What was Formula 1’s revenue in 2023? Examining F1 financial overview

Apart from being a ‘record-breaking’ season for Red Bull and Max Verstappen, Formula 1’s 2023 season was also ‘record-breaking’ for owners, Liberty Media. The 2023 F1 season—which produced the highest win rate by a team in a single F1 season—also generated the highest-ever revenue since its inception.

However, talking about this ‘record-breaking’ revenue, the question arises: ‘What was Formula 1’s revenue in 2023?’

How much did Formula 1 generate in 2023?

On Thursday, February 28th, Liberty Media Corporation–the parent company that owns Formula 1—released the financial statements of the competition’s 2023 season, reporting a ‘record-breaking’ revenue of US $3.2 billion.

As studied from LMC’s financial report for 2023, the main contributors to F1’s massive ‘$3.2 billion’ were race promotion fees (US$944.05 million), media rights fees (US$1.04 billion), and sponsorship fees (US$579.96 million).

F1 recorded US $1.23 billion in revenue in Q4 2023, which is a 63-percent increase from the 2022 season. It also witnessed a total operating income of US$153 million in Q4 (164% increase) and US$392 million (64% increase) for the year.

Out of the 22 GP events, the 2023 Las Vegas GP was the largest contributor to F1’s ‘record-breaking’ revenue, pushing the Q4 revenue increase to 64%.

Noting this ‘record-breaking revenue in 2023, Liberty Media added another Grand Prix event for the 2024 F1 season, resulting in a 24-race calendar.

F1 to have 24 grands prix in 2024

Talking about the current F1 schedule, i.e., the 2024 F1 calendar, it was announced back on June 5, 2023. The 2024 F1 calendar features 24 Grand Prix races, starting in Bahrain on March 2nd and finishing off on December 8th at the Abu Dhabi GP.

For the opening two Grand Prixes—Bahrain and Saudi Arabia—the races will be held on Saturdays, due to Ramadan. The remaining 22 Grand Prix will be held either on Sundays or Mondays, depending on the venue.

DateGrand PrixVenue
March 2BahrainBahrain Int. Circuit
March 9Saudi ArabiaJeddah
March 24AustraliaMelbourne
April 7JapanSuzuka
April 21ChinaShanghai
May 5MiamiInt. Autodrome
May 19Emilia RomagnaImola
May 26MonacoMonaco
June 9CanadaMontreal
June 23SpainBarcelona
June 30AustriaSpielberg
July 7UKSilverstone
July 21HungaryBudapest
July 28BelgiumSpa
August 25NetherlandsZandvoort
September 1ItalyMonza
September 15AzerbaijanBaku
September 22SingaporeSingapore
October 20USAAustin
November 3BrazilSao Paulo
November 23Las VegasLas Vegas Street Circuit
December 1QatarLusail
December 8Abu DhabiYas Marina

The 2024 calendar has been slightly standardized, quite like the 2021 calendar, ‘to create better flow of races in certain regions’, as stated by Formula 1. This is clearly in line with its ‘intention to move towards greater calendar regionalization, reducing logistical burdens and making the season more sustainable’.

It is also reported that a Chicago Grand Prix could enter future F1 calendars, following recent entrants like the Las Vegas and Miami Grand Prixes, both of which were won by Max Verstappen.

Can F1 hit the $4 billion mark this season with the 24-race calendar? Is the 24-race calendar a bit too much to take in for the F1 teams? Let us know your thoughts in the comments.


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