Liberty Media shared F1 financial information for 2023 compared to 2022, covering the entire 12 months, not just the fourth quarter.
Towards the end of 2023, Liberty Media releases its financial balance sheet for the entire 12 months, not just for the last three months of last year, but compared to the same period in 2022, showing a solid increase in fans flocking to was recorded. People flock to F1 races.
Based on Q4 numbers, F1’s total revenue was $1.23 billion in 2023, compared to $754 million in 2021. The increase in “main revenue” was primarily due to the combination of the Las Vegas GP and certain other races during the period.
Our primary revenue streams, race advertising revenue, media rights fees and sponsorship fees, were $838 million in 2023 and $568 million in 2022. Other revenues increased from $186 million in 2022 to $392 million in 2023 due to increased paddock club and cargo revenue. This is also due to the Las Vegas GP.
During the same period, F1 paid teams $327 million in 2023, up from $319 million in 2022. Operating income increased from $58 million to $153 million in 2022. Similarly, F1’s total revenue was also adjusted. OIBDA also increased from $147 million in 2022 to his $238 million in 2023.
Looking at the full year 2023 compared to 2022, total revenue increased from $2,573 million in 2022 to $3,222 million in 2023. Core revenues increased to US$2.56 billion from $2.107 billion in 2023 and other income increased from $466 million in 2022. By 2023, it will reach $662 million.
F1 teams received more money due to increased revenue, with revenues of $1.215 billion in 2023 compared to $1.157 billion in 2022. Operating income for the full year increased to $392 million in 2022, compared to $239 million in 2022. His total adjusted OIBDA earnings were $725 million in 2023 compared to $593 million in 2022.
“2023 was another great season for F1,” said Stefano Domenicali. “We delivered strong engagement across all platforms, achieved record visitor numbers and maintained F1’s position as the fastest growing league on social media for the fourth consecutive year. F1 continues to grow its fan following, particularly in the US market, due to the success of the Las Vegas Grand Prix and the growth of younger and female viewers.
“Our commitment to sustainability continues to be a priority for F1 and our partners and we look forward to running all seven F1 Academy races across the F1 calendar this season.” We are looking forward to the 2024 season. Strengthen relationships with fans and optimize commercial partnerships to create added value. ”
Here is Liberty Media’s complete statement on F1 2023 Q4 and 12 months financial growth:
22 and 6 races were held in the full year and fourth quarter of 2023 and 2022, respectively. In the fourth quarter of 2023, F1 directly promoted and recorded revenue (ticket sales, sponsorship) for its first Grand Prix in Las Vegas. , entertainment) and expenses related to the event
F1’s headline revenue increased throughout the year and fourth quarter, with growth across all revenue sources. Horse racing advertising revenue increased primarily due to increased revenue from ticket sales for the first Las Vegas Grand Prix and other contract fees. Full year and fourth quarter horse racing advertising revenues also benefited from the mix of races held in each period compared to the same period last year. Sponsor revenue increased due to recognition of Las Vegas Grand Prix revenue, new sponsor revenue, and growth in existing sponsor revenue.
Media rights revenue increased due to higher fees under new and renewal contracts and continued growth in F1 TV subscription revenue. His other F1 revenues increased for the full year and in the fourth quarter, primarily due to increased hospitality revenues generated by the hospitality and experiential offering at the Las Vegas Grand Prix and growth at Paddock Club in other events. Offset by lower freight rates due to moderation of freight inflation in billing rates.
Operating income and adjusted OIBDA increased for the full year and in the fourth quarter. Team payments increased for the full year and in the fourth quarter, reflecting F1 revenue growth and the associated impact on team pay calculations, with team payments fluctuating 100% under the 2021 Concorde Agreement do. Team payments as a percentage of OIBDA before team adjustments decreased from 66% in 2022 to 63% in 2023. This reflects an increase in adjusted OIBDA and a corresponding decrease in the proportion of payments under the terms of the 2021 Concorde Agreement.
Other costs of F1 revenue vary widely and are primarily incurred in servicing both the primary revenue opportunity and other F1 revenue opportunities. These costs are primarily due to increased advertising, organizing and operating costs for the Las Vegas Grand Prix and increased entertainment costs at other events related to increased attendance at the Paddock Club and cost inflation. and increased in the fourth quarter, which was partially offset. Transportation costs are significantly reduced. Other expenses of F1 revenue also increased in both periods due to higher fees and partner maintenance costs related to growth in F1’s primary revenue stream and increased travel expenses.
Selling, general and administrative expenses increased for the full year due to increases in personnel, IT, marketing and costs related to the planning and execution of the Las Vegas Grand Prix, but lower legal and consulting expenses. partially offset by declines. Fee. Selling, general and administrative expenses decreased in the fourth quarter primarily due to higher labor costs offset by favorable exchange rates.
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