Formula 1 faced a challenging second quarter in 2023 as the cancellation of the Emilia-Romagna Grand Prix (Imola GP) left its mark on the sport’s financials. With only six races taking place instead of the planned seven, F1’s revenue dipped from $744 million in the previous year to $724 million, reflecting the impact on various revenue streams.
One of the major casualties of the Imola GP cancellation was F1’s media rights revenue, tied to the number of events held. However, there was a glimmer of hope as the series witnessed increased subscriptions to F1TV, providing some offset to the loss.
The repercussions also extended to the teams, with the 10 participating teams receiving $344 million, a decrease from the $368 million shared during the same period last year. This financial hit posed challenges for teams’ operational capabilities and affected investments in research and development.
Despite the obstacles, F1 CEO Stefano Domenicali remains steadfast in his belief in the sport’s growth trajectory. He acknowledged fans’ unwavering support across various media platforms, showcasing the undying passion for the sport.
Domenicali also emphasized the captivating on-track rivalries that had enthralled audiences worldwide, with Red Bull’s extraordinary performance and the narrowing gaps among other teams adding to the excitement of the races.
F1 plans to regain momentum with a promising calendar of 24 races for the next year, optimizing operational efficiency through strategically planned back-to-back events. The upcoming Las Vegas Grand Prix, scheduled for November, is an initiative to engage fans and expand F1’s global reach.
While the challenges posed by the Imola GP cancellation were undeniable, F1’s resilience, fueled by passionate fans and thrilling competition, sets the stage for a thrilling comeback and continued growth in motorsport.