Overall numbers for the full season are expected to be higher than last season, with 22 races held in both years, and the more lucrative Las Vegas race in effect replacing the French GP.
However, the loss of the Imola race due to local flooding meant that only six events were held in the April-June period, instead of seven as was originally scheduled, and as was the case in 2022.
The significance is that race promotion revenue is recorded in the quarter that an event takes place, and media rights and sponsorship revenue is split pro rota across the four quarters depending on how many races there are during the period.
As a result, F1’s revenue for the second quarter dropped from $744m in 2022 to $724m, with a drop of $10m in primary revenue (race fees, media rights and sponsorship) and another $10m lost in other revenue streams.
The payments to the 10 teams for the period similarly fell from $368m to $344m, while after those and other costs were taken onto account F1 profits increased slightly from $49m to $52m.
The biggest negative impact of the Imola cancellation related to how media rights revenue is recognised, with the drop from seven to six events out of 22. The total for race promotion was actually higher, despite there only being six rather than seven races, due to increased contractual fees across the other events.
Source: Autosport