Formula 1 generated $381 million in total revenue for the sport's commercial rights owner Liberty Media in the first three months of the year, a 6% year-over-year increase from 2022.
Formula 1 enjoyed a strong start to its 2023 year, even if the group's operating income decreased slightly in the first quarter compared to the same period last year, dropping from $19 million to $16 million due to a $4 million increase in corporate expenses.
"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, " commented F1 boss Stefano Domenicali following the release on Friday on the sport's Q1 financial results.
"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."
Team payments amounted to $112 million in Q1 2023, which equates to a 12% increase compared to Q1 2022 ($100 million).
As F1 gears up for next November's Las Vegas Grand Prix, Formula 1 says that there were approximately $6 million of costs associated with the planning of the event related to selling, general and administrative expenses in the first quarter of 2023.
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