- Q4 2022 revenues fall 4% YoY
- Payments to teams increased to US$1.2bn
Formula One revenue for the year ending 2022 increased by 20 per cent to US$2.6 billion compared to the previous year.
The main sources of revenue for the Liberty Media-owned global series are from race promotion, media rights and sponsorship, with all three areas seeing increases in 2022.
With three additional races held outside of Europe compared to 2021 and the return of full capacity crowds, race promotion saw a big increase especially when compared to the attendance limitations at certain races in 2021.
Media rights revenue also increased, with prominent deals including Sky's extension across the UK, Germany and Italy and Disney-owned ESPN paying up to US$90 million per year for the US TV rights.
Global sponsorship deals were also agreed with the likes of MSC Cruises, Salesforce and AWS. The Paddock Club operating at 19 races in 2022 as opposed to just 11 in 2021 also contributed to the increase in revenue.
That growth saw team payments increase to US$1.2 billion for 2022 as per 100 per cent variable terms of the current Concorde Agreement.
While the full-year financial performance figures were impressive, revenues for Q4 2022 fell from US$787 million during the corresponding accountancy period in 2021 to US$754 million. Although this can be attributed to seven races being held in the period in 2021 compared to just six in 2022.