The cancellation of the Imola weekend also affected revenues
The cancellation of the Imola race weekend is also reflected in Formula 1’s quarterly revenue data: due to the cancellation of the event, there was a decrease in revenue compared to the same period of the 2022 season.
Imola Meydan was supposed to host the King’s Class on the penultimate weekend of May, but two days before the start of the first free practice, the event was canceled due to heavy rains and floods that devastated the area, making it impossible on the one hand to receive guests and on the other hand. To “mobilize” the staff needed for the event.
Therefore, in Q2, “only” eight Formula 1 races were held instead of the originally scheduled eight, after the pre-season Chinese Grand Prix was canceled due to strict coronavirus regulations still in force in the country at the time.
Since seven races were held in the same period the previous year, in 2022 the series made more money from exhibition fees. Revenues of $744 million in the same period last year fell to $724 million by the second quarter of 2023. As for the first six months, the teams could share $344 million, compared to $368 million last year.
The decline in the number of races also affected F1’s income from media rights, although the cancellation of Imola in this sector was partly offset by the increase in the number of F1TV subscribers.
F1 also said in the statement that during the aforementioned period it paid $7 million for the Las Vegas Grand Prix scheduled to be held in November, for which it will also be series director. It was also noted that the F1 Group itself generated revenues of $141 million in the period, which is $5 million less than in 2022.
Series CEO Stefano Domenicali also noted in the earnings statement that Formula 1 remains on the upswing as it “capitalizes on growth momentum while fans can engage with the sport across traditional, digital and social platforms.”
“Congratulations to Red Bull on their record-breaking performance and we are excited to see the gap between the rest of the teams closing.” – Comment on what happened on the field. “We can see exciting competitions in the races. “Next year, we will have 24 weekends around the world, and when they double their number, the locations will be closer, which will be beneficial for Formula 1 and the teams in terms of operational efficiency,” he added, already looking forward to a year 2024.