F1 Boom Marked by $744 Million Footprint on American Soil

Once considered a rich man’s sport, F1 was subjected to just a handful of people and supporters. But with the advent of technologies and the digital world, it is no more how it was before. As of now, in 2022, F1 and its parent company Liberty Media group are basking in the glory of sheer profit and popularity.

F1 not only has become one of the top sports globally, but has also managed to maintain its premium quality. With Liberty Media taking over in 2016, they are seeing an increase of about 49% in the second quarter of 2022 as compared to last year to a whopping $744m.

Liberty Media put out their statements on such astonishing figures. It stated, “Race promotion revenue increased due to higher fees generated from the different mix of events held and contractual increases in fees.”

“Media rights increased due to growth in F1 TV subscription revenue and increased fees under new and renewed contractual agreements.”

WATCH THIS STORY: Lewis Hamilton Joins Zendaya As the Latest Face for Fashion House Maison Valentino 

The Formula 1 boss Stefano Domenicali opened up on this. Domenicali asserted, “The Formula 1 2022 season continues to set records as we have seen exciting action and unpredictable outcomes on track.”

“We are attracting fans in person and across all our platforms we are making meaningful progress working with all of our stakeholders.”

What led to such mammoth F1 growth?

F1 Pundits and business experts predicted such mammoth growth as the world was healing from the Coronavirus pandemic. With the pandemic now almost gone in most of the countries, the organizers can arrange and seat full house race weeks and hence the rise in figures.

Moreover, the rise of F1 in the digital world has been phenomenal. Thanks to the use of social media, now the sport has gone beyond the reach of just adults. From teens to elderly people, the F1 world is just at the hands of their fingertips.

Last but not the least, Netflix has been immensely helpful in pushing the sport to reach a whole different level of popularity.

READ MORE: Fernando Alonso Savagely Left Alpine Blindsided With Sudden Aston Martin F1 Move

Netflix’s Drive to Survive has alone increased the market in the United States many fold. As a result, we would soon have three races in the USA alone, with Las Vegas being the latest addition to the 2023 calendar.