Latest News

Back to Latest News back


Formula 1 revenues rise to US$381 million in first quarter

Formula 1 revenues rise to US$381 million in first quarter
May 10, 2023

Liberty Media-owned Formula 1 has advised of revenues of US$381 million for the first quarter of 2023, a slight increase on the US$360 million it generated for the same period in 2022.

Primary revenue for the motorsport series, which is derived from race promotion revenue, media rights fees and sponsorship fees, accounted for US$314 million of the overall revenue figure.

Adjusted operating income before depreciation and amortisation (OIBDA) in the first quarter of 2023 was US$117 million, compared to US$122 million during the same period last year.

Total Formula One Group OIBDA fell from US$112 million to US$105 million year-on-year.

Team payments increased from US$100 million to US$112 million due to the pro-rata recognition of increased payments across the season, while selling, general and administrative expenses rose from US$43 million to US$58 million due to higher personnel, IT and marketing costs.

Additionally, it has incurred around US$6 million of costs associated with the planning of this year’s inaugural Las Vegas Grand Prix included in selling, general and administrative expenses.

Liberty Media said that media rights revenue increased in the first quarter of 2023 due to continued growth in F1 TV subscription revenue and increased fees under new and renewed contractual agreements. Race promotion revenue grew due to contractual increases in fees, and sponsorship revenue increased due to recognition of revenue from new sponsors and growth in revenue from existing sponsors.

Commenting on the results, F1 President and Chief Executive, Stefano Domenicali stated “the F1 season is off to a fantastic start, with thrilling races to date and many more to come on our record 23-race 2023 calendar.

“The race weekends are drawing huge crowds, with the Australian Grand Prix hosting 445,000 fans and sellouts for the majority of the remaining calendar. The power of our platform continues to draw interest also from commercial partners, with a number of new and expanded sponsors already announced season-to-date.”

The figures for the quarter follow Liberty Media having announced in March that F1’s revenue for the 2022 financial year had risen to US$2.57 billion, with the figures boosted by record attendances at its races.

The figure marked an increase on 2021, when the series generated US$2.14bn in revenue. Operating income also rose from US$92 million in 2021 to US$239 million in 2022.

While there was a full 22-race calendar in 2021 there were still some restrictions on attendance in place, but last year with those finally gone and F1 continuing to benefit worldwide from the Netflix series the Drive to Survive boost, the numbers rose significantly.

The increasing interest in the sport was reflected in a claimed overall fan attendance of 5.7 million, which represents a rise of 36% since 2019, the last season not impacted by COVID restrictions prior to 2022.

Last year overall revenue was up 20% from US$2.136 billion to US$2.573 billion, while the operating income of the business - the number left after the teams were paid and other costs taken into account - rose from US$92 million to US$239 million.

Image: Crowds at the 2022 Singapore Grand Prix. Credit: Singapore GP Pte Ltd.

About the author

Nigel Benton

Co-founder/Publisher, Australasian Leisure Management

Nigel Benton is the co-founder and Publisher of Australasian Leisure Management, Australia and New Zealand’s only magazine for professionals in all areas of the leisure industry. Having established the magazine in 1997, shortly after his relocation to Australia, he has managed its readership rising to over 11,500 and its acceptance as the industry journal for professionals in aquatics, attractions, entertainment, events, fitness, parks, recreation, sport, tourism and venues.

In 2020, he launched the new Asian Leisure Business website.

Among a range of published works and features, his comments on a Blog (blogspot) from 2007 to 2011, when this website went live in its current form, may be interesting to reflect back on.

Click here to connect with him via LinkedIn.

