F1 Generates Record Revenue in the 2023 Season: Liberty Media, the commercial rights holders of the renowned motorsport event, disclosed a noteworthy 25% surge in yearly revenue. An increase in revenue from $2.573 billion to $3.222 billion signifies a significant accomplishment for the organization. The operating profit increased 64% from $239 million to $392 million, proving the company’s business strategy worked.
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Global audience growth has increased revenue by attracting sponsors and partners. Formula 1 management’s efforts to explore new markets and expand the viewership also contributed to this success.
Ten Formula One teams received a 5% increase in money from the previous season. This reduced the cumulative sum from $1,157 billion to $1,215 billion. American Liberty Media, the competition’s owner, quickly noticed Las Vegas’ positive impact, which helped the event succeed. In contrast, the event’s performance improved in the fourth quarter.
Las Vegas ticket sales and contractual fee hikes drove most of the revenue gain, along with current sponsors. money grew, with motorsport promotion money driving it.
The Formula 1 season, which began in Bahrain on Saturday, is expected to be the longest ever. Fan and F1 media are excited about the improvements for the forthcoming season, especially because three-time Dutch champion Max Verstappen easily won the first race in Bahrein.
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