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Analysis
7 min read

Formula 1: an impressive bounce back, helped by Drive to Survive?

How did the world’s premier auto racing competition fare in the second year following Covid-19 and is its audience engagement model delivering results?

  • Formula 1 posted very strong results for 2021 after the challenges of 2020, with revenues of $2.1bn (+86.6%) and operating incomes of $92m (up from $386m loss)
  • 2.7m people attended a race weekend in 2021 despite ongoing Covid-19 restrictions in some countries, including a record attendance of 400k at the United States Grand Prix in October
  • Digital engagement showed another year of very strong growth, while worldwide TV viewership has continued to disappoint

Formula One is back. The season opener in Bahrain threw up some major surprises on the track, perhaps foretelling a season of even greater excitement than the last which ended in such controversy in Abu Dhabi last year.

It is now five years since the Liberty Media Corporation acquired Formula One with the intention of accelerating growth through an expanded competition, regulation change and a massive programme of digital engagement. The disruptions of Covid-19 put a spanner in the works and saw disastrous financial results posted in 2020, but Liberty’s ambitions remain high – the season finale in Abu Dhabi posted 29% audience growth in 2020 and a record 23 races were planned for 2022 before the Russian Grand Prix was cancelled.