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).
Formula 1 News: F1 reports 64% increase in 2023 profit, revenue soars https://t.co/sMzCKztQw5 Liberty Media has announced Formula 1 enjoyed revenues of more than $3.2 billion during the 2023, up $650 million. Profits increased 64%. pic.twitter.com/nPqWugQ0og
— AutoRacing1.com (@AutoRacing1) February 29, 2024
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.
💰 Liberty media posts 2023 Year Financial Results $LSXMA
— Desi Racing Co. (@DesiRacingco) February 28, 2024
Following is the details about its Formula 1 Operating Results-
Total F1 Revenue – $ 3,222 vs $ 1,230 (25% up YoY) 🟢
Operating Income – $ 239 vs $ 392 (64% up YoY) 🟢
($ Mil)#F1 #LibertyMedia #Formula1 pic.twitter.com/gDa3UhJsw0
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.
| Date | Grand Prix | Venue |
|---|---|---|
| March 2 | Bahrain | Bahrain Int. Circuit |
| March 9 | Saudi Arabia | Jeddah |
| March 24 | Australia | Melbourne |
| April 7 | Japan | Suzuka |
| April 21 | China | Shanghai |
| May 5 | Miami | Int. Autodrome |
| May 19 | Emilia Romagna | Imola |
| May 26 | Monaco | Monaco |
| June 9 | Canada | Montreal |
| June 23 | Spain | Barcelona |
| June 30 | Austria | Spielberg |
| July 7 | UK | Silverstone |
| July 21 | Hungary | Budapest |
| July 28 | Belgium | Spa |
| August 25 | Netherlands | Zandvoort |
| September 1 | Italy | Monza |
| September 15 | Azerbaijan | Baku |
| September 22 | Singapore | Singapore |
| October 20 | USA | Austin |
| November 3 | Brazil | Sao Paulo |
| November 23 | Las Vegas | Las Vegas Street Circuit |
| December 1 | Qatar | Lusail |
| December 8 | Abu Dhabi | Yas 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.
