Reviews Formula 1 Finance: Revenue recover in the first quarter 2021
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Formula 1 has published its balance sheet for the first quarter 2021. It reflects a significant recovery after the Corona pandemic has paralyzed the sport at the beginning of the previous year. The revenue of the race series has risen significantly.
While in the first months of 2020 no races could take place - after the Grand Prix was canceled by Australia on March 15 at the last minute - the Formula 1 started the 2021 season with a race in Bahrain at the end of March.
Against this background, a significant improvement in economic figures had already been expected after the revenue.
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so much money have received the racing stables so far 2021
concrete are the total revenue of only(converted around 32 million euros) in the period from January to March 2020 - only funds from sponsor agreements - this year to 180 million this year US dollars (148 million euros) increased.
For comparison, the revenue from the outbreak of the pandemic in 2019 in the first quarter was approximately $ 246 million (202 million euros). With Australia and Bahrain, however, two races have also been driven until the end of March.
While revenue rose again, Liberty Media was able to reduce the operational loss: of $ 137 million (113 million euros) of the previous year to 33 million (27 million euros). The total balance sheet 2019 has a Q1 loss of $ 47 million (37 million euros).
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The racing stalls have so far paid 44 million US dollars (around 36 million euros) this year, in the previous year, there were no payments until March.
In addition, the balance sheet was influenced this year that Liberty Media has recreated some revenue sources. Among other things, there are now "primary revenue", these include the three most important sources of money - promoter fees, sponsorship and media, especially TV rights.
These primary revenues amounted to only 17 million US dollars in the first quarter of 2020 (around 14 million euros) and increased in the same period 2021 to 159 million (around 131 million euros).
one-time payment after cancellation of a race 2020
Liberty Media explains the changes in an opinion as follows: "In the first three months, Formula 1 has begun to redeem certain revenue previously reported under 'Other revenues' to the primary revenue, To achieve a better match with the current evaluation of the business. "
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to those primary revenues include: "F1-TV subscription fees, fees for licensing commercial rights for Formula 2 and Formula 3 races or also fees for the creation and support of program material".
In addition, transfer rights, including the framework series, and charges for advertising on the digital platforms of Formula 1 in the category. Under "Other revenue" mainly freight and hospitality revenues fall.
In the declaration of the increase in sales in 2021, Liberty Media has also announced a one-time payment, which is reportedly reported to the rejection of the Grand Prix of Vietnam. In, the premiere should have occurred in the previous year.
"Primary revenue has increased in the first quarter with the growth of promoter fees, which increased media rights and sponsorship," it is initially in the statement. This is due primarily to "racing-specific and seasonal revenue".
"In addition, the revenue from racing promotion in the first quarter of 2021 will contain revenues from a one-time comparison in connection with the cancellation of an originally planned race for 2020," confirms Liberty Media.
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