Formula 1 results improve in Q1 2021 as recovery continues

Formula 1 improved its financials in the first quarter of 2021 as the sport remained on its road... The post Formula 1 results improve in Q1 2021 as recovery continues appeared first on F1i.com.

Formula 1 results improve in Q1 2021 as recovery continues

Formula 1 improved its financials in the first quarter of 2021 as the sport remained on its road to recovery after last years' disruption due to the COVID-19 pandemic.

Total revenue for the period running from January 1 to March 31, 2021 came in at $180 million compared to $39 million for the first quarter of 2020.

Formula 1 still suffered an operating loss in the quarter, but one that dwindled from $137 million last year to just $33 million in 2021.

As a reminder, due to the global pandemic, no races were held in the first three months of 2020, while F1 registered revenue from one race – the Bahrain GP – during this year's Q1.

A total amount of $44 million was distributed to teams in the first quarter while no monies came their way in Q1 2020.

Formula 1 typically classifies the sport's revenue streams into two categories: Primary F1 revenue and Other F1 revenue. The former includes race-hosting fees and sponsorship fees, but F1 has now reclassified "media rights", or broadcasting revenue, into its Primary revenue stream.

"During the three months ended March 31 2021, F1 began reclassifying certain components previously reported in other F1 revenue into primary F1 revenue to better align with the way it currently evaluates the business," F1 stated in its quarterly release.

"The more significant components that were reclassified into primary F1 revenue include fees for F1 TV subscriptions, fees for licensing commercial rights for Formula 2 and Formula 3 races, fees for the origination and support of programme footage, fees for broadcast rights for Formula 2 and Formula 3 races, and fees for advertising rights on Formula 1's digital platforms.

"Following the reclassification, other F1 revenue is primarily comprised of freight and hospitality revenue."

  • Read also: Monaco to welcome 7,500 spectators to F1 Grand Prix

Formula 1 also stated that race promotion revenue in Q1 included a off-settlement, believed to have been triggered by the cancellation of the Vietnam GP.

"Primary F1 revenue increased in the first quarter with growth in race promotion, media rights and sponsorship fees.

"This was primarily due to the recognition of race specific and season-based income with one race held in the first quarter of 2021 compared to no races in the prior year period.

"In addition, race promotion revenue in the first quarter of 2021 included proceeds from a one-time settlement related to the cancellation of a race originally scheduled to commence in 2020. Media rights fees also benefited from growth in F1 TV subscription revenue."

Keep up to date with all the F1 news via and

The post Formula 1 results improve in Q1 2021 as recovery continues appeared first on F1i.com.

Source : F1 i More   

What's Your Reaction?

like
0
dislike
0
love
0
funny
0
angry
0
sad
0
wow
0

Next Article

Alonso buoyant after 'good Friday' for Alpine

The Alpine F1 team was looking in strong form at the end of second practice for the Spanish... The post Alonso buoyant after 'good Friday' for Alpine appeared first on F1i.com.

Alonso buoyant after 'good Friday' for Alpine

The Alpine F1 team was looking in strong form at the end of second practice for the Spanish Grand Prix, with Esteban Ocon and Fernando finishing the day in fourth and fifth place respectively.

"We can be pleased with this productive start to the race weekend," said the team's racing director Davide Brivio. "We know this track is challenging, especially for our car in the past.

"It was a busy day for us, especially with our work in FP2 this afternoon on both low and high fuel," he added. "We tested a few different items on both cars, which gives us some good information to go through

"Of course, the work continues tonight and tomorrow morning in order to be ready for when it really counts."

"It was a good Friday for us today," Alonso declared for his part. "Overall I am pleased with our two sessions and I think the car balance feels good.

"Over the two sessions we concentrated on some small upgrades that we brought to the car this weekend, and then collected some good information about the tyres and our car set-up.

"It gives me confidence for tomorrow. Let’s see where we are for qualifying.”

As for Ocon, the French driver was less than three tenths behind Lewis Hamilton's top time and declared that "we can be happy with our day’s work" at the Circuit de Barcelona-Catalunya.

"As a team we made a good step from FP1 to FP2, and I felt that in the car," he continued. "The aim is to repeat that in FP3 and make another step in performance.

"It was a busy two sessions, lots of things tried on both cars and that gives us a lot to analyse to find more speed.

"It’s always tricky in Barcelona with the grip and tyre usage so there’s lots for us to learn and understand," he added. "The new Turn 10 was interesting and, on our side, we have room for improvement there."

Keep up to date with all the F1 news via and

The post Alonso buoyant after 'good Friday' for Alpine appeared first on F1i.com.

Source : F1 i More   

This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies.