Domenicali: F1 in ‘the strongest position ever’

F1 boss Stefano Domenicali has claimed the sport is in “the strongest position it has ever been” following the release of its 2022 financial figures.

Results for last year revealed Formula 1 enjoyed a more than $400 million increase in revenue as it soared beyond USD $2.5 billion for a total operating income of $239 million.

That comes off a season that saw record attendance with, according to Domenicali, almost six million fans visiting events in person.

“2022 was a fantastic season, on track, commercially with our partners, and financially in our results,” he said on an earnings call.

“We welcomed more than 5.7 million fans to a race weekend, up 36 percent compared to 2019.

“Demand is continuing in 2023 with sell-out crowds expected at a number of races this season.”

That growth is similarly reflected on social media, where interest in F1 has seen a 23 percent growth in followers, and a 42 percent increase in US-based fans specifically.

Television audiences were also well up, with cumulative figures of more than 1.5 billion fans globally with an average viewership of 70 million per event.

“US viewership was up 36 percent compared to 2021 with an average of 1.2 million viewers tuning in on race days,” Domenicali said.

“Looking at some other markets, international viewership grew 22 percent; Australia was up to 20 percent and Germany viewership grew nine percent.”

There was also growth digitally with online consumption also increasing from 16 percent to 24 percent among the sport’s newer demographic.

That growth, coupled with the announcement of Ford and increases across the sport’s primary revenue streams, left Domenicali bullish.

“Looking to 2023, I think F1 is at the strongest position it has ever been,” he asserted.

“This year, we launched a new brand campaign demonstrating F1’s place in the sporting and entertainment world, giving new fans a reason to actively engage with the 2023 season and keep coming back for more.

“F1 is an unmissable and extraordinary spectacle, an adrenaline-fuelled and intoxicating world of action, innovation, and entertaining, both on and off the track.

“This is no ordinary sport, this is Formula 1.”