Read more from this author

Related Articles

19th April 2023 - New grandstands added for 2023 Formula 1 Singapore Grand Prix

11th April 2023 - Latest PwC Global Sports Survey identifies major events driving industry growth

2nd April 2023 - Melbourne’s Grand Prix looks set to welcome record crowds

23rd March 2023 - Victorian Government spotlights economic benefits of Australian Grand Prix

22nd March 2023 - Optus and 2023 Australian Grand Prix partner to enhance trackside experiences

15th December 2022 - Formula 1 Australian Grand Prix to remain in Melbourne until at least 2037

2nd December 2022 - 2023 Chinese Formula 1 Grand Prix cancelled due to ‘ongoing difficulties’ with COVID

22nd November 2022 - China’s ongoing Coronavirus restrictions set to see cancellation of 2023 Formula 1 Shanghai Grand Prix

24th September 2022 - 2023 Formula 1 season to feature record 24-race calendar

24th August 2022 - Key issues in global sport assessed in new book from leading sport management educators

16th May 2022 - Singapore Airlines extends sponsorship for home Formula 1 Grand Prix

27th March 2022 - Saudi Arabia F1 Grand Prix to proceed despite attack on nearby oil depot

18th February 2022 - FIA removes controversial Formula 1 race director from role

11th January 2022 - UK Government agency Digital Catapult reveals Formula 1 partnership to drive 5G potential

17th December 2021 - COVID-19 variant impacts world sport

6th December 2021 - Formula 1 makes dramatic Saudi Arabian debut

16th October 2021 - Formula 1 releases 23-race calendar for 2022 season

18th August 2021 - Cancellation of Japanese Grand Prix means no Formula 1 races in east Asia in 2021

9th August 2021 - Formula 1 records US$500 million in revenue during last quarter

6th June 2021 - Coronavirus issues force cancellation of Singapore F1 Grand Prix for second straight year

29th March 2021 - Formula 1 looks to reach a billion fans by 2022

13th January 2021 - Chinese F1 Grand Prix postponed to second half of 2021

12th November 2020 - Vietnamese Grand Prix dropped as F1 announces longest ever race calendar for 2021

29th January 2017 - New era for F1 as Liberty Media completes takeover

Support our industry news service
We hope that you value the news that we publish so while you're here can we ask for your support?

As an independent publisher, we need reader support for our industry news gathering so ask that - if you don't already do so - you back us by subscribing to the printed Australasian Leisure Management magazine and/or our online news.

Click here to view our subscription options.


supplier directory

The Complete Guide to Leisure Industry Products & Services.

See the directory see all

Yellowbox Lockers

Yellowbox is an Australian technology company that has developed smart locker technology operated through an app with a focus on experience for users and facility managers. Found at Beaches, Aquatic…

read more

Aquatics / Attractions / Entertainment / Retail / Security


Polin Waterparks

Polin was founded in Istanbul in 1976, and has since grown into a leading company in the waterparks industry. Today Polin is one of the world leaders in the design, production, and installation of…

read more

Aquatics / Attractions / Play / Waterparks



AUSTRALIAN MADE. FIT FOR PURPOSE. Based on the Gold Coast, AlphaFit is a leading manufacturer and supplier of Australian gym equipment specifically for the commercial, strength and conditioning,…

read more

Fitness / Recreation / Technology / Wellness



A leading designer and manufacturer of innovative waterslides and attractions, Australian Waterslides and Leisure (AWL) is also able to advise clients in the areas of concept and design, feasibility…

read more

Aquatics / Attractions / Play / Waterparks


TicketSearch Pty Ltd

TicketSearch is focused on providing businesses, organisations, and venues with affordable, efficient, and powerful self-managed ticketing solutions. The organisation has offices in Australia, New…

read more

Attractions / Entertainment / Technology / Ticketing / Venues


Pricemark Pty Ltd

Pricemark supplies a wide range of custom branded membership & RFID access products for the Health & Leisure Industry. 

read more



Otium Planning Group

Otium Planning Group is a contemporary sport and leisure consultancy providing services in planning, facility development, management and funding for the sport, recreation and leisure industries…

read more

Aquatics / Consultants / Recreation / Sport / Venues


get listed with our suppliers directory

Get your business noticed in our targeted directory. Viewed by 10,000 industry professionals per week!

list your business