grow by as much as 49% midway through the current campaign. The sport's earnings catapulted from $501 million in 2021 to $744 million in 2022.

According to the aforementioned report by Motorsport, revenue from race promotion, sponsorship rights, and broadcasting deals rose by as much as 35% from $464 million to $678 million.

Revenues from the Paddock Club and freights also jumped by 214% from $37 million to $116 million. The sport's operating loss from Q2 in 2021 of $43 million has also been converted into a profit of $49 million for this year.

This, in turn, has also led to an increased windfall for all teams on the grid. in 2021, the share of revenue given to all teams was $308 million. This figure has gone up by $60 million in 2022.

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Liberty Media issue statement elaborating on F1's revenue gains in 2022

Liberty Media has issued an elaborate statement to shed light on F1's significant revenue gains in the ongoing 2022 season.

Liberty Media took over from Bernie Ecclestone in 2017 and since then has left no stone unturned in its efforts to make the sport grow. Since then, it has risen rapidly and is not one of the fastest growing on social media.

Their statement on revenue growth reads as follows:

“Race promotion revenue increased due to higher fees generated from the different mix of events held and contractual increases in fees. Media rights increased due to growth in F1 TV subscription revenue and increased fees under new and renewed contractual agreements. Sponsorship revenue increased due to the recognition of revenue from new sponsors and higher race-specific revenue generated from the different mix of events held.”

The statement goes on to add:

“There is a slightly higher proportionate recognition of season-based media rights and sponsorship income recognised during the quarter as 7/22 of revenue was recognised in the second quarter of 2022 compared to 7/23 of revenue recognised in the second quarter of 2021 before the reduction of the 2021 race calendar to 22 races was confirmed. Throughout 2021 and particularly in the first half of the season, attendance at races was limited due to the pandemic, and the Paddock Club did not operate in the first half."

With nine races still to go this season starting with the 2022 F1 Belgian GP, the sport's revenue could go even higher despite the world battling the grip of unprecedented inflation.