F1 revenue in second quarter extremely down

10-08-2020 17:49 | Updated: 10-08-2020 20:51
by GPblog.com
General
F1 revenue in second quarter extremely down

Formula 1 is of course a very expensive sport and a total standstill is immediately visible in the books. The company behind the Formula 1, Liberty Media, published the quarterly figures today and they show a substantial loss. Compared to the second quarter in 2019, the company notes a considerable difference.

From 620 back to 24 million

In 2019, Formula 1 yielded $620 million in the period from 1 April to 30 June. That will be raised through the circuits that have to pay hosting fees, but also through television rights and other advertising. In the second quarter of 2020, this will drop to a paltry 24 million dollars, according to the press release.

The loss below the line is ultimately 136 million dollars where last year in the same period there was a net profit of 14 million dollars. The nuance is of course that in April, May and June there was no driving, as the season only really started in July.

With many races now on top of each other, the third quarter will undoubtedly show a completely different picture, but for that we have to wait and see. However, it will probably still be lower than in 2019, due to the fact that spectators as an important source of income can not yet be tapped at the moment, which means that the hosting fees will be cancelled.

Furthermore, Formula 1 has indicated that they have not yet paid the teams. Normally, this would have happened already, but that is based on the races that have taken place. In the second quarter they did not drive and so there is nothing to be paid out. That will be the case in this quarter, but we will see details about that in the third quarter figures.

Check out the latest news

You will be logged out and redirected to the homepage