The boating capital of the world will host the inaugural Miami GP in the Hard Rock Stadium. Amid all this, the Magic City has turned Formula One into a massive carnival for the fans to enjoy.
The Hard Rock Stadium has hosted many sporting events, but the most iconic would be the Super Bowl. The annual playoff game of the NFL has always been a major sporting event in America. However, F1 has joined the charts and might just end up becoming a more significant event than Super Bowl.
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According to various sources, it takes millions of dollars to host a super bowl event that lasts for one day. Meanwhile, an F1 Grand Prix is a matter of 3-4 days. So, it would be interesting to see how much the organizers will spend for the Miami GP.
How much was spent on the 2020 Miami Super Bowl?
NFL is undoubtedly one of the most followed sports in America. So, the super bowl being the annual playoff game, it has to be grand. The last time Miami Hard Rock Stadium hosted Super Bowl was back in 2020 between the San Francisco 49ers and Kansas City Chiefs.
Reports suggest that around $20 million was spent on hosting the event. Around $10 million was spent on just security and infrastructure costs. Then the authorities spent the rest of the amount on the grand concert during the halftime. That year, artists like Jennifer Lopez and Shakira set the half-time concert on blaze with their stunning performances.
Further, the budget is spent on the NFL Merchandise and the food arrangements for the fans to buy during the event. Additionally, that year the Super Bowl in Miami had a Ferris Wheel for the fans to enjoy, and that too for free.
How much is spent on the 2022 Miami GP?
The expense of an F1 race is a massive secret that is never revealed. However, a report once suggested that hosting an F1 race costs around $1 billion. So, hosting the Miami GP would cost significantly more than hosting a Super Bowl, as the authorities had first to construct a setting to host the F1 race.
There are reports that the construction of the Miami International Autodrome required 48 million pounds of asphalt and 2.3 million pounds of concrete. Aside from the circuit, they also have to establish bridges, stands, and hospitality settings for teams as well as the fans.
Further, the event will last for three days, from Friday to Sunday. However, the fans start gathering at the venue on Wednesday and Thursday. So, it becomes an event lasting around a weekend. There are speculations that 85,000 fans will attend the event every day.
Looking after such a massive crowd will require a lot of food stalls and hospitality settings. According to Sodexo Live, one of the Miami GP hosts, a single F1 event is equivalent to hosting three super bowl events in a row. Undoubtedly, this statement alone proves that the expense of hosting the inaugural Miami race is way more than the popular super bowl games.
According to sources, the Miami GP will have 75 kitchens on the site and 850 points of sale to serve the vast crowd. Also, there would be many concerts and events happening besides the Grand Prix to entertain the fans. They had to build a lot of areas to host those events. Further, various world-famous artists like Post Malone, Tiesto, Zedd, and The Chainsmokers will be performing in the Miami GP and for the entire race weekend.
How much is the revenue from Super Bowl?
The revenue for the Super Bowl is way more than what is spent on it. The event’s popularity leads to the selling of almost all tickets for the match. Further, the Hard Rock Stadium has a capacity of around 65,326, and the ticket price ranges from $950 to $6,200. So, Super Bowl can earn more than $66.5 million. Then there are also the merchandise and food and beverage stores. There are speculations that sales reach around $14.8 billion.
Not to forget that Super Bowl also runs ads during their matches. It is one of the best places to promote a brand. So, Super Bowl charges around 5.6 million for a 30-second slot. Super Bowl reportedly earned around $500 million from ad revenue alone. Further, reports suggest TV networks pay vast amounts for the television rights for this great game.
How much can be the revenue from Miami GP?
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The organizers expect the Miami GP to generate revenue far greater than that of a Super Bowl match. The Miami GP is expected to host around 300,000 people during the race weekend. Reports suggest that tickets range from $2,176 to $7,200. Further, there are also hospitality packages for fans which can cost around $25,000. There is speculation that just hosting the game will make a revenue of $400 million.
via Imago
Oracle Red Bull Racing in the Hard Rock Stadium for the Miami GP. // Chris Tedesco / Red Bull Content Pool
Now, the Miami GP will be an event that will run for three days. So, many fans might opt to stay in the luxurious hotels nearby. They will charge the fans around $110,000 to $120,000. Further, the Miami GP will have pop-up bars and restaurants which can have a fan spend from $3,000 to $6,000. There would be various other events that can charge the fans up to $100,000. Also, the Miami GP has a nine-year naming contract with Crypto.com, which will earn them millions.
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The final figures are not out yet, but undoubtedly, the expenses to host Miami GP are higher than a Super Bowl. And similarly, the revenue from hosting the race will also be more than the Super Bowl.